5 Salient Features of Two Wheeler Loans

A two-wheeler loan is a credit sought for purchasing a two-wheeler. It can help reduce the burden of having to pay a large amount at once. Traveling expense adds to the cost of living for every individual and owning a private vehicle does more than just reducing this cost. It ensures that you have a safe, fast and comfortable journey. It eliminates the time wasted in traffic and helps in reducing the cost of traveling. Here are a few salient features of a two-wheeler loan that you must know of:

Fast Processing and Longer Repayment Tenure

fast-process
A two-wheeler loan is easy to avail, with minimum amount required to process the loan. This type of loans usually involve a lower amount of money and hence, a tenure period of up to 48 months (variable) is provided to the borrowers. If you are looking for very fast processing and longer repayment tenure, you can avail Moneytap two wheeler loan, which is the best in the industry.

Transparency

Transparency
This type of loan is very transparent in nature and you get all essential details such as EMI, due dates etc. by the creditor itself. Further, you can check these details on the EMI calculator and plan your finances.

Low-Cost EMI

EMI-rates
The EMI rates for this type of loan are the lowest and most affordable. People from the low-income bracket can also apply for these loans. Moreover, banks and other online creditors provide a flexible payment period for this type of a loan. A borrower can make the payment at any time of the month within the specified period.

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Eligibility Criteria

An applicant must be of 21 years and older but not more than 65 years of age. The applicant must be salaried either by a Public Sector Undertaking or by a reputed private firm. Further, the applicant must be a permanent employee ensuring prompt pay back.

If the applicant is self-employed, they must be assessed for income tax. In addition, applicants engaged in agricultural and other allied sectors are also eligible for a two-wheeler loan.

Processing Documents

Processing-Documents
The documents required for this type of loans are minimal. Here is a list:

Salaried Individual

  • Photo ID proof
  • A passport, pan card, voter ID, Aadhaar Card or driver’s license. Other than that, a government-issued photo ID card can also be used to as a document proof.
  • Recent passport size photographs
  • Address Proof (It can be your driver’s license, voters ID, utility bill, bank account or the post office saving)
  • Bank statements of the previous three months are mandatory.

Self Employed

  • Photo ID (can be a passport, pan card, Voters ID, Driver’s license or the Aadhaar Card)
  • Two recent passport-sized photographs
  • Address proof (utility bill, the Aadhaar card, the bank account, the driver license or the post office savings)
  • Bank statements of the previous three monthsIn brief, these are the few salient features of a two-wheeler loan. Applying for this type of loan can be done from the comfort of your home due to advancements in internet banking. All you need is a good internet connection and a few scanned copies of the processing documents. You can skip the queue and apply with online creditors for the two-wheeler loan and be done in almost no time!