4 Tips to Choose the Best Two-Wheeler Loan in India
In pandemic times, buying your two-wheeler has become a necessity to keep yourself safe and healthy. If you do not have enough funds to buy the vehicle, then a two-wheeler loan is a great option. But how do you choose the best two-wheeler loan?
Let us discuss it in this article.
The eligibility criteria
The first step towards taking a loan is to know the eligibility criteria. Your loan request can be accepted if you meet the eligibility criteria. Every lender has different criteria, but fulfilling them is necessary. The more points you fulfill, the higher are your chances of getting the loan approval.
Loan process
Once you know the eligibility criteria, the second is to know the process. Would you prefer a cumbersome task or an easy online mode to avail of the loan? Well, today, most of the lenders are available online. So, choose the loan which provides complete digital application form filling and approval.
Loan amount
You need to consider the coverage provided by the 2-wheeler loan. Most bike loans cover up to 85%-90% of a bike's cost while some lenders offer 100% of a bike's on-road price.
EMI options
Many lenders today offer flexible EMI options. Therefore, make sure to confirm that your lender is also offering it. It allows you to enjoy the new bike without worrying about the date of EMI. You can use the two-wheeler EMI calculator to know your exact monthly repayment as well.
Conclusion
Keeping all the points in mind will help you find the best lender offering the best loan terms. Compare various lenders online to find out the one meeting your requirements and providing favorable loan terms.
Must Read: How to Finance your Bike by Taking a Two Wheeler Loan?
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