Are you planning to take a two-wheeler loan in Chandigarh?
If yes, this guide will help you know the complete process and documents required to get two wheeler loans Chandigarh.
Two-wheeler bikes & scooters play a major role in our daily life, and now it’s a need for regular purposes. From one point to another, two-wheelers are the best choice for people.
Getting a loan on a two-wheeler can be beneficial because you don’t need to spend all the savings on your two-wheeler. You can easily finance with low-interest rates, flexible EMIs, and less paperwork. But it requires a good amount of research to find the best lender who provides a lower bike loan interest rate on a two wheeler loan in Chandigarh.
By the end of this guide, you will know exactly the process of getting a two-wheeler loan, the interest rate, and the benefits of getting a loan.
Let’s get started!
5 Things to Consider before taking a two-wheeler loan
These are five key factors that need to be considered while looking for a two-wheeler loan to get a lower interest rate:
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CIBIL Score
Your CIBIL Score will determine whether you’re eligible for getting a two-wheeler loan in Chandigarh or not. So, keep your CIBIL Score high and increase your chances of getting a two-wheeler loan with a lower interest rate.
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Compare the Interest Rate
When you’re looking for a two-wheeler loan in Chandigarh, you’ll find many lenders offering interest rates from 9.5% to 17%. It also depends on the applicant’s documents, good CIBIL Score, and income source. Try to do detailed research and find the lowest interest rate for two wheeler loans Chandigarh.
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High-Down Payment
Down payment is a first-time amount you’re paying to the lender, and the rest of the amount is converted into EMIs with an internet rate. If you can make a high-down payment, you can reduce the EMIs and lower the interest rate.
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Income
If you’re applying for a two-wheeler loan, then make sure that you have a job or you’re self-employed because your income determines the interest rate on two wheeler loans in Chandigarh.
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Loan Tenure
Tenure is a given period of time that the lender offers on your two-wheeler loan, meaning how long you want to pay the EMIs. Longer loan tenure can lower the interest rate on a two-wheeler loan.
You need to consider these five important things while searching for a two-wheeler loan Chandigarh.
What are the documents required for a Two-wheeler loan in Chandigarh?
Here are some must-have documents required if you’re applying for a two wheeler loans Chandigarh:
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Identity Proof
Passport, PAN Card, Voter ID, Driving License
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Income Proof
If you’re a salaried person, then required salary slip with form 16 or if you’re self-employed, then show the latest ITR
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Address Proof
Ration card, Driving license, Voter card, Passport copy, Telephone bill, Electricity bill, Life insurance
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Bank Statement
Last six months’ bank statements of your salaried account or current account
Eligibility to get a loan on two-wheeler loan in Chandigarh
If you’re applying for a two-wheeler loan in Chandigarh, then these are some eligibility criteria to get approval:
- The applicant’s age must be between 21 to 65 years.
- If you’re a salaried person, your annual income must be more than Rs. 84,000, and if you’re self-employed, your annual income is more than Rs. 75,000.
- Make sure to have a high CIBIL Score to get approval for a two-wheeler loan with a lower interest rate.
- Must be a resident of Chandigarh for at least one year.
- A salaried person must have 1 year+ employment and 3 year+ running business for self-employed.
Benefits of getting a Two-wheeler loan in Chandigarh
Easy Approval
It’s easy to get two-wheeler loan approval but make sure to fulfill the eligibility criteria and complete documents to get quick approval with flexible EMIs and lower interest rates. Whether you’re a salaried person or self-employed, you can easily get a two-wheeler approval.
Flexible EMIs
Lenders are providing flexible EMIs options for two-wheeler loans with less bike loan interest rate. There are many payment facilities available to make the duration longer or pay in advance.
Less Paperwork
Getting a loan on a two-wheeler is super easy, and there is less paperwork in the loan approval process. You’ll quickly get a loan if you have a good CIBIL score with a lower bike loan interest rate.
Conclusion
In crux, getting two wheeler loans Chandigarh is not rocket science. You can easily get all the details in just a few minutes on the internet. Search out the most trusted financial institution with positive customer reviews. Many Chandigarh lenders provide quick loan approval, flexible EMIs, and lower interest rates on two-wheeler loans. You need to fulfill the eligibility criteria, and you can get a lower bike loan interest rate. What are you waiting for? Apply for it now.
