Two wheelers are great for manoeuvring through congested city streets. If you have your eyes set on a scooter or motorcycle but do not wish to spend all your savings buying it, choose a two wheeler loan.

Why Take a Two-Wheeler Loan

Two wheeler loans offered by banks and financial institutions are an effective way to finance your purchase without spending a fortune. Since you only have to pay fixed Equated Monthly Installments (EMI) to the lender, most of your cash will be free for personal use.

Benefits of a Two Wheeler Loan

Most two-wheeler loans are easy to repay and can boost your creditworthiness if you are a first-time borrower. A good credit score comes in handy when looking for bigger loans in the future. Since you have to pay EMIs on your two-wheeler loan, you will also learn to manage your finances effectively. Moreover, if you are timely with your repayments, this will further boost your credit score. Budgetary concerns may keep you from buying a two-wheeler of your choice. With a two wheeler loan however, you are easily able to afford the vehicle of your choice without having to worry about the finances.

Basic Covenants You Should Know

1. To apply for a two-wheeler loan, you need the following documents:
   • Proof of Identity (AADHAR card, Passport, PAN Card etc.)
   • Proof of Address (Utility bills, AADHAR card, Passport etc.)
   • Income Proof or Proof of Business
   • Bank Account statements of the past 3-6 months.
   • Passport-sized photographs
   • Completed Paper/Online Loan Application
2. Both salaried and self-employed individuals qualify for a two wheeler loan. Check your two wheeler loan eligibility for a loan with IndusInd Bank.
3. Two wheeler loan interest rates depend on several factors like your income, age and chosen vehicle type and model. These vary from lender to lender. At IndusInd Bank, we offer attractive interest rates on our two-wheeler loans.
4. Repayment tenures for most two wheeler loans are flexible and can be adjusted to suit your cash flow and income. Stay away from lenders who do not offer customised repayment tenures.
5. Two wheeler loans do not require any collateral or security because your vehicle is hypothecated in the name of the lender until you repay the entire amount, and the interest and fees associated with the loan. In case you fail to repay, the lending institution can seize your vehicle.

How to Choose the Right Lender

Selecting an appropriatelender is extremely important for anyone who wants a hassle-free loan. Whilechoosing a lender, keep the following in mind:

• Choose a lender that offers competitive interest rates. A two wheeler loan with an exorbitant interest rate is financially damaging, while ones with ultra-low interest rates usually have hidden costs. Before opting for a lender, clarify all the terms related to interest rates and additional loan processing, foreclosure and pre-payment fees
• Choose lending institutions that allow you to apply for two-wheeler loans online. This will save time and prevent you from spending long hours completing paperwork
• Opt for lenders that offer quick disbursals, instant loan approvals, simple documentation and flexible repayment tenure. Also, look for ones that provide processing fee discounts or special discounts on interest rates or processing fees

At IndusInd Bank, we make applying for and securing a two wheeler loan extremely convenient. We offer discounts on loan processing fees to our existing customers. Our disbursal process is quick and we do not ask for complex documentation. Get in touch with us today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Whether you are a salaried professional or self-employed, saving money is crucial for building a financial safety net. While there are several financial instruments available for the purpose – mutual funds, equity, etc. – they typically present high-risk options. Fixed deposits are one of the safest investment avenues with fixed yet guaranteed returns. Here are some reasons why investing in fixed deposits is a smart and financially savvy decision.

Inculcate Discipline

To achieve your long-term financial goals, it is important to plan and organize finances well ahead of time. Saving money in a fixed deposit requires you to be disciplined since you must invest your corpus in one go, for a specific period of time. This means your money is not available to you for spending, but is instead kept safe and earns interest. If you wish to withdraw your funds before maturity, your bank will charge a premature withdrawal penalty. This ensures you don’t exhaust your savings, unless it’s an emergency.

Flexible Tenure

Most banks offer a flexible investment tenure for fixed deposits, making them an ideal option for meeting short-term, medium-term and even long-term financial goals. Fixed deposit interest rates, however, vary with the investment tenure you choose. At IndusInd Bank, you enjoy a flexible range of tenures to suit your investment plans with competitive fixed deposit interest rates.

Liquidity

While a fixed deposit may not allow you to withdraw money without charging a penalty for premature withdrawal, it still presents a smart investment option. If you ever face an emergency, you can withdraw your savings by paying a small premature withdrawal fee. At IndusInd Bank, we permit partial withdrawals on your fixed deposit.

Tax Benefits

You may choose a tax-saving fixed deposit to enjoy tax benefits. As per Section 80C of the Income Tax Act, deposits with an investment tenure of 5 years fall under the tax exempt category. Even though the interest that you earn will be taxable, you can claim a deduction of up to Rs 1.5 lakhs in a financial year. Moreover, the principal amount you invest is exempted from taxation.

Power of Compounding

The earlier you start saving in a fixed deposit, the sooner can you grow your wealth with the power of compounding. Even a small amount can quickly multiply with compounding. When you choose a deposit, you can select the frequency for receiving the interest – monthly, quarterly, half-yearly, annually, or all at once at maturity. Moreover, you have the option of re-investing your earned interest and supplementing your savings. This means that compounding helps you to not just earn interest on the principal amount, but also on the interest you earn.

Guaranteed Returns

One of the biggest benefits of investing in fixed deposits is the guaranteed returns. If you remain invested for a fixed duration, you are sure to earn the interest promised by your bank, irrespective of the fluctuating market conditions. These returns are fixed before you even make the investment, regardless of the amount you invest.

Fixed deposits, regardless of market fluctuations, guarantee returns. You can enjoy the benefits of a flexible range of tenures to suit your investment needs. Hence, fixed deposits are the perfect option for your short-term and long-term needs. So wait no more and open an online fixed deposit at IndusInd Bank today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

1. Check Eligibility

Have your eyes set on a stunning bike? Or maybe you’re looking for a scooter to commute to work every day? If you’re looking to buy a two-wheeler without exhausting your savings, a two-wheeler loan presents an excellent option. Many banks and financial institutions in India furnish loans that allow you to buy a wide range of two-wheelers. Here are some basic steps you should follow while choosing a two-wheeler loan in India.

The eligibility criteria for two-wheeler loans differ across lending institutions. Typically, age and salary specifications determine your ability to take a two-wheeler loan.

Check out an easy eligibility criteria for our two-wheeler loans at IndusInd Bank.

2. Compare Interest Rates

The two-wheeler loan interest rate depends on factors like your credit score, occupation, place of employment, nature of employment, income, age, etc. Other lender-specific factors also come into play. While a lower two-wheeler loan interest rate may seem more attractive, you must also take other factors such as repayment tenure, processing fees, and documentation charges into account.

At IndusInd Bank, we offer attractive interest rates on two-wheeler loans and also provide loan processing fee waivers for IndusInd Bank customers.

3. Look for Flexible EMI Options

Repayment flexibility comes in handy if yourfinancial situation changes during the loan tenure. Always choose a lender thatoffers flexible repayment options that can be changed according to yourfinancial situation. This will save you from financial worries while repayingyour loan.

4. Apply Online

Sitting for hours in a lender’s office to completethe paperwork associated with a loan application can be excruciating. Mostbanks and financial institutions offer online loan applications that can be filledin from the comfort of your home. You can also submit all documents and IDproofs online without having to make several copies of them.

With IndusInd Bank, you can seamlessly apply for a two-wheeler loan online. If you encounter problems while completing your loan application, you may call us on customer care for assistance.

5. Choose Lenders that Disburse Quickly

Long loan processing and disbursement periods candampen your excitement about getting your dream two-wheeler. Always chooselenders that offer quick loan disbursals and instant approvals, so you do nothave to wait for days to get your bike or scooter home.

At IndusInd Bank, applying for a two-wheeler loan is simple and quick. In fact, it is not mandatory to be our customer to avail of a loan. Upon receiving your loan application with KYC documents, a bank loan officer will reach out to you for verification. Your loan amount is approved after the completion of a few formalities.

At IndusInd Bank, we guarantee speedy loan processing and instant approvals to all our borrowers. Apply for two-wheeler loan online at IndusInd Bank today! 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.