In India, one of the most popular and convenient modes of commuting daily is a two wheeler as it makes travelling hassle-free and less cumbersome. In the year 2019, the maximum number of two-wheelers has been manufactured in India showing a rise in their demand. The reason for the rise in demand is the convenience to use and cost-effective pricing. Studies suggest that so far 21 million units of two-wheelers have been sold off in India in the year 2019, which is almost the double of the units sold in the year 2011. This data clearly shows the willingness of people to invest in two wheelers.
Everyone dreams of having a vehicle of their own but it is not necessary that you may have the funds available with you to purchase the same. To make your dream come true, there are a lot of lenders available in the market that give you the loan for your dream two-wheeler. So, if you are planning to take a loan for a two-wheeler, here are a few tips you should keep in mind in order to get the right two wheeler loan interest rate.
Tip 1: Eligibility Criteria
The criteria for two-wheeler loan eligibility vary from lender to lender. Each lender has certain parameters set for the borrowers. If you want a low two-wheeler loan interest rate, make sure that you meet these set of parameters by your selected lender.
Tip 2: Loan Amount
The loan amount offered by the lender varies from 80%-100% of the on-road price of the two wheeler. You have to wisely choose the loan amount you want to borrow from your lender. Make sure that you borrow the loan amount as per your requirement keeping in mind that the repayment should not be a burden on your pocket. Do not hurry in opting for the right loan amount. Take your time in deciding the loan amount you want to borrow.
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Tip 3: Flexible EMI Payment Option
You have to repay your loan using the EMI options. Calculate the EMIs via the reliable EMI calculators available online. Make sure that the amount you pay every month to your lender doesn’t burn a hole in your pocket. Go for a lender who offers flexible EMIs, so that you can repay the entire loan easily to the lender.
Tip 4: Loan Processing Time
Once you select your lender wisely offering low two-wheeler loan interest rate, check the time taken for the processing of the loan amount. These days with the technological advancements, the processing time is very less. There are certain lenders that provide instant loan amount in your bank account after your documents are verified.
Tip 5: Special Offers
Do keep a check on the various offers announced by the lenders and manufacturers from time to time. There are offers like zero processing fees, free insurance, free gold coin, etc. Even lenders might offer a discount on the interest rates. However, these offers are time-bound and one should quickly avail of them.