Know About Your Two Wheeler Loan:

A two-wheeler loan is a type of financing designed specifically for the purchase of motorcycles, scooters, or other two-wheeled vehicles. Individuals can secure funds from a financial institution to buy a two-wheeler and repay the loan amount along with interest through monthly installments over a predetermined period. Similar to a car loan, the purchased two-wheeler serves as collateral for the loan. Two-wheeler loans offer a convenient way for individuals to own a motorbike without the need for a substantial upfront payment. Terms and conditions, including interest rates and eligibility criteria, may vary among lenders, providing flexibility to suit diverse financial needs.


FAQs

Who can avail a two-wheeler loan from Insure Borrow Safe?

Individuals like a salaried employee or self-employed professional and institutions like firms, trusts or private and public limited companies can avail a two-wheeler loan.

Is there some eligibility criteria for applying for a two-wheeler loan?

Any Indian national who is above 18 years of age is eligible for a two-wheeler loan given he/she has a stable source of income. So, if you have been a salaried employee for minimum one year with at least six months at your current job or if you are a self-employed professional who has been running the business for over one year, you can apply for the loan.

What are the loan rates?

There is no fixed figure but the bracket is regulated by government policies. It can differ from one applicant to another, courtesy the discounts offered by manufacturers and dealers. Also, people with better credentials to repay the loan are given better rates. You can always negotiate the loan rate with the lender.

Can one take a loan for any two-wheeler in the market?

Yes. From a 150 cc scooter to 500 cc bike, you can buy any two-wheeler from the market with the help of a bike loan. However, the EMIs will be significantly different. Also, some lenders have a big list of bikes for which they sanction loans. So, it’s advisable to ask once.