The Growing Demand of Two Wheeler Finance

Posted by HeroFincorp on January 7th, 2019

There is no longer the need to rush an hour in advance so as to catch the right train nor do you need to worry about reaching late to work. With your own two wheeler, you can ride down the city lanes and enjoy the journey. With new two wheeler being launched by every manufacturer, consumers are spoilt for choice. However, it is important to not be tempted into buying a two wheeler that you might not need. Consider your personal preferences and use before you make the purchase.

It does not make sense to spend all your savings into the purchase of a two wheeler. This is why you need to know about two wheeler finance. Designed to meet the needs of two wheeler buyers, the finance allows you to bring home your favorite ride without burning a hole in your pocket. The loan is offered by banks and financial institutions and is the best way of making the purchase. Scout the market and look for the two wheeler you want to purchase. Take a test drive, understand the specifications and make a well informed decision.

Once you have made up your mind about the two wheeler you are keen on buying, you need to scout the market for lenders who fit your needs. In order to apply for a loan, all you need to do is fill up the application form and submit the necessary documents. The documents include an identity proof, income proof, address proof and a set of photographs. Do take time to understand the terms and conditions of the loan before you sign on the dotted line. You need to ensure that you are choosing the right lender for the purpose of your borrowing. If you are a regular customer with the lender, you might be able to enjoy festive discounts and offers on the loan. This means a low interest rate or zero processing fees.

For two wheeler finance, you need to keep the interest rates in mind. Choose a lender that offers the loan at a low interest rate. You will be required to make a down payment on the purchase and the balance amount will be your loan. If you have excess cash on hand, you can make a higher downpayment so that the loan amount is low. Consider the monthly cashflow because you will be required to make a regular EMI payment on the loan. If the interest rate is low, the EMI will be low and the loan payment will become easier for you.

Use the EMI calculator to determine the approximate amount of EMI you will be required to pay each month. Based on the same, you will be able to decide whether the loan is suitable for you or not. If everything is in place, you will be able to bring your two wheeler home in 48 hours.