{"id":2442,"date":"2019-12-23T08:19:23","date_gmt":"2019-12-23T08:19:23","guid":{"rendered":"https:\/\/www.indusind.bank.in\/iblogs\/?p=2442"},"modified":"2022-05-12T11:44:22","modified_gmt":"2022-05-12T11:44:22","slug":"all-you-need-to-know-about-two-wheeler-loans","status":"publish","type":"post","link":"https:\/\/www.indusind.bank.in\/iblogs\/trends\/all-you-need-to-know-about-two-wheeler-loans\/","title":{"rendered":"All You Need to Know About Two-Wheeler Loans"},"content":{"rendered":"\n<p><strong>All You Need to Know About Two-Wheeler Loans<\/strong><\/p>\n\n\n\n<p><p style=\"text-align:justify;\">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 <strong>two-wheeler loan<\/strong>.<\/p><\/p>\n\n\n\n<p><strong>Why Take a Two-Wheeler Loan<\/strong><\/p>\n\n\n\n<p><p style=\"text-align:justify;\"><strong>Two-wheeler loans<\/strong> 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 Instalments (EMI) to the lender, most of your cash will be free for personal use.<\/p><\/p>\n\n\n\n<p><strong>Benefits of a Two Wheeler Loan<\/strong><\/p>\n\n\n\n<p><p style=\"text-align:justify;\">Most <strong>two-wheeler\n&nbsp;loans<\/strong>&nbsp;are easy to repay and can boostyour creditworthiness if you are a\nfirst-time borrower. A good credit score comes in handy when looking for bigger\nloans in the future.Since you have to pay EMIs on your <strong>two-wheeler loan<\/strong>,\nyou will also learn to manage your finances effectively. Moreover, if you are\n&nbsp;timely with your repayments, this will further boost your credit score.<\/p><\/p>\n\n\n\n<p><p style=\"text-align:justify;\">Budgetary concerns may keep you from buying a two-wheeler of your choice. With a <strong>two-wheeler loan<\/strong>&nbsp;however, you are easily able to afford the vehicle of your choice without having to worry about the finances.<\/p><\/p>\n\n\n\n<p><strong>Basic Covenants You Should Know <\/strong><\/p>\n\n\n\n<p>1.To apply for a two-wheeler loan, you need the following documents:<\/p>\n\n\n\n<ul><li>Proof of\n     Identity (AADHAR card, Passport, PAN Card etc.)<\/li><li>Proof of\n     Address (Utility bills, AADHAR card, Passport etc.)<\/li><li>Income Proof\n     or Proof of Business<\/li><li>Bank Account\n     statements of the past 3-6 months.<\/li><li>Passport-sized\n     photographs<\/li><li>Completed\n     Paper\/Online Loan Application<\/li><\/ul>\n\n\n\n<p><p style=\"text-align:justify;\">2.Both salaried and self-employed individuals qualify for a <strong>two-wheeler loan<\/strong>. To check your&nbsp;<strong>two-wheeler loan eligibility<\/strong> for a loan with IndusInd Bank, you can visit <a href=\"https:\/\/www.indusind.bank.in\/personal-banking\/products\/loans\/two-wheeler-loan.html\">this<\/a> link.<\/p><\/p>\n\n\n\n<p><p style=\"text-align:justify;\">3.<strong>Two-wheeler loan interest rates<\/strong>&nbsp;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 <strong>two-wheeler loans<\/strong>.<\/p><\/p>\n\n\n\n<p><p style=\"text-align:justify;\">4.Repayment tenures for most <strong>two-wheeler loans<\/strong> are flexible and can be adjusted to suit your cash flow and income. Stay away from lenders whodo not offer customised repayment tenures.<\/p><\/p>\n\n\n\n<p><p style=\"text-align:justify;\">5.<strong>Two-wheeler loans<\/strong> 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.<\/p><\/p>\n\n\n\n<p><strong>How to Choose the Right Lender<\/strong><\/p>\n\n\n\n<p><p style=\"text-align:justify;\">Selecting an appropriate lender is extremely important for anyone who wants a hassle-free loan. While choosing a lender, keep the following in mind:<\/p><\/p>\n\n\n\n<ul><li><p style=\"text-align:justify;\">Choose a lender that offers competitive interest rates. A <strong>two-wheeler\n&nbsp;loan<\/strong> with an exorbitant interest rate is financially damaging, while ones\nwith ultra-low interest rates usually have hidden costs. Before opting for a\nlender, clarify all the terms related to interest rates and additional loan\nprocessing, foreclosure and pre-payment fees<\/p><\/li><li><p style=\"text-align:justify;\">Choose lending institutions that allow you to&nbsp;<a href=\"https:\/\/www.indusind.bank.in\/personal-banking\/products\/loans\/two-wheeler-loan.html\"><strong>apply for two-wheeler loans online<\/strong><\/a>. This will save time\nand prevent you from spending long hours completing paperwork<\/p><\/li><li>Opt for lenders that offer quick disbursals, instant loan\napprovals, simple documentation and flexible repayment tenure. Also, look for\nones that provide processing fee discounts or special discounts on interest\nrates or processing fees<\/li><\/ul>\n\n\n\n<p><p style=\"text-align:justify;\">At IndusInd Bank, we\nmake &nbsp;applying for and securing a&nbsp;<strong>two-wheeler loan<\/strong> extremely convenient.\nWe offer discounts on loan processing fees to our existing customers. Our\ndisbursal process is quick and we do not ask for complex documentation. Get in\ntouch with us today!<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>All You Need to Know About Two-Wheeler Loans 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&#8230;<\/p>\n","protected":false},"author":13,"featured_media":2621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"Buying a two-wheeler is easy with the right two-wheeler loan. 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