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Whether you just took an admission to your dream college or you want to manage your everyday conveyance comfortably, everyone desires to have their own two-wheeler parked in front of the house. Going to college or office through public transports consumes a lot of time; therefore, two-wheeler is an ideal option to commute either through busy roads or the narrow town streets. But, as the price of everything is hiking steadily, it is quite tough to manage a balance between income and expenses.
Even in this scenario of inflation, it is easy to make our dreams come true as there are several banks and non-banking institutions offering two-wheeler loans at affordable interest rates. Buying a vehicle is a long-term investment and thus, it makes no sense to compromise with the choice.
Although two-wheelers are nowhere as expensive as four-wheelers, still they can put a financial dent to your savings. Hence, it is essential to follow some tips and guidelines to make the right decision in terms of getting a two-wheeler loan. The loan can help you take home your favourite bike without the need of much money in hands at a time.
As mentioned earlier, there are several financial institutions offering bike loan, but, it is significant to study the interest rates before moving forward with the decision. A trusted financial partner will offer the loan at affordable rate of interest which will not put a whole in your pocket leaving you under financial stress. Most financial companies today want to serve their customers with the best services and thus, it is best to negotiate the ROI with the lender to crack the best affordable deal.
If in case, you find that interest rates offered to you are higher than usual, it may be due to low credit score or low eligibility. Having a low credit score means low creditworthiness. Thus, fix your credit score dents first and then apply for a loan to avail lower rate of interest on two-wheeler loan online or offline.
Having a steady and reliable income source is not enough to get a loan. If you have just started working a few months back, then lenders may not consider approving your loan application. In general, an applicant is eligible to get the loan approval who has served at least a year to their current employer.
Lenders consider longer employment tenure because a stable job means stable income, which silently (though speaking volumes) represents borrower’s ability to repay the loan amount. As a part of employment tenure test, lenders might also evaluate your employment history. Frequently switching jobs won’t work in your favour.
Lenders cannot just provide you vehicle loan and let you fly off without repaying the loan amount. Banks and financial institutions might not approve your vehicle loan application if your residential address belongs to the city or town other than the city you are getting the loan from. Two-wheeler is a type of secured loan and the lenders need to get assured that the loan amount will be repaid on time without any default. Hence, having the same city residential address can work in your favour.