With growing demand in semi-urban and rural areas, the 2-wheeler industry is a fast-growing sector. The industry is estimated at Rs.6,000-Rs.7,000 crore in size. This means there are plenty of opportunities for 2-wheeler financing companies. Previously, there was limited awareness of funding a 2-wheeler, but with the increasing penetration of financial institutions across the country, it has become possible to get 2-wheeler financing quickly and conveniently.
It has become easy to get 2-wheeler loan financing. The eligibility criteria, the documentation obligation and the process were mentioned below:
Selection:
Persons over 18 years of age.
Employees who have been employed for more than a year.
Entrepreneurs who have been running a business for over a year.
Documentation:
Proof of identity
Proof of address
Proof of income
Valid KYC documents
Passport photos
Procedure:
To apply for 2-wheeler loan financing, the applicant must search the market for various banks and financial institutions that offer the loan. Based on the terms and conditions of the respective financial institutions, the applicant should choose the one that meets his requirements. The application process is fast and transparent. The applicant must meet the eligibility criteria in order to apply for the loan. In addition, the applicant must submit the application form and provide the necessary documentation to the financial institution. The account managers are friendly and accompany you through the entire application process. The application is processed within 48 to 72 hours and the loan is approved in the shortest possible time.
It is advisable to seek a loan from a trusted financial institution. They offer flexible terms and easy repayment options. With a low interest rate and a flexible repayment period, buying a 2-wheeler has become quick and easy. People with a positive credit history can have the loan approved more quickly and are also eligible for the special programs. Once the loan amount has been paid out, it is not possible to change the term and amount, so it is important to think carefully about the loan application and settle for a repayment period that is possible based on the applicant’s monthly income. Financial institutions offer applicants tailor-made solutions based on their requirements. Depending on what type of 2-Wheeler is to be purchased, the loan amount will be sanctioned.
The applicant only needs to pay a small amount as a down payment and the balance can be converted into a 2-wheeler loan to be repaid in simple monthly installments. Up to 95% of the road price of the vehicle is available to the applicant as a loan and the repayment period is between 12 months and 48 months. With the increasing demand for 2-wheelers across the country, banks and financial institutions offer loans that meet the needs of consumers, and they also regulate the terms accordingly.
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#Wheeler #Loan #Finance
Wendy is now a financial analyst and writer. Wendy has been writing about finance and personal finance since she was a sophomore in high school. She has also been writing for several online publications and published in The Huffington Post, and Forbes Woman.
Wendy is a credentialed financial analyst and has experience working with financial institutions and businesses. Wendy is also a certified financial planner. When Wendy's not writing, she enjoys tending to her many plants, watching TV, and spending time with her family.
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