A two wheeler loan has proven itself to be the most convenient and affordable avenue to purchase your dream bike or scooter effortlessly. The two wheeler loan for the long-term empowers people to obtain their fancied two-wheeler model without shelling out the saving. More interestingly, this financing scheme comes with unimaginable low-interest rates with a scope of monthly EMIs without hurting your budget.
Whether it is home loans, personal loans, or two-wheeler loans – lenders have designed EMIs or Equated Monthly Installments to help borrowers repay the primary amount at their convenience, maintaining affordability. Also, the tenure period for a bike loan hangs between 1 to 3 years. And, in some cases, the financing institution eventually offers a pre-closure repayment option to help you pay off the whole amount with some pre-termination charges.
However, in India, there is another possibility coming forward to make fund borrowing easy for people. That is a 0 interest two wheeler loan.
Before we talk about this new scheme in India, let us first understand the eligibility criteria for bike financing.
Bike loan eligibility:
- You must be an Indian resident to apply for a two-wheeler loan. You are required to show your residential stability for at least one year.
- Your age must be between 18years to 65years. And the maximum age restriction should be the same at the time of your loan maturity.
- You should possess a permanent phone number for your KYC verification.
- You must submit related documents correctly to pass the verification process.
- The CIBIL score matters the most for any loan type. In a two-wheeler loan, you need to hold a healthy CIBIL score, too.
- Lastly, you should be employed at least for a year. And if you are a self-employed professional, you must have your IT returns ready for the last two years.
What is Zero Interest Two-wheeler Loan?
Now. Let’s come to the new scheme. You may have heard about zero cost EMI applicable for a bike loan. However, India’s top-class bank and finance companies are rumoured to bring 0 interest two-wheeler loan schemes for their customers to provide the added benefits and convenience while financing.
In the no-cost EMI scheme, people do not require to pay any additional interest rates. Though, there are some terms and conditions. Similarly, in the zero-interest two-wheeler loan case, you do not need to pay any interest rate, not even RS. 1 to obtain the loan. The lender will ask you to pay off only the primary amount that you borrowed from them.
So, how can I avail of this scheme?
Though, there is no confirmation about the operation of this loan scheme yet. We believe the financing institutions will shortly start off this scheme of civilian’s benefit. However, if you desire to avail of this scheme, you need to make online transactions. The stated offer is said to be available only on credit cards. And surprisingly, you will get some perks only if you opt for the scheme for 3 to 6 months loan tenure.
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What are the possibilities of the continuation of this scheme in India?
In India, banks and NBFCs and other digital fund lenders often bring some exciting offers for their customers to sell funding products, offline or online. We can expect a healthy possibility from banks and other lenders to implement this scheme soon for the mediocre people. Hence, they can purchase their convenient gear with no burden of heavy interest rates.
Why should I consider a two-wheeler loan?
A two-wheeler loan is undoubtedly an ideal option to get a bike for comfortable everyday travelling without redeeming the savings. When you do not have other means to consider, a bike loan can act as your saviour in every aspect. It gets you 100% of your bike on-road price. Besides, you do not have to pledge anything as collateral to your lender. Make sure you match eligibility guidelines to avail of the two-wheeler loan.
Last few words:
A two-wheeler loan gives you an opportunity to purchase a motorbike on easy and instant finance with affordable interest rates and convenient monthly EMIs. You can expect longer tenure as well to avoid stretching your pocket much. However, we hope Indian residents will soon enjoy the benefit of a 0 interest two wheeler loan scheme in the coming future.