Two-wheelers are perfect for an easier and faster commute. However, their cost ranges between Rs.50,000 and 2-5 lakhs depending on the model. If you don’t have sufficient savings to fund your two-wheeler purchase, a loan can be of great help. This post tells you what a two-wheeler loan is, its features, benefits and other details. Read on!
A two-wheeler loan is a borrowed amount used for a bike purchase. It is a type of personal loan to buy a bike of your choice. Depending on your credit score, your loan for the bike would be approved at a certain rate of interest. To get a personal loan to buy a bike, install the Navi app on Android or iOS now!
|Age||You should be between 18 and 65 years of age to avail of the loan. The minimum age can also be increased to 21, 23 or 25 years in some cases|
|Interest Rate||The 2 wheeler loan rate depends on your eligibility parameter and the lender pricing policies|
|Credit Score||Your credit score should be at least 650 to apply for the loan. If your score is below 650, the loan application might get rejected|
|Employment||You should either be salaried or self-employed|
|Income Level||There is a minimum income which you should earn every month to qualify for the loan. The level varies across lenders|
There are no specific criteria for Navi’s personal loans. Navi uses a technology-driven model to check the details and approve your loan.
Generally, you would have to submit the following documents to apply for a two-wheeler loan:
Here’s a list of key points to keep in mind to increase the chances of getting a two-wheeler loan:
|Check your eligibility criteria before applying.||Do not apply for personal loans from multiple lenders.|
|Research to find the best lender who provides the lowest interest rates.||Do not set an EMI amount that you cannot repay every month.|
|Check your credit score. Improve it if necessary.||Do not avoid reading the loan document carefully to know all the terms and conditions.|
|Get a co-applicant or guarantor if your credit score is low or if you don’t have a credit card.||Do not borrow more than you need.|
|Go for banks and NBFCs that provide flexible EMI options.||Do not delay your EMI repayments.|
Navi is an online mobile application which allows you to apply for bike loans at the lowest interest rates. Here are the steps to get a personal loan from Navi to buy your two-wheeler:
Taking a loan to buy a two-wheeler is a smart decision. It will not only help you to commute faster and cheaper but also give you a sense of freedom. Check your eligibility criteria, and credit score and keep the documents ready before applying for a loan. To apply for a loan for a two-wheeler purchase at Navi, install the app on Android or iOS now!
Yes, personal loans for buying two-wheelers can be availed for up to Rs.5 lakhs through Navi. So, if you want to buy a bike costing Rs.1 lakh, you can avail of a loan of up to Rs.1 lakh for the same.
The processing fee of personal loans for two-wheelers may go up 1.5%. However, a few banks and NBFCs may charge more or less than the aforementioned number. The interest rates range between 9.60% – 17.99% or more.
Yes, many lenders allow two wheeler loans even when you are working as a freelancer. Navi is one such lender which allows you to avail of loans if you are working on a freelance basis.
The maximum tenure depends on the lender from whom you are availing the loan. You can avail yourself of tenures of up to 36 months to pay off the loan from Navi.
Before you go…