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ESG
A two-wheeler is a convenient option for commuting in most cities today, facing heavy traffic congestions especially during the peak hours. This has made them an extremely popular choice of transport in India. But did you know that you can get 100% two-wheeler finance from most banks? That’s right, all major banks offer 100% loans for the on-road price of a two-wheeler, provided you meet certain criteria.
Here’s everything you need to know about Two-Wheeler Finance options.
Two-Wheeler Loan: How to apply and eligibility criteria
A bank will consider certain factors before granting you a two-wheeler loan. Since there is 100% financing involved, the bank’s credit risk is larger, which is why they require an in-depth assessment of your financial stability and the assurance of a regular flow of income.
The eligibility criteria may differ from bank to bank, but the basic framework for availing of scooter and bike finance from most banks remains the same:
- The applicant should be at least 18 years of age at the time of loan application. Some banks require the minimum age to be 21.
- The applicant should be residing in the same city for a duration of at least one year.
- The applicant should have a CIBIL score of 750 or above.
- The applicant should have a regular flow of income and good credit repayment history.
If your documents demonstrate a good financial track record and stability, you are eligible for a 100% two-wheeler finance at attractive interest rates with zero down payment.
Benefits of taking a Two-Wheeler Loan
- Reduced Financial Burden: It can be difficult for you to pay for a two-wheeler upfront due to other financial responsibilities. Paying for a two-wheeler in EMIs reduces your financial burden in many ways, as you can divert your savings towards more pressing needs.
- Additional Costs Covered: A two-wheeler loan will generally cover all incidental and additional costs that come with a two-wheeler, such as accessories, registration, insurance etc. Helmet and other safety gear are also included, which are a must for safety on the road.
- Flexible Loan Tenure: Two-wheeler loans have a maximum period or tenure of 4-5 years. But they are highly flexible and can be repaid based on your payment capacity. So, if you wish to close the payment of the bike loan before your loan tenure ends, you can do so without incurring any foreclosure charges. This is another benefit of bike finance.
- Improved Credit Rating: Getting two-wheeler finance can help you build a good credit score. It is an excellent opportunity to showcase your financial repayment capacity for the entire loan amount and establish yourself as a responsible borrower. This can help you easily obtain a loan in the future as well.
Conclusion
A 100% two-wheeler loan should definitely be considered if you are looking to purchase a convenient vehicle. Metra Trust offers two-wheeler loans at attractive interest rates. Features such as zero processing fee, instant loan on KYC, low down- payment, and a completely paperless process makes Metra Trust your ideal partner on this two-wheeler ride.
What are you waiting for? Reach out to Metra Trust and ride home on a two-wheeler of your choice!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.