Whether it is for everyday commute or for heading to hills for an escape, two wheelers offer a comfortable ride on almost every path. According to a recent survey, India is world’s largest market for two wheelers as people here consider them as an economical option. When it comes to saving for a brand-new bike or scooter, people often cut down their monthly expenses and make compromises in their long-term plans.
But now, you no longer have to do that as you have the option to avail a two wheeler loan. If you are in a city like Lucknow, you would be glad to know that there are various banking and non-banking institutions that provide well-customized financing solutions. A two wheeler loan in Lucknow can be availed at low interest rates and with a flexible repayment structure; all you have to do is thoroughly scout the markets to find a reliable lender. For a better understanding, here are a few benefits offered by two wheeler loans that you must take a look at.
Perks of taking two wheeler loans
- Simple eligibility criteria – To seek approval for a two wheeler loan, the applicants have to meet a basic eligibility criteria. According to most of the lenders, the applicant should be above 18 years of age and the maximum age should be 65 years at the end of the loan. Also, both salaried and self-employed individuals can apply for the loan; however, the net income for salaried employees should be Rs.96,000 per annum and for self-employed individuals, it should be minimum Rs.1,20,000 per annum.
- Quick approvals – The minimal documentation process speeds up the disbursal procedure and many of the lenders even transfer the funds in your account within a day or a two if you have a good credit score. For the verification process, you will be asked to submit documents such as identity proof, address proof, income proof and bank statements.
- Attractive interest rates – A two wheeler loan in Lucknow can be availed at competitive interest rates. With less interest rate, your monthly instalment amount will also get reduced significantly and you will be able to easily pay off the entire loan amount. Currently, these loans are being provided at a rate between 12%-27%, depending on the brand and model of the bike or scooter you intend to buy.
- Boost your CIBIL score – To avail bigger loans such as car loans and home loans, you are asked to maintain a good credit score as it is a clear reflection of your creditworthiness. Since two wheeler loans are provided at a low interest rate and as their overall cost is affordable, you can easily make timely payments. This way by making all the payments on time, you are able to bring your credit score up to the mark.
Conclusion
With these many benefits, taking a two wheeler loan is undoubtedly better than purchasing the vehicle solely through cash. A two wheeler loan in Lucknow can be availed by meeting a basic eligibility criteria and by providing all the required documents. Such loans are offered at alluring interest rates and can play an important role in improving your CIBIL score.
With these many benefits, taking a two wheeler loan is undoubtedly better than purchasing the vehicle solely through cash. A two wheeler loan in Lucknow can be availed by meeting a basic eligibility criteria and by providing all the required documents. Such loans are offered at alluring interest rates and can play an important role in improving your CIBIL score.
