Growing Market of Two Wheeler Finance in India

Posted by HeroFincorp on August 28th, 2017

Due to the convenience offered by a two wheeler, more and more individuals are opting to purchase their own two wheelers which bring them a freedom and thrill. The growing financial institutions in the country have made it possible for individuals to avail a two wheeler loan with ease and in a hassle free manner. The two wheeler finance is available to individuals with a steady income and it is offered by Banks as well as Financial Institutions. The loan is a transparent process and allows the ease of repayment to the borrower.

The loan is approved within a period of 24 to 48 hours. It requires basic documentation and has a quick process. Any individual above the age of 18 can apply for a loan. If the individual is salaried, he should be in the current job for a minimum duration of 6 months and if he owns a business, the business should remain in existence for duration of atleast 1 year. The documentation required for the application process includes identity proof, address proof, income proof and photographs. Carry out a thorough research for the terms and conditions of the company. Before you make a decision to approach any company, check the rates of interest offered by them as well as the availability for prepayment of the loan. Prepayment enables an applicant to prepay the loan before the tenure ends. Two wheeler finance companies usually have the option of prepayment of the loan. The tenure of the loan is based on EMIs which is flexible and can be customized. You can determine an approximate amount of EMI payable using the EMI calculator.

A few financial Institutions also offer schemes and discounts to the applicants based on their credit history. The offers vary based on the institute as well as the profile of the applicant. The sole purpose behind two wheeler financing is to make the purchase of two wheelers quick and convenient. It ensures that you do not have to spend all your savings on the two wheeler; instead you can plan well in advance and apply for a loan with a long tenure. Two wheeler finance has made it possible for every segment of the society to own their own ride. Due to the inconvenience caused by public transport, it has become essential to purchase a two wheeler that is suitable for your daily use. There are a variety of options available in the market for the consumer, but it is advisable to research the market and make the correct choice. Two wheeler finance is available at a low and competitive rate of interest which makes the repayment much easier. Scout the market and approach a trustworthy and reliable financial institution that serves your needs. The repayment tenure and the rate of interest will depend on the profile of the applicant, the employment type and source of income. Your credit history will also play a crucial role in the approval of the loan application.