Features and Benefits of Two Wheeler Loan
Two Wheeler Loans 1 Years ago Comments Share
zeable fund, and if your savings are not sufficient, you can resort to a two-wheeler loan. A two-wheeler loan allows you instant funds to buy the bike of your dream. Almost all banks and Non-Banking Financial Companies (NBFCs) allow you a two-wheeler loan for funding your two-wheeler. Shriram City Union Finance is one such NBFC which offers you an attractive deal on its two-wheeler loan. Let’s have a look at the details of the two-wheeler-loan provided by Shriram City and what makes the loan an ideal choice -
Salient features of Shriram City Two-wheeler Loan
Here are some of the salient features of Shriram City’s two-wheeler loan which distinguishes it from other loans available in the market
- You can get financing for up to 100% of the cost of the bike through the loan.
- Shriram City offers you the facility of customizing your two-wheeler loan as per your financing needs.
- The loan is sanctioned within 24 hours of approval of your loan application.
- You can apply for the loan online by filling up an application form. Moreover, minimal documents are required for the application process.
- The repayment tenure of the loan ranges from 12 months to 36 months.
- You can keep track of your loan online on Shriram City’s website once it is approved.
Eligibility parameters of Shriram City Two-wheeler Loan
To apply for Shriram City’s two-wheeler loan, you would have to fulfil some simple eligibility parameters so that the loan can be sanctioned easily. These parameters are as follows -
- You should be aged between 21 and 59 years at the time of applying for the loan.
- You should be a salaried or a self-employed individual.
- If you are salaried, you should have a minimum work experience of one year and your minimum monthly salary should be Rs.12,000.
- If you are a self-employed individual, you should be engaged in the same business for at least the last 2 years.
- You should be living at your current address for at least the last 12 months.
- There should be no history of cheque bounce in your bank statement in the last 12 months.
- If you have existing loans in your name, you should declare about the same in the application form.
Documents required to avail Shriram City Two-wheeler Loan
You would have to submit a set of documents to avail a two-wheeler loan from Shriram City. These documents include the following -
- Copy of your Aadhaar card.
- Passport-sized colour photographs.
- Copy of a valid identity proof, which can be any one of the following documents -
- Driving license
- PAN Card
- Voter’s ID Card
- Copy of a valid address proof, which can be any one of the following documents -
- Gas Bill along with the Gas Book
- Driving license
- Copy of proof of income like salary slip or the audited financial statements of your business.
- Last six months’ bank statement of your savings account.
- A cancelled cheque of your bank account and ACH Form for Electronic Clearing Mandate.
- When you buy a new two-wheeler, the endorsed Vehicle Registration Certificate should also be submitted.
Furthermore, Shriram City might insist on other documents if required, and you should submit such documents for the quick completion of the loan application process.
Interest rates and other charges of Shriram City Two-wheeler Loan
Interest would have to be paid on the loan amount that you avail, and Shriram City charges a competitive interest rate on its two-wheeler loan. Moreover, there are different types of charges associated with the loan.
Given below is the schedule of interest rate and charges applicable to Shriram City’s two-wheeler loan –
Interest rate: 12% per annum onwards
Processing fee: Depends on the State from where the loan is availed
NOC Certificate: Nil
Foreclosure charges: 4% onwards
Stamp Duty: As levied by the Government
Shriram City’s Two-wheeler Loan Calculator
Calculating the potential EMI for the loan is important before you apply for the loan. This calculation allows you to find out the EMI that would be affordable for your pockets. Calculating the EMI with the conventional mathematical formula is challenging, which is why Shriram City offers you the facility of an online loan EMI calculator. With Shriram City’s two-wheeler loan calculator, you can determine the exact EMI payable for the loan within seconds. All you have to do is enter -
- The amount of loan that you need
- The repayment period over which you expect to pay off the loan
- The interest rate charged by the company
Once the details are entered, the loan EMI would be calculated in seconds. You would also get to see the total interest cost that you are paying on the loan, which gives you an estimate of the total loan repaid. You can also change the loan amount and/or the repayment period to find the EMI, which would be financially feasible to pay off.
This online calculator is free, and so you should use it before applying for the loan to work out the potential EMIs.
Benefits of Shriram City Two-wheeler Loan
Here are some reasons why considering Shriram City’s two-wheeler loan would be a great choice for financing your bike -
- Shriram City is one of India’s largest two-wheeler loan financers with a pan-India presence. It is the most preferred financing partner of leading two-wheeler showrooms.
- You can easily afford your dream bike with Shriram City’s 100% financing facility.
- The loan sanction process is quick and efficient, and you can get access to funds at the earliest.
- You get the ease of accessing the loan through the company’s vast network of more than 900 branches in India.
- The loan has a competitive interest rate, which makes it affordable on your pockets.
- You can even foreclose the loan and pay off the outstanding balance before the repayment tenure is over. Shriram City’s two-wheeler loan allows easy foreclosure if you have paid at least 6 EMIs for the loan.
- Once you apply for the loan online, an executive of the company calls you and guides you on how to avail the loan. This personalised assistance helps you find out all the details of the loan and apply for it easily.
So, if you have been eyeing a bike for quite some time, why wait longer? Shriram City’s two-wheeler loan allows you to buy a two-wheeler easily and affordably so that you can simplify your daily commute. Be sure to check the various aspects of the loan and apply for one online with ease.
Benefits of Taking Loan for Two Wheeler