Interested in financial products

There are a few differences between a personal loan and a bike loan (two-wheeler loan). Here are the differences:

If you are looking to buy a two-wheeler with the help of loan, then there are advantages to taking a personal loan and a bike loan. Based on financial and personal requirements, one can choose what is best suited.

Most banks offer an option known as prepayment for loans so that one can close the loan sooner than the tenure opted for. This helps one get rid of one financial burden if he/she can do so. So, if you want to prepay your two-wheeler loan, there is a certain procedure to follow with your lender.

Ashok Raut

Two-wheeler loans are in demand by many Indian citizens. Bikes and scooters are the most convenient private modes of transportation used to move from one location to another in the city traffic. They are also very fuel efficient in comparison to cars.

If you are looking to buy a two-wheeler with a personal loan, there are certain eligibility criteria that you must meet to get the loan approved.

The minimum age to get a bike loan in most banks is 21 years, but some banks and Non-Banking Financial Companies (NBFCs) have a minimum eligibility age of 18 years. So, if you are above 18 years of age, you can apply for a two-wheeler loan to buy a bike.

One can finance a two-wheeler in India with the help of a two-wheeler loan that can be applied for from a bank or Non-Banking Financial Company (NBFC).

Buying a bike with EMI paid from either a credit card or with a two-wheeler loan provided by a bank or an NBFC (Non-Banking Financial Company) will have its own sets of advantages and disadvantages. You can pick which is better based on your personal requirements.

Two-wheeler loans are very widely sought after in India as the majority of the population travels either by bike or scooter. They are cheap to maintain and can help one get through the maddening city traffic with ease. There are many features of a two-wheeler loan.

The interest rate for a two-wheeler loan is dependent on certain factors. In general, the interest rates for two-wheeler loans begin at just 9% and can go upwards based on the below factors.

If you are looking to buy a Royal Enfield Thunderbird 350, you can opt either for a personal loan or a two-wheeler loan based on what your requirements are.

In India, the majority of the population uses two-wheelers to commute as it is practical and saves time in city traffic. So, as most individuals cannot afford to buy a two-wheeler in one shot, banks offer two-wheeler loans to make it easy for the individual to buy a two-wheeler without it taking a toll on their finances for the month.

A two-wheeler loan is provided by many banks to help you buy your dream bike or scooter when you do not have sufficient funds to pay for it in one shot. The interest rates are comparatively low and can be availed based on one’s credit profile, loan amount and other factors.

A two-wheeler loan is a loan given by a bank or an NBFC (Non-Banking Financial Company) to an individual to help them buy a bike or scooter when they do not have enough funds to buy the same. This can help the individual with transportation to get through the city traffic with ease.

You must know that a CIBIL™ score is actually a credit score. CIBIL™ is only one of the four credit bureaus in India, the other three being Equifax, Experian and High Mark. All these four bureaus are certified to give you a credit score that can be used to know if you are credit healthy.

When you opt for finance, the interest rate generally ranges between 10% to 15% with processing fees up to 2%. The repayment option could be up to 3 years.

×Thank you! Your question will be reviewed and posted shortly.

Post A Question

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.