Two wheeler Loan
Like other loans, two wheeler loan also gives us a financial aid but this time this aid is only to buy a two wheeler. The loan comes under the secured loans. The loan has very low and reasonable rates of interest.
Age is the major factor that banks check while providing you a two wheeler loan. Bank or any other lender checks that whether the age of the applicant is more than21 years or not. If it is not so you won’t get a two wheeler loan.
It is obvious that if someone is lending you the money then he/she will put some checks on your income as well, to check whether you are eligible to repay the loan amount or not. If you don’t have any source of income then you are not eligible to get a two wheeler loan.
One more important thing is that the applicant should be a citizen of India. He/she should be residing in India as well. If it is not so then he/she isn’t eligible to get a two wheeler loan.
Rates of Interest
Basically, the interest rates are 11.50% and onwards, but the rates can vary from time to time.
- First of all 2 colored d photographs. (without glasses)
- Identity Proof
One identity proof is necessary. This identity proof can be an Aadhaar card /PAN card/voter ID card/Ration Card / Driving Licence/ Passport)
- Resident Proof
The bank will ask for a proof of residence, it is mandatory. It can be an Aadhaar card /PAN card/voter ID card/Ration Card / Driving Licence/ Passport/electricity bills of last three months on the name of the applicant with the rental agreement)
- Income Proof
One income proof is also needed if you want to apply for a two wheeler loan. (salary slips of last three months / ITR of last three years for self-employed).
How to Apply?
- You are advised to apply for a two wheeler loan online on www.bookmyloans.in . This is the best and oldest platform to apply for the two wheeler loan. f you apply for a two wheeler loan online on www.bookmyloans.in you will get benefitted by so many perks.
- First of all your loan will be approved very quickly.
- After that, the rates of interest are quite low here.