Two-wheeler finance refers to the provision of financing options for the purchase of two-wheelers such as motorcycles and scooters. People often rely on two-wheelers for transportation and for day to day activities as well as two-wheeler finance can be a valuable tool in enabling small businesses to acquire the vehicles as they need to operate and expand their businesses.
A two-wheeler loan enables you to buy a bike of your choice at low-interest rates with monthly EMIs without disturbing your budget. EMIs or Equated Monthly Installments are designed to repay the two-wheeler loan at affordable prices. The tenure for EMIs ranges from 1 to 1.5 years - we also offer the option of pre-closure of the loan by paying the entire amount with some pre-termination charges.
Features:
Two-wheeler finance is a type of loan that enables individuals to purchase a two-wheeler, such as a motorcycle or scooter, by borrowing money from a lender.
The amount you can borrow with two-wheeler finance depends on several factors, such as your credit score, income, and the type of two-wheeler you want to purchase. Typically, lenders offer loans ranging from a few thousand to several lakhs of rupees.
The requirements for two-wheeler finance vary depending on the lender. Typically, lenders require borrowers to provide identity and address proof, income proof, bank statements, and other relevant documents. They may also check the credit scores of the borrowers.
Interest rates for two-wheeler finance vary depending on the lender, the type of loan, and the borrower's creditworthiness. Typically, interest rates for two-wheeler finance range from 9% to 20%.
Two-wheeler finance is meant to be used for the purchase of a two-wheeler only. However, some lenders may have specific restrictions on how the funds can be used.
If you cannot repay the two-wheeler finance, the lender may take legal action to recover the funds. This can include seizing the two-wheeler or taking legal action against the borrower.
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