Whether it is a car or a two-wheeler, becoming a vehicle owner is one of the biggest aspirations of most Indians. A vehicle adds that aspect of luxury in our lives that we all crave. Two-wheelers go beyond being just an item of luxury. Two-wheelers are an essential part of day-to-day life, and they have a lot of utility. From navigating the traffic quickly to bringing groceries for home, two-wheelers are irreplaceable. Most people even have a dream bike that they want to own at some point in their lives. However, financial constraints sometimes stop you from buying your dream bike. You keep saving for that bike you always wanted, and suddenly that saving goes down to some other use.
Taking a scooter loan or two-wheeler finance is one of the best ways to mitigate this financial constraint. Financial institutions have come a long way in helping customers in their journey to own a vehicle. Two-wheeler finance can cover almost 85% to 90% of the entire cost of the vehicle. Scooter loans are available at attractive rates of interest, and hence, you can repay the whole amount in small and easy instalments. With digitisation across all spheres, you don't even have to go to the lender's office. You can apply online using the website of the lender. All the documents can be submitted through the online mode itself. This article focuses on how to apply for a two-wheeler loan in four easy steps.
Step 1: Budget Requirement and Financial Viability
It is a crucial step before you start filling the application form. You should first finalise the vehicle you want to buy and how much of the vehicle's price you want to get financed by the lender. It is crucial as it will give you a fair idea of the loan amount that you require. If you can fund a specific part of the vehicle's price on your own, then you can reduce the loan amount and save some money on the interest to be paid.
Assessing your financial viability is also essential. You should figure out the monthly EMIs that you will have to pay and then evaluate whether you are comfortable with them. You can use an online EMI calculator to check the estimated EMI that you will have to pay.
Step 2: Application Form and Documents
Once you have decided on the final amount of the loan, you can go to the financial institution's official website and start filling up the application form. The user interface on the website will guide you through the application form. Fill in all the details correctly.
After you have filled in all the particulars, the application portal will ask you to submit some documents. You need to upload these documents in the specified format through the lender's website. The documents required are minimal and include identification proof, address proof, and income proof.
Step 3: Learn the Details
Once you have shared all your details with the lender, it is time to check the scheme's details offered by them. The basic parameters that you should be concerned about are the rate of interest, the tenure of repayment, the repayment mode, the processing charges, the clause for foreclosure, and the amount of loan being disbursed.
Step 4: Finalising the Deal
Once you have vetted out all the scheme's details and you are comfortable with the same, you can go ahead and close the deal by putting your signature on the contract. Ensure that the lender levies no hidden charges in the contract as they might come to haunt you in the later stages. Also, it is advisable to read the entire contract thoroughly and even take help from a professional to understand all the terms and conditions.
Taking a scooter loan or a two-wheeler loan is one of the best ways to fulfil your dream of owning a vehicle. These loans are readily available, and you can repay the entire amount in small instalments.
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