two-wheeler loan interest rate

Things That Determine Your Two-Wheeler Loan Interest Rate

Two-wheeler loans are popular in India as most people prefer their vehicles to travel. Buying a two wheeler has many benefits, such as being affordable and making traveling easier and more convenient. Most people purchase their dream bike by obtaining an affordable interest-rate loan to cover its fund. If you are considering buying a two-wheeler using a two-wheeler loan, you should know what the things that affect the interest rate are.

Most lenders have eligibility criteria for their two-wheeler loan. You should ensure you are eligible for this loan, and the lender will approve your loan request. Also, learn about the factors that affect the interest rate for the two wheeler loan, as influencing the factor may help you reduce the interest rate. Let’s take a look at the factors affecting the two-wheeler loan interest rate.

Your Income source

The first thing lenders ask loan applicants is their income source. If you have a steady income source, you can negotiate with the lender to reduce the interest rate on your loan. This factor also affects loan application approval. If you don’t produce income documents to your lender, they may offer you no-income-based loans or reject your loan application.

Your age

Age is another factor that helps the lender determine whether a person will be able to repay the loan on time. Most lenders may charge a higher interest rate for a person closing to retirement than a person in their 30s. Lenders also charge more interest if you are young or employed recently. You should improve your credit score before you apply for bike loan online.

Loan tenure

Different banks offer different loan schemes, like tenure periods. However, if you choose a longer term for your loan, you have to pay more interest. Also, if you choose shorter loan tenure, you have to pay a higher EMI value which may be challenging for most people.

Type of vehicle

Lenders also ask applicants what type of two wheeler they want to purchase. Using a two-wheeler loan, you can purchase a second-hand bike or a new bike model. The type of two wheeler you select in the loan application will determine the two-wheeler loan interest rate.

Down payment

A down payment is part of the total payment you will be paying above your loan amount to purchase the two-wheeler. Increase the down payment to get a lower interest rate. However, if you don’t have enough funds for your bike, you can avail of 100% bike finance and pay zero down payment.

Credit history

Credit history determines your creditworthiness. Having a good credit profile means that you are financially disciplined and pay all your bills and expenses on time. Maintain a good credit history to lower the interest rate when you apply for bike loan online.

Tips on choosing a right two-wheeler

If you are young or buying a two-wheeler for the first time, you should look for these things in the bike or scooter to ensure it is the best option.

Brand

Choose a well-known brand that delivers the best two-wheeler to its customer. You can purchase a bike from several two-wheeler brands like TVS, Hero Motocorp, Mahindra, Suzuki, etc. if you buy a two wheeler from a trusted brand, you get more resale value and a lower two-wheeler loan interest rate.

Mileage

Mileage is an essential factor that you should consider. You should go for a two-wheeler bike with high mileage. You can search for the two-wheeler details online and compare them before you decide to purchase one. You should also apply for bike loan online to save more time.

Service Center

You should also check that the service center of your two-wheeler is in your locality. If you require maintenance, you don’t want to travel a long distance to repair it. You can also search for the bike’s available service center.

Maintenance costs

Two-wheelers require regular maintenance, so you should ensure you can afford the maintenance cost after paying all your expenses and loan EMI. You can ask a two-wheeler dealer or mechanic about the cost of the regular maintenance service.

Weight and height

Select a bike that you can easily handle according to your physiques. You should consider a lighter bike for easy handling. You should also consider whether the height of the bike is suitable for you by checking whether your feet touch the ground for balancing. Checkout the Bike Companies in Dubai.

Conclusion

When it comes to traveling, having a two-wheeler brings so many benefits. You can apply for bike loan online and purchase your dream bike without putting much stress on your savings or monthly expenses. You can build a good credit history by repaying your loan on time. Also, follow the tips to purchase the right two-wheeler that matches your requirement.

Indians in Kuwait

Indians in Kuwait

100% Exact Figar for Indians in Kuwait Are you an Indian living in Kuwait? Are you looking for reliable and accurate information on the latest

Read More »
كيف اسوي كوفي king coffee uae

كيف اسوي كوفي

كيف اسوي كوفي إن شرب أول رشفة من القهوة في اليوم يشبه تدليك الجنة لبراعم التذوق. إنه ، كما اكتشفت إحدى شركات القهوة في العلبة

Read More »
car for sale in sharjah

Car for Sale in Sharjah

Used and New Car for sale in Sharjah at Company Listing Car for sale in Sharjah shopping can be a stressful experience, especially if you’re

Read More »
car for sale in al ain

Car for Sale Al Ain

New and Used car for sale Al Ain at Company Listing car for sale al ain is a popular search phrase on the internet, as

Read More »

SPA in Dubai

SPA in Dubai Dubai is one of the most popular tourist destinations in the world. It is most famous for its luxurious hotels and high

Read More »

DUBAI EXPO 2020

DUBAI EXPO 2020-2022 The UAE is one of the world’s fastest-growing countries. From a desert region, Dubai has become a global city and business hub.

Read More »

DUBAI CURRENCY RATE

DUBAI CURRENCY RATE The Dubai currency rate is controlled by the Central Bank of the United Arab Emirates which is a member of the UAE

Read More »
Chiropractic in Dubai

Chiropractic in Dubai

What does Wikipedia say about chiropractic? “Chiropractic is a form of alternative medicine concerned with the diagnosis, treatment, and prevention of mechanical disorders of the musculoskeletal system, especially of the spine It has esoteric origins and is based

Read More »
SKI Dubai

Ski Dubai

At the heart of a shopping mall situated in desert terrain, the third-largest outdoor ski area is an absolute sight to behold. A lift ticket

Read More »

Dubai Frame

Standing at 100 meters high and consisting of giant picture frames that rotate to give visitors a panoramic view of Dubai city, it is also

Read More »

Global Village Dubai

Global Village Dubai – Each year, Dubai welcomes over 10 million guests to its Global Village with adults and children alike able to enjoy the

Read More »
car shipping companies in dubai

شركات شحن السيارات في دبي

شركات شحن السيارات في دبي سنقوم اليوم بمراجعة بعض أفضل شركات شحن السيارات في دبي. آمل أن تستمتع بتقييماتنا الراضية عن طريق شحن السيارة إلى

Read More »