In a two wheeler loan you borrow money from the bank or any other non-banking financial organization to buy a two wheeler specifically then this is known as a two wheeler loan. You cant use this amount of loan anywhere else. This loan comes under the secured loan. The bank or your lender can bound you two wheeler for the recovery of the loan amount in case you fail to return the loan. Besides that, it is a secured loan so the rates of interest on a two wheeler loan are quite low as compare to the personal loan. Bank of Baroda provides two wheeler loan at very low rates of interest to the customers.
What can you buy?
- Super Premium Bikes
Why shouldnt you get a personal loan to buy a two wheeler?
- Lower rates of interest than the personal loan.
- Less income is required to be eligible.
- First of all the applicant should not be a minor. The minimum age of the applicant should be 21 years.
- After that he/she should be an Indian resident.
- The applicant should be employed.
- The applicant should have a good credit history.
- The age of the applicant should not be more than 65 years.
- The monthly income of the applicant should be more than Rs. 7000 per month at least.
The rates of interest start at 11.50% per annum. It can be changed from time to time.
- One identity proof. (Voter ID card/ ration card/Aadhaar card/ PAN card/ passport/ driving license/rental agreement)
- One proof of residence. . (Voter ID card/ ration card/Aadhaar card/ PAN card/ passport/ driving license/rental agreement)
- One proof of income. (salary slips of last three months/ ITR of last two years)
- Two passport sized colored photographs.
Steps to Apply
- Visit www.loannow.in on google .
- Search for two wheeler loan.
- Fill the online application form.
- You will get the complete guidance after that.
- For more information, you may call on 60011600.
Other Best Banks to Apply for a two wheeler Loan
- HDFC Bank
- ICICI Bank
- Yes Bank