TWO WHEELER LOANS INFORMATION

Please see information on Two Wheeler Loans below.

        

Need a faster way to get around town or country? Many people choose two wheeler vehicles over cars, for an easier way to travel. Of course, you will need to finance the vehicle, so find out the basic facts below...

What is a Two Wheeler Loan?

A two wheeler loan is a loan that you can avail to purchase a two-wheeled vehicle, such as a motorcycle or scooter. Two wheeler loans are popular in India and you can find many banks and lenders that offer them.

Two wheeler loans are secured, in other words you will use the vehicle as a security (collateral) on the loan.

How Much Can I Get?

Generally, a two wheeler loan will be up to 80% of the value of the vehicle, but of course this depends on the age, model and type of vehicle that you are buying. In some cases, financing is limited or restricted, this can happen if your financial history is not ideal or you do not have enough proof of income.

How Fast Can I Get a Loan?

This depends on the lender that you use. Some lenders for two wheeler loans can approve your application instantly, though more commonly it can take a few days.

Things to Consider

Before you go ahead and make your vehicle purchase, it is a good idea to consider the financial obligation you are about to begin. Remember that you will also be required to have insurance on the vehicle this is mandatory.

Then, consider the total amount of time you will spend repaying the loan. Will you be able to afford the loan in a few months? How about next year? Your vehicle will be hypothecated to the bank as a security, so if you are unable to repay the loan you could lose the vehicle.

        


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