Published on : May 25, 2022
Since Jan 2022, there has been a significant jump in the two-wheeler sales in India. For millennials, it is a popular choice for their daily commute whether you are a student or a working professional, the two-wheeler is a convenient vehicle to reach a destination faster. In India, middle-class people prefer two-wheelers over four-wheelers as they are affordable and require low maintenance. Moreover, they are perfect in highly crowded road traffic.
In a small town, a two-wheeler is an all-purpose vehicle and the only convenient mode of transportation. There is a huge demand for buying a two-wheeler. To cater to the needs of a densely populated country like India, the two-wheeler companies deliver the vehicles with the best offers and deals for the customers.
Various banks and NBFCs provide the best financing options for everyone across all income groups and age groups. But, you are in a dilemma about which bank or financial institute to get the best two-wheeler loan.
Two-wheeler Loan: How does it work?
A two-wheeler loan is a type of loan that provides finances to buy your vehicle. When you take a two-wheeler loan, you need to pay off the amount with interest on the principal outstanding.
The borrower will get a fixed period to pay back the loan. Any Indian citizen can get a two-wheeler loan from any institute. But, if you are looking for a two-wheeler loan at lower interest rates, LoanTap is a suitable choice.
LoanTap lets you apply for a two-wheeler loan quickly, as the loan process is 100% online and hassle-free. Borrowers don’t have to submit any guarantor to get this personal loan for two-wheelers.
Top Reasons to Get a Two-Wheeler Loan in India
- Safe Online Process: Getting a bike loan is easier when the process is 100% online. But, you may be worried about the security of applying for a two-wheeler loan online. At LoanTap, we guarantee you a secure and transparent process for the loan application. All the details will be stored in an encrypted form in the database.
- Affordable to Buy: Two-wheelers look stylish and affordable to purchase. They are a cheaper option for long-term use. Two-wheelers include electric bikes, scooters, motorbikes, and other vehicles with smaller engines. They are much cheaper than cars.
- Keep Saving Intact: You may have saved some amount to buy your vehicle. But savings are generally meant for emergencies, such as medical emergencies. With a two-wheeler loan, you can keep savings at home and finance your two-wheeler at a reasonable interest rate.
- Instant Funds: LoanTap provides two-wheeler loans for your convenience. You will get the loan amount within 24 hours. By applying for a personal loan online, borrowers can get instant cash in their account to purchase a bike or scooter. So, there is no need to wait for the salary and any financial help from others.
- Customized Repayment Plans: Borrowers can use an EMI calculator to work out how much they have to pay off monthly. You get the idea of how to manage additional expenses with repayments. A repayment plan helps to reduce the burden and allows you to pay the loan as per your financial capacity.
Benefits of taking the Best Two-wheeler Loan
- The simple procedure of filling out the loan application.
- A collateral-free loan does not require any guarantor or assets against the loans.
- Limited and easy eligibility criteria to meet.
- Get the loan with effortless and paperless documentation.
- Avail two-wheeler loans at attractive interest rates
- High loan amounts range between INR 50,000 and Rs. 10 lakhs.
- Get flexible repayment tenure ranging from 6 months to 60 months.
- Further, the maximum loan-to-value can reach 100%.
Tips to Consider Before Applying for a Personal Loan for Bike
- Loan should Fulfill your Needs
Before applying for the bike loan, make sure which vehicle you want and decide the budget. Also, assess your financial situation to avoid any delayed payment. Narrow down the two-wheelers variants with their costs. It helps to calculate interest rates, EMI, and overall loan costs.
- Take Advantage of Loan Offers
LoanTap offers personal loans online at an interest rate of 1.5% per month on a loan amount of up to Rs 10 lakhs. You will get the loan with minimal processing fees and no hidden charges. If you take out a loan during the holiday season, you may receive some discounts and offers.
- Maintain a Decent Credit Score
Your financial records should be good. Banks and NBFCs approve the loan application if the credit score is 580-630 or above. The best way to maintain a good credit report:
- Don’t take multiple loans to fulfill your needs.
- Have a six months’ gap before applying for a fresh loan.
- Clear the repayment history or pay all the debts.
- Check your monthly income and assess how you can use it to pay off the loan.
Missing any payment or delay can also impact your credit score. So, try to repay all the debts on time. This issue can reduce the chances of loan approval on time. You may face rejection as well.
- Play your Repayment Tenure in Advance
With LoanTap, you can decide the repayment tenure. It gives you the freedom to pay the amount on time. The longer you drag out the two-wheeler loan, the more money you lose. You understand that the sooner you clear your debt, the better your credit score will be.
How to Apply for a LoanTap Two-Wheeler Loan?
Owning a two-wheeler can solve your commuting issues. It gives a sense of independence. Also, availing of a personal loan from LoanTap is a simple process. You can get a two-wheeler loan online in just a few steps:
Step 1: Check your two-wheeler loan eligibility criteria to qualify for the personal loan. Here is the list:
- Your age should be above or 21 years.
- You are an Indian citizen or resident
- Your net monthly salary should be over INR 30,000/-
- You must be a full-time salaried employee.
Step 2: Enter the loan amount and repayment tenure that suits your financial needs.
Step 3: If you qualify for a personal loan, fill in the details and enter bank information.
Step 4: Upload the basic documents for the KYC process, which are listed below:
- PAN Card
- Salary slips for the last three months
- Bank statements of three or six months.
- Residential Proof: Aadhar Card and Electricity Bill
Step 5: After the KYC is done, we will disburse the loan within 24 hours of approval.
Step 6: We will credit the amount to the bank account. There is no limit to how many transactions you can make.
To Wrap Up!
LoanTap is the one-stop solution for all your financial needs. We have designed every financial product with our customers’ goals and needs in mind. Whether you are a self-employed person or a working professional, we try our best to comprehend customers’ financial situations and assist in the best way possible.