Things You Need to Know about Two-wheeler Loans

Two-wheeler loans can be secured or unsecured, with special schemes sometimes available for electric scooters. Interest rates can be fixed or floating, starting as low as 0.99%. Loan amounts cover up to 90% of the vehicle's on-road price, with tenures up to 4-5 years. Consider factors like downpayment, EMIs, and additional fees when choosing a bike loan. To ensure quick approval and easy repayment, check your credit score, arrange for a guarantor if needed, and provide all the required documents.

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Key Takeaways

There are two main types of two-wheeler loans: secured and unsecured

Electric scooters often have special loan schemes with lower interest rates

Interest rates can be fixed or floating and are typically lower for secured loans

Bike loan tenures usually go up to 4-5 years, and choosing the right tenure is crucial

Your two-wheeler finance can go up to 90% of the vehicle's on-road price, with the remaining amount as a downpayment

A bike’s on-road price includes additional costs like registration fees, road tax, and insurance

Various fees and charges are involved in a two-wheeler loan, such as stamp duty, registration fees, processing fees, etc.

Choosing the right tenure, opting for an affordable interest rate, and carefully calculating EMIs are essential for a smooth loan journey

Frequently Asked Questions
Secured loans require collateral and typically offer lower interest rates on two-wheeler loans, while unsecured loans don't require collateral but may have higher interest rates and stricter eligibility criteria.
Two-wheeler finance typically covers up to 90% of the vehicle's on-road price. The remaining amount is your downpayment, which is usually higher for unsecured loans.
Consider interest rates, loan tenure, EMI amount, downpayment, additional fees, and charges. Also, understand the difference between ex-showroom and on-road prices.
Yes, many lenders offer special schemes on two-wheeler loans for electric scooters with more favourable terms to promote the choice of eco-friendly transportation options.
Maintain a good credit score, arrange for a guarantor or co-applicant if required, fill out the application form accurately, and submit all necessary documents promptly.
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