In today’s life, you certainly need a vehicle to travel from one place to another at your desired time and what is better than having a two wheeler as they are quite affordable. But buying your first personal vehicle can sometimes be a bit troublesome as you have to break your savings to buy it. That is the time when a two wheeler loan is most useful. Here we are going to describe, how you will get the loan easily and at a very low interest rate.
How to Apply for Two Wheeler Loan at Low Interest Rates in India
First, we will give you information on the interest rates of some of the best banks. You can choose whichever suits you.
|BANK NAME||INTEREST RATE||TENURE|
|STATE BANK OF INDIA||12.65%||3 years|
|HDFC BANK||14.03%||4 years|
|PUNJAB NATIONAL BANK||10.20%||5 years|
|INDUSIND BANK||12.00%||3 years|
|ALLAHABAD BANK||11.80%||4 years|
- The age of the person applying for the loan must be over 21 years and must not be over 65 years according to most of the banks. The age also must not exceed over 65 years when the loan term ends.
- The applicant may be self employed or salaried as with the two wheeler loans that does not matter too much.
- The income must be good according to the guidelines of the bank. Each bank has a different guideline.
- The minimum amount which can be borrowed as a two wheeler loan is Rs 10,000.
- The tenure of the loan varies from bank to bank. Usually most banks have a tenure between 12 to 36 months. Some even offer a tenure of 60 months too.
- The most important thing while applying for the two wheeler loan is the proof of residence as if the bank is not satisfied with the stability of your residence, they may not pass the loan.
If all the following criteria are matched with you, you are eligible to take a two wheeler loan from a bank. For that, you just have to visit the bank, fill up the application form and submit it with all the required documents. The bank will do the verification depending on your submitted documents. If all goes well, they will pass the loan for sure as getting a two wheeler loan is not that hard and literally anyone can get it.