Application procedure of two wheeler loan
Why you should take a two-wheeler loan-
We've listed some reasons to convince you why you should take a two-wheeler loan to purchase a two-wheeler:
Safe and affordable: A Two wheeler loan is the most safest loan that can be availed to purchase a vehicle. You can easily avail of this facility at any bank or NBFC (Non-Banking Financial Companies) like an oriental bank of commerce two-wheeler loan, Axis Bank, ICICI Bank, etc., throughout the nation. The banks that are regulated by the Reserve Bank of India are entirely transparent about the entire expense that is incurred in a two-wheeler loan. So you can easily plan out your budget according to the expenses.
Savings: You don't have to use up your savings to purchase a two-wheeler. You can use that money for any future emergencies. Banks provide you with 100% value of your two-wheeler road price. So you don't have to use your money to purchase the vehicle. The loan amount can be quickly repaid in easy instalments.
The complete procedure to apply for your two-wheeler loan
Eligibility: The first and the foremost thing to do is check your eligibility criteria. The eligibility criteria usually differ from one bank to another. There are a lot of factors like age, nationality, employment status, income and credit score. So it's important to compare all those factors and then select the one that fits you perfectly. The eligibility criteria also depend on the individual's employment status, so the eligibility required for salaried, self-employed and unemployed are different. So you'll have to check factors according to that.
Research: There are many banks and NBFCs (Non-Banking Financial Companies) that provide two-wheeler loans. So it's better to do complete research and then choose an ideal bank for you. Check all the benefits and eligibility criteria according to the bank and then choose the right one.
EMI: It's essential to compare the EMI options that are available in the market. Banks give the flexibility to the customers to choose the suitable repayment according to their income and budget. You'll have to repay your loan amount along with the two-wheeler loan interest rate. So it's essential to plan out your budget and deduct any other expenses and then check the amount that can be paid by you every month.
Repayment structure:- Along with your EMI, you'll have to choose your complete repayment structure where you have to select a loan tenure and repayment structure beforehand. This will help you to reduce a lot of stress while repaying the loan amount.
Interest rate: The interest rate usually ranges from one bank to another. So it's essential to compare banks and then choose the right bank that provides a two-wheeler loan at a low-interest rate. There are factors like credit score and income that affect your interest rate. For example, if your credit score is low, you'll have to pay a high-interest rate or high down payment. So it's essential to see all the factors and then check the interest rate.
Offers: It's essential to check all the discounts, offers and deals during festivals and bank anniversary. During this time, you can get benefits like reduced expenses, processing fee and free insurance.
Application: After you're done with your research. You'll have to move ahead with the application process and submit appropriate documents for verification.
Verification: Once you've submitted your application form and documents, the bank will verify your documents to check whether or not you are creditworthy of this loan.
Disbursal: After the bank has approved your application, the loan amount will be disbursed in the dealer's bank account within 24 hours.
Oriental Bank of Commerce Two wheeler Loan
Oriental bank of commerce two wheeler loan which merged with Punjab National Bank with effect from 1 April 2020 offer two-wheeler loans to eligible individuals. The loan can be availed at attractive rates and the repayment can be made in affordable equated monthly installments (EMIs). In addition to the normal two-wheeler loan, the lender also offers a special scheme for women riders at a rate of interest of 8.70% p.a.
Conclusion:
A lot of individuals hesitate before applying for a two-wheeler loan. But it is the safest and most affordable loan if you're planning to purchase a two-wheeler.