Your dream Two-Wheeler might be out of your reach, that you could not afford to buy on your own. Do not worry, taking a Two-Wheeler loan is the best option to finance your favorite Two-Wheeler. It makes it easier to you to purchase your Two-Wheeler without worrying about paying the entire price at once.
Here are 5 things you need to consider before planning to buy a Two-Wheeler loan.
1.Eligibility check
You can apply for Two-Wheeler loan at your convenience. Before availing the loan service, it is important to ensure that you meet the eligibility criteria. Credit Wise Capital guarantees the easiest, quickest and the fastest loan approval process.
Eligibility criteria for bike loans are:
- The minimum age of applying for a Two-wheeler loan is 21 years
- The maximum age of applying for a Two-wheeler loan is 63 years for salaried and 65 years for self-employed.
- Minimum work experience for salaried is 6 months with a monthly income of Rs 15,000
- For self-employed individual, a minimum work experience requirement.
- The applicant’s current address should be in use for at least one year.
It is necessary to ensure that you do not apply for loans you don’t qualify for, or else your application will be rejected automatically.
2.Check your credit score
If you have any other loan, it would be better to check your credit score before applying for a Two-Wheeler loan. If you are unaware of this term here are some information about it. Credit score is the score that indicates your creditworthiness.
It is provided by credit bureaus like CIBIL in no. 900 points based on your credit score.
A good score of 750 points and above, which makes the purchase of a two-wheeler with two-wheeler loan. The advantages of having good to excellent credit score means you can acquire a two-wheeler loan with low interest rate.
3.Maximum amount of loan you are eligible to borrow
Two-wheeler loan primary depends on prize of your Two-Wheeler and your creditworthiness
It is better not to ask for funding more than you need to purchase your Two-Wheeler and calculate the amount of loan you require according your needs.
If the amount for your Two-wheeler loan application is higher. Your lender is more likely to reject the application.
Credit Wise Capital offers the Lowest Two-Wheeler loan interest rate along with fastest and hassle-free loan approval process.
4.loan process
Unlike before Two-Wheeler loan application process is been done online. The process so easy and user friendly that it is only matter of minutes to approve your loan.
Following are the list of required documents for two-wheeler loan
Proof of identification: Voter ID, Passport, Aadhar Card, Passport, Driving License
Proof of Residence: Utility Bill, Passport etc
Income Proof: Salary Slips, Income Tax returns, bank Statements
Passport size photographs
At Credit Wise capital, Two-Wheeler loan process is instant. Once approved the loan amount will disburse within 24 hours.
5 Loan tenure
Your Loan tenure is imperative as it influence your EMI. Additionally, the interest rate and the amount borrowed have a direct impact on the bike EMI.
You will have a low EMI when you have long tenure, but you will pay a high-interest rate.
You pay less interest when your EMI is higher. Thus, make sure to pick the loan tenure carefully.
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Term & conditions apply.
Two-Wheeler disbursal at the sole discretion of Credit Wise Capital Pvt. Ltd.