Applying for two-wheeler loans is the best way to light up happiness in your life; it is the best way to make big-ticket purchases affordable. If you are willing to apply for an online bike loan for commercial purposes or personal reasons, here you get to know each and everything about two-wheeler loans in India. These loans are designed especially in securing the additional funds of the applicant at the time of purchasing a commercial bike. Within a few clicks, you will get the bike of your dreams.
Conduct proper research: Before you apply for a bike loan for commercial purposes, ensure that you researched well about the best banks and NBFCs available for the same. Choose and compare all the loan offers available in repayment options, processing fees, interest rates, and other loan terms and conditions.
Choose the right tenure: The tenure of a two-wheeler commercial loan is the main factor that decides the EMIs to be paid each month. Set a tenure using the EMI calculator only. It will help in setting affordable EMI each month. Try to keep the tenure as short as possible without affecting your daily expenses. The higher the tenure, the more will be the interest payout on the principal amount.
Go for the lower interest rate: Try to search for a two-wheeler loan offering a low interest rate. It will make your EMIs low and affordable and loan cheaper.
Choose wisely between fixed and floating interest rates: Some of the lenders may offer you two-wheeler loans by giving you the option of both fixed and floating interest rates. Decide accordingly, as the floating interest rate keeps on fluctuating as the market rate changes. The fixed rates are those which remain constant. Decide after understanding both rates.
Calculate your EMIs in advance before applying for Two-wheeler loans: When you compare loan offers, never forget to calculate your EMIs in advance. It will help you in choosing the right loan amount whose EMIs repayments fit well with the affordability.
Check for prepayment fees: If you plan for a loan pre-closure, check for the charges applicable on the same. Some of the financial institutions charged you fees, and some may not. All these terms and conditions of making loan prepayment are available when applying for a two-wheeler loan. Prepaying the loan helps in saving extra interest payouts on the principal amount.
Thoroughly read the terms and conditions: Before signing the loan application, read the fine prints properly. Check for hidden fees mentioned to avoid paying any penalties in the later stage of loan prepayments or late EMIs payments.
Work on your credit: The lenders paid a lot of attention to your credit score and repaying history before giving any two-wheeler loan approval. Higher is the credit score, the better is the chances of loan approval on your terms and conditions. Review your credit report before filing a loan application, and if you find any inaccuracies, dispute the same to the credit bureaus.
Balancing your debt-to-income ratio: It is a ratio of current debts and current income you are getting. It is a way of calculating the cash inflow and outflow. Secondly, how much income is required to pay off debts and how much is saved. So, try to balance it always.
Take the help of a co-signer: If you are finding difficulties in getting a two-wheeler loan for the commercial bike, you may also take the help of the co-applicant. They would help you as a loan guarantor.
Avoid filing multiple two-wheeler loan applications: Filing too many loan applications in a short span reflects your credit-hungry behaviour to lenders and results in increasing the number of hard inquiries. Higher the number of hard inquiries, the higher the chances of loan rejection.
The above factors will surely clear all your doubts about two-wheeler commercial loans for bikes. If still, you are willing to know more about the current interest rates of two-wheeler commercial loans. Contact Shriram City Union Finance limited for buying a two-wheeler. We are India’s best and one of the largest two-wheeler financiers. The requirement could be for purchasing motorbikes for commercial purposes or personal use, all fulfilled here easily. Here we promise the loan applicant to provide 100% financial assistance as per the road price of the bike.
What are the benefits of applying for a two-wheeler loan from Shriram City Union Finance?
Here are the benefits of applying for a bike loan from Shriram City Union Finance:
What are the eligibility requirements of applying for a two-wheeler loan from Shriram City Union Finance?
What is two-wheeler loan prepayment, and how is it useful?
The two-wheeler loan prepayment is making payments of multiple EMIs. Every time you make the prepayment of a part of your loan, it reduces the outstanding loan amount, i.e., principal amount and interest amount. You will end up saving more on interest payouts.