Feeling overwhelmed by interest rates, tenures, and downpayment options for two-wheeler loans? Don’t worry, we’ll help you explore suitable loan options in this video!!
First, we’ll discuss the two types of loans you can choose: secured and unsecured. Secured loans require using your two-wheeler as collateral, while unsecured loans don’t. Also, remember to consider the type of two-wheeler. Some lenders might offer affordable schemes for electric scooters, promoting eco-friendly choices.
Next, you’ll understand the importance of interest rates, tenure, and loan amount. Interest rates, whether fixed or floating, tend to be lower for secured loans. We'll also discuss how 4-5 years can be a typical loan tenure. But remember, a longer term could result in lower EMIs but also higher interest.
Then, the video explores how the loan amount could cover up to 90% of your two-wheeler’s on-road price, with the rest as a downpayment. On-road prices include costs like registration, road tax, and insurance. You’ll also learn about the importance of factoring in fees like stamp duty and processing fees when budgeting.
For a smooth loan journey, choose a comfortable tenure, affordable interest rates, and carefully calculate your EMIs. Ready for that dream bike? Follow these tips and bring it home with confidence!
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