two wheeler loan

How To Get An Online Two Wheeler Loan?

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You’ve found the bike of your dreams, but the price is too much. What you need is an online Two Wheeler Loan. It enables you to purchase the motorcycle or scooter of your dreams and to pay back the cost over time EMIs are a great option. Your ability to repay the two wheeler vehicle loan determines its terms, such as tenure, interest rate, and other conditions.

Features & Benefits

  • Easy Processing of Loan Documents
  • Get Access to Loan Amounts Up To Rs. 30 Lakh
  • Flexible And Attractive Interest Rates
  • Flexible Repayment Options
  • Instant Online Approval

Why Should You Go for an Online Two Wheeler Loan?

Not sure if an online Two Wheeler Loan is right for you? Listed below are some benefits to consider:

  1. Safety comes first and foremost – Getting your two-wheeler helps you drive safely as you don’t rely on a driver here.
  2. Feeling of Independence – When you drive your vehicle, you won’t have to rely on others or public transportation to get from one place to another, especially in an emergency.
  3. Easy Transportation – The days of waiting in a big line to board a bus, subway, local train, or auto rickshaw are over. With a Two Wheeler Loan, you can fund your bike purchase and enjoy convenient, on-demand transportation.
  4. No financial struggle – Bring home your ideal bike without using up your funds, and pay it off over a suitable tenure with simple EMIs. To apply, you need a few documents for two wheeler loan, such as – PAN Card, Aadhaar Card and driving license.

Must Read: Know the Relaxations Offered on Loan Against Property

Why Two-wheeler Loans are a Smart Choice?

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Two-wheeler loans are becoming increasingly popular among consumers as a practical and efficient way to purchase motorcycles, which are a convenient and low-maintenance transport option. 

Applying for a quick two wheeler loan with flexible terms and straightforward repayment alternatives is possible. To get money right away, you can check your two-wheeler loan eligibility and apply online or offline.

Benefits of Fullerton India Two-Wheeler Loans

Below are some of the key characteristics and advantages of the two-wheeler loan provided by Fullerton India:

  • The paperwork procedure is simple and cost-free.
  • Digital approval is provided immediately.
  • Both salaried employees and self-employed people are eligible for two-wheeler loans.
  • Offers attractive interest rates.

Two-wheeler Loan Eligibility Criteria 

Below are the requirements that must be met to be eligible for a loan from Fullerton India:

  • The minimum age requirement to apply for a loan is 18.
  • When the loan expires, you must not be older than 65.
  • Salaried workers must spend at least a year working for a public sector organization, an MNC, or a private limited company.
  • Self-employed people must present at least one year’s income tax returns.
  • You must have a CIBIL score more than  700.
  • You must have resided at the place for at least a year and be an Indian resident.
  • It is necessary to submit the required KYC documents, identification proofs, age proofs, address proofs, most recent ITRs, etc.

Conclusion

Applying for a two-wheeler loan is a convenient process that can be done online. In addition, minimal documentation is required. Fullerton India provides competitive interest rates, and they also offer digital approval immediately.

Must Read: How to refinance a Personal Loan?

Why Choose a Bike Loan Over Cash Purchase?

Purchasing a new bike could be need-based for some and an aspiration for others. The convenience of daily commute along with savings on fuel costs is unmatched. In addition, two-wheelers can be a lifesaver during traffic jams. Many people purchase their new bikes with cash or debit cards. However, it’s not a prudent financial choice. Instead, opting for a bike or two-wheeler loan is recommended. Finding the right lender can help you choose the best two-wheeler loan in the market.

What are two-wheeler loans? 

Two-wheeler loans are unsecured credit products that help individuals purchase a two-wheeler, such as a bike or a scooter. The loan can be repaid through affordable monthly instalments as per the agreement with the lending institution. The 2-wheeler loan interest rate offered by reputed lending institutions like Fullerton India is affordable. However, the exact interest rate is contingent on your credit score, income, and repayment track record. 

Benefits of choosing a bike loan over cash purchase 

Most people might find the idea of choosing a bike loan over a cash purchase absurd as there is a cost of borrowing involved, i.e., the interest rate. However, you will be surprised to learn the benefits of choosing a bike loan. Here are some crucial ones.

  • A bike loan can help you build a good credit history and make you eligible for high-value loans. 
  • You don’t have to arrange all the funds; therefore, the financial burden is lower.
  • Bike loans can help you purchase the dream bike even if it’s currently beyond your budget. 
  • In addition, bike loans make you eligible for attractive discount offers from lenders. 

Also Read: Know HowTwo-Wheeler Loan EMI Calculator can help you to calculate EMI

What is a Zero Down Payment Two-Wheeler Loan?

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Two-wheelers are much appreciated and needed everywhere, from huge cities to small towns. Over time, two-wheelers have become more affordable to the general public.

Traditionally, two-wheelers were financed when the borrowers paid some amount as a down payment. However, now borrowers can get zero down payment and no-cost EMI bikes. 

Zero down payment bike loan is where the lender lends the borrower 100% of the on-road two-wheeler’s price. There will be no down payment required aside from the processing charge.

The lender will charge a two-wheeler interest rate on the loan with some amount of principal payments in form of EMIs.  

However, to avail of such a loan, the borrower will have to fulfil the eligibility criteria:

  • A person must be at least 18 years old at the time of applying for the loan and no more than 65 years old at the end of the loan’s tenure. 
  • Borrowers must be Indian residents and should have spent at least one year in the city.
  • Borrowers also need to have at least one year of work experience. 

A few documents to be provided are:

  • Identity, address, and income proof
  • ITR’s most recent version (for self-employed individuals), etc. 

To know more about the documents required, click here. 

Individuals can contact the lender’s representative for additional information on the zero down payment bike loan. 

The lender will then require the appropriate documentation and an application form. The loan application will be approved once the verification process is completed.

With Fullerton India, you can get a zero-down payment bike loan. The process is digital with fast approval, minimum documentation, attractive interest rates, and flexible repayment tenures. 

Further, you can calculate the EMI payments through the two-wheeler EMI calculator to know the loan’s affordability.

Must Read: Is No Cost EMI Available on Bike Loan?

Process of Availing Two Wheeler Loans

A two-wheeler loan helps borrowers purchase bikes or scooters without worrying about the budget. Various factors affect two wheeler online loan approval, including credit score, income levels and prior financial obligations of the borrower. Below listed is a step by step guide to applying for such loans. 

Steps to Availing Bike Loan:

  • Checking Eligibility

The borrower should be of at least 18 years of age while applying for such loans and must not be beyond 65 years of age at the time of maturity of the loan. Furthermore, the borrower must be a resident of India for more than a year. 

  • Filling Up the Application Form Online

The next step is to choose a financial institution and fill up the application form available on the website. The complete details about the two-wheeler’s total cost and dealer name, along with the applicant’s details, will be required at this step. 

  • Submission of Documents

Next, the borrower must submit the necessary documents for the Two Wheeler Loan Online Approval. These documents include identity, residence, and income proof. 

  • Verification and Approval

After all the documents are verified, the loan is approved, and the amount is transferred within the stipulated time. 

With the help of the bike loan calculator, borrowers can determine the amount of equated monthly instalments (EMI) required for the fixed tenure. Moreover, the borrower can adjust the repayment tenures, interest rates and principal amount as per their budgets. 

Additional Read: 5 Perks of Funding Your Purchase with a Two Wheeler Loan

5 Perks of Funding Your Purchase with a Two Wheeler Loan

Riding a two wheeler helps people catch up to the fast-tracked pace of today’s world. It eases the way and increases the speed at which an individual can travel from one place to the other. However, when it comes to purchasing a two wheeler, many people prefer delaying their purchase rather than spending their savings. Thanks to the easy availability of two wheeler loans, there is no longer a need to do so. 

Prospective borrowers can get two wheeler loan online approval within minutes and instantly fund their purchase. Find the five perks of funding bike purchase with a two wheeler loan.

  1. Competitive Interest Rates

Lenders’ attractive interest rates make EMIs affordable and loan repayment more manageable.

  1. High-Value Financing

Depending on the eligibility and credit score, some borrowers may avail zero down payment bike loan from lenders, with which they can fund 100% of the bike’s value with a two wheeler loan.

  1. Easy Eligibility

Lenders have simple eligibility conditions that almost everyone can fulfil. These include the borrower’s age, income, employment, and credit score. Anyone eligible for a bike loan can apply online and get fast approval.

  1. Flexible Repayment

Flexible repayment terms allow borrowers to select their EMI amount according to their repayment capacity. This helps them repay their EMIs conveniently and pay off their loan in time.

  1. Instant Disbursal

If eligible, the borrowers need to get their documents verified, after which they get two wheeler loan online approval and receive instant funds directly into their bank account.

These perks of two wheeler loans make the bike buying experience convenient and seamless for the borrowers. Moreover, online portals and apps let them apply for a bike loan online without any hassle.

Must Read: 5 Tips to Get the Right Two-Wheeler Loan in India

What Is the Average Two Wheeler Loan Interest Rate?

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Are you planning to get a two-wheeler loan? Selecting a loan with a low-interest rate and EMI is important. Let’s look at how you can calculate the bike loan EMI, along with some tips to reduce the loan interest rate. 

Using a Bike Loan EMI Calculator 

A bike loan EMI calculator lets you calculate the EMI you’ll have to pay for a two-wheeler loan. Almost all loan providers have a dedicated loan EMI calculator. 

Fullerton India has a two-wheeler EMI loan calculator. You need to fill the following fields:

  • Loan Amount
  • Rate of Interest
  • Loan Tenure

Based on these inputs, the calculator calculates the estimated EMI you’ll need to pay. Here’s the formula used to calculate the expected EMI. 

How to Lower the Two-Wheeler Loan Interest Rate?

The EMI you pay depends a lot on your interest rate. The higher the interest rate, the higher the EMI. Therefore, lowering the interest can help you lower the EMI. Here’s how you can do that. 

  • Improve your credit score to get a lower two-wheeler loan interest rate.
  • Repay all your existing loans and clear your debts to improve your debt-to-income ratio.
  • Negotiate with your lender for a better interest rate. 
  • Get a loan from a lender that you have a standing relationship with, as lenders could offer special discounts to regular customers. 

Conclusion

The interest rate and EMI are the two most important things to consider before getting a two-wheeler home loan. You can use a bike loan EMI calculator to check the EMI you’ll need to pay. 

Additional Read: Purchase Bike of your Dreams in this festive season

Why Should You Apply For A Two Wheeler Loan?

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A two-wheeler loan is the best way to buy your favourite bike without touching your savings. It is the best option to manage your finances when you have no other way. The best part about a two wheeler loan is that you can get up to 100% of the bike’s on-road price as a loan. It means that you can avail of a zero down payment bike loan for yourself, depending on your age, income, and credit history. 

Here are some of the reasons you should opt for a 2 wheeler loan: 

  • You can avail of an affordable interest rate, depending on your income, credit score, current financial obligations, etc. Some lenders even offer as low as 1%. 
  • It is a great way to reduce the financial burden on your shoulders. Keep in mind to apply for a lower loan amount as it significantly reduces the interest rate. 
  • If you make on-time repayments of the loan amount with interest, it will positively reflect on your credit report, increasing your credit score. A healthy credit score ensures approval of loans in the future. 
  • There is flexible loan tenure that ranges between 12 to 48 months. So, it allows you to choose a loan tenure based on your needs and preferences. It is worth noting that a longer loan tenure may lower your EMI but increases interest in the long run. 
  • A 2  wheeler loan comes with minimum eligibility requirements. You will need to prove that you are within the age bracket set by your lender. You must be either a salaried person in a company or self-employed. Also, you must show a minimum income based on your lender’s policy. 
  • You do not need to stand in long queues to apply for a loan. You can access funds to buy your dream bike from the comfort of your home, with just a few clicks on your computer.

Additional Read: Top Benefits of Applying for Bike Loan Online in India

Things To Consider To Get The Best Two-wheeler Loan

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Bike finance is the best option to buy your dream bike without touching your savings or investments. You can secure up to 100% of the vehicle’s on-road price as a loan, and avail of an interest rate as low as 1%. However, it is worth noting that the loan amount and the interest rate depend on the eligibility factors, such as age, income, credit score, and current financial obligations. Before opting for bike finance, you must follow the underlying things to get the best deal available: 

Things To Consider To Get The Best Two-wheeler Loan 

  • Eligibility criteria

Before applying for a loan, you will find out your preferred lender’s eligibility criteria. The requirements are usually based on your age, income, employment type, credit history, current financial obligations, etc.  

  • Loan amount

Assess your needs in advance and determine how much you can get as a loan on your repayment capacity. You can use a two-wheeler loan calculator to determine how much you can afford to pay in EMIs and apply for a loan accordingly. 

  • Loan application process

 Not all lenders offer the same application process. So, while looking for a two-wheeler loan, you must choose a lender that offers a convenient loan application process. Your lender must offer an easy and quick loan with minimum documentation.  

  • Repayment tenure

A two-wheeler loan tenure usually ranges between 12 to 48 months. However, it is worth noting that a higher loan tenure can cost you more in interest in the long run.   

  • Down payment

If you make a higher down payment, your loan amount will decrease. A decreased loan amount always ensures a lower interest rate, therefore, reducing the burden from your shoulder.

Keep these points in mind when applying for your next two-wheeler loan to make it even more convenient.

Additional Read: What is the Ideal Tenure For Your Two Wheeler Loan?

Why Take A Two-Wheeler Loan To Buy Your Dream Bike?

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Are you planning to buy that latest bike model? With the increasing traffic on the roads, a two-wheeler can be the most convenient mode of transport. However, buying one can dig quite a large hole in your pockets.

However, you have no reason to worry. A two wheeler loan can help you buy your dream bike. You can take your bike home immediately, and repay your loan in easy instalments.

Reasons To Take A Two-Wheeler Loan

  • It Covers Your Financial Burden

Well, you can buy your dream bike with your savings. But then you might have to cut down on other expenses. So, taking a bike loan will avoid any sudden strain on your finances.

  • Flexible Repayment Options

You do not have to repay all the money at once. It allows you to choose a term accordingly. The repayment tenure varies from 1 to 5 years.

  • You Do Not Need Collateral 

Bike loans are personal loans. So, they are unsecured. You do not have to worry about placing your valuable property at risk. Your lender will only ask for your documents and a good credit score.

Do not forget to check the two-wheeler loan interest rates before applying. It will help you get lower rates.

Final Word

Thus, taking a bike loan can move you closer to your dream of buying a two-wheeler. Fullerton India offers bike loans at affordable rates. You can get the loan instantly with minimum documents. Are you still waiting? Go and grab your dream bike now.

Must Read: 5 Factors That Affect Your Bike Loan EMI

3 Things To Consider While Applying For A Two Wheeler Loan

Have you decided to buy a two-wheeler? Well, you do not have to worry about the finances. Even if you have not saved enough money, you can opt for a bike loan to fulfil your dreams. Here are some things to consider while applying for one.

  1. Make Sure You Get The Best Interest Rates

Several lenders offer bike loans these days. Check the two-wheeler loan interest rate before applying. If you have a decent credit score and an excellent track record with your previous loans, you will get a favourable interest rate.

  1. Do Not Borrow More Than Required

It is not a wise idea to borrow a greater amount. Keep the price of your bike in mind and take the loan accordingly. After all, taking a higher amount will require you to pay a higher interest. Moreover, you will also take a longer time to repay it.

  1. Go For An Option With Less Processing Fees

Apart from the interest payments, there are several extra charges. It includes the processing fees, late payment, etc. You have to check the details of these additional payments before applying. Choose an institution that takes minimum processing fees from its customers. These costs often make your two-wheeler loan more expensive.

Final Word

Fullerton India offers two-wheeler loans at competitive interest rates. Moreover, you can get instant approval, that too with minimum documents. They also have no hidden processing fees. So, hurry up and get your dream bike without further delay.

Additional Read: How to Get an Instant Approval on Two Wheeler Loan Online?

Bike Loan Vs Buying Bike In Cash- Which one is Better?

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After the covid-19 pandemic, owning a vehicle has become a necessity rather than a luxury. In such situations, buying a two-wheeler is the best option that one can choose. It not only keeps you safe but also ensures you are not stuck in any traffic.

Are you planning to buy a bike, two options are available? You can either buy the bike with your savings or take a bike loan from a lender.

Advantages of a Bike Loan:

Exhausting your savings to purchase a two-wheeler, might not be the best option. Instead opting for a bike loan offers various advantages:

  1. Bike loan interest rate: Lenders offer a low-interest rate on bike loans, making the entire purchasing experience convenient for the borrower. The rate of interest can also be negotiated based on your income, price of the two-wheeler, credit score and many more.

  2. Quick Approval of Loans: With the digital age, the entire bike loan process has become simple and quick. You can apply for a loan online and get the amount in your bank account with just a few clicks.

  3. Reduce the Burden on Your Budget: The burden of exhausting your savings is reduced, which can be later used for emergencies. You can instead pay monthly instilments through your income and enjoy your bike.

  4. Buy any bike: Your savings might put a cap on the bike price you want to buy, but not a bike loan. At low bike loan interest, you can buy any bike of your choice.

Conclusion

Apart from the above benefits, a bike loan also offers extra benefits like insurance cover. You can also purchase your bike accessories with the loan amount. All you need to make sure of is to choose the right lender for the bike loan, which offers you the best loan terms.

Additional Read: Things to consider before choosing a two wheeler loan

Best Strategies for Make the Most of your Two-Wheeler Purchase

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For starters, it is advisable to consider a credit line for purchasing a new two-wheeler for keeping cash reserves in hand for emergencies. Now that you have made up your mind about getting a loan for your new vehicle, you can follow the mentioned strategies for making the most of the purchase:

  • Choose Wisely

A two wheeler loan is offered by a host of lenders and it is necessary to compare and choose well for getting a good deal on the credit line. However, the comparisons should be made based on the interest rates, ease of approval, overhead charges, and percentage of financial support.(checkout interest rate here)

  • Consider Used Vehicles, as well

If you want to make the most of your purchase, you should have an open mind towards used two-wheelers. While the new vehicles are tempting, you should never let go of a minimally used bike or any other vehicle, provided you get a decent price cut and financial support on the same.

  • Fix a Budget

A good way to make the purchase more productive is by predefining the budget and searching options in the concerned ballpark. Moreover, once you have a budget to work with, it becomes easier to calculate the down payment for a bike loan and use the EMI calculator to get more clarity on the EMIs and payment restructuring.

Besides, you also need to account for the additional monthly expenses concerning fuel, maintenance, and other overheads for setting a bike purchasing budget. Lastly, if you really want to make the purchase even more rewarding, try to maintain a good credit profile. 

Additional Read: What is Two-Wheeler Loan & Everything you need to Know

Best Tips For Buying A New Two Wheeler In India

Two-wheelers have become a lifeline for commuting by middle-class Indians as they are a cheaper mode of transport as compared to cars and can be easily purchased by making a full down payment or by taking a two wheeler loan from banks and private lenders. Hassle-free parking, easy maneuverability, and low maintenance are some of the attractive features of owning a two-wheeler.

Harley-DavidsonÕs new electric bike, LiveWire, is shown in this handout photo

Tips to buy a Two Wheeler in India  

While choosing a two-wheeler, you must take into consideration mileage, maintenance and servicing cost of the vehicle as it can burn a hole in your pocket if you buy a two-wheeler which is a fuel guzzler and requires heavy maintenance. Also, make sure that the two-wheeler manufacturer has an extensive network of service centers across the city.     

You must also take into consideration the resale value of the two-wheeler so that you get a good deal for your two-wheeler if you want to sell it after a few years.

Once you decide to buy a two-wheeler of your choice, you must explore the option of financing it through your preferred bank by taking a two-wheeler loan so that you don’t deplete your savings by making the entire down payment upfront.

The two-wheeler interest rate is lower as compared to personal loans and you can comfortably repay the loan amount in Equated Monthly Installments (EMIs) by choosing a tenure that suits your budget.

Additional Read: Use 5 Tips to Pay Off your Two Wheeler Loan Faster

What are the Factors Affecting Two Wheeler Loan Interest Rates?

The Loan interest rates offered by different financial institutions vary. However, there are other factors too that affect two-wheeler or bike loan interest rates. Before availing the two wheeler loan must check and compare the interest rates of different financial institutions offers.

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Understanding these factors can help you benefit from the best two-wheeler loan rates. These are:

  • Loan amount: The amount of loan you seek is one of the crucial aspects of determining the interest amount. A higher loan begets greater interest rate while the requirement of a lower loan amount means that the interest rates would be considerably lower. 
  • Loan tenure: This has more to do with the time you need to repay your entire loan inclusive of the interest charges. While choosing an increased loan tenure means repaying the loan at lower interest rates, it also means paying way more than what you had envisaged due to the increased number of instalments involved. A smaller tenure means increased instalment amount, thus, necessitating a lesser number of payments and therefore lower interest rate in the long run.
  • Credit Score: For those who do not pay attention to their CIBIL scores, remember that their credit history matters. Having defaulted on a loan in the past means that either your next loan application would be rejected or you might be asked to pay higher interest on your loan.
  • Income matters: Lenders would like to know your annual income to gauge your ability to repay the loan amount. If your salary slips of the past three months do not portray you as someone with enough income level, you may be asked to pay higher interest or rejected outrightly.
  • Vehicle type: Your choice of two-wheeler will have a determining effect on the interest rate. The interest rates are different for each kind of vehicle you want to buy be it a moped, motorcycle, scooter or any other.

    Additional Read: Use Two Wheeler Loan EMI Calculator to Calculate Your Bike EMI