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.
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