However, the journey to true ownership doesn’t conclude with the final Two-Wheeler Loan payment. Securing a Two Wheeler No Objection Certificate (NOC) marks a crucial step towards complete independence and peace of mind on your rides.

In this blog, you will explore the importance of a NOC for bikes, and how it ties back to your loan.

What is an NOC (No Objection Certificate)?

An NOC for a Bike Loan is a legal document that confirms full repayment of the loan amount with no pending charges, hence it is also referred to as a No Dues Certificate.

Once this document is received, you will legally be relieved of the debt as it acts as proof of the fulfilment of your financial commitments regarding the Bike Loan.

Importance of NOC for Bike Loans

NOC of bike is crucial for individuals who have availed Bike Loans. It means the lender has no claim over your vehicle and won’t object if you decide to sell or transfer ownership.

In case of NOC of Bike Loan, it is either issued by the bank or an NBFC (Non-Banking Financial Company like TVS Credit

NOC for bike is essential for the following reasons:

• Ownership transfer: If you plan to sell your Two-Wheeler, the NOC ensures a hassle-free transfer of ownership to the buyer, assuring that the vehicle is free from any existing loans or liabilities.
• RTO (Regional Transport Office) process: After purchasing a Two Wheeler through a loan, the vehicle’s registration remains in the lender’s name until the loan is cleared. The NOC for the bike is required to start the process of transferring the vehicle’s registration to the new owner.
• Insurance claim: In case of accidents or damage to your Two Wheeler, your insurance claim may be affected if the vehicle’s ownership details have not been updated. The NOC ensures a smooth insurance claim settlement.
• Legal Compliance: It is a legal requirement to update the ownership details of a vehicle with the Regional Transport Office (RTO) after loan repayment to avoid legal complications when transferring or selling the vehicle.

Additionally, the NOC is necessary if you want to remove or cancel the hypothecation of the bike from the registration certificate, or if you want to transfer the registration of your bike to a different RTO or state. According to the guidelines outlined in the Motor Vehicle Act, obtaining a NOC is mandatory for inter-state bike transfers or if you want to seek a new registration mark. Learn how to apply for the NOC below.

Steps to Obtaining Online NOC for Bike

If you have availed a Bike Loan through your bank or an NBFC, the process is quite straightforward.

1. Login to the your net banking or NBFC account.

2. Check for the NOC section and download the NOC.

3.If you are facing any issues, visit the bank branch for assistance.

At TVS Credit we offer a seamless process for obtaining NOC through the TVS Credit Saathi App and the TVS Credit website. Check the link to know more.

After submitting your request, you will receive a confirmation with a reference number to track your query status.

Application for a NOC is now possible through an online portal ‘Parivahan’ under the Ministry of Road Transport and Highways. However, this is not yet enabled for all states.

Steps for obtaining NOC through RTO

You can apply for NOC directly through the RTO, follow these steps:

• Contact the concerned officials for the CMV 28 form and fill in the required details.
• Make a payment of ₹100, submit the filled form along with the necessary documents.
• The RTO will verify and issue the NOC after confirming no outstanding dues or legal issues regarding your vehicle.

The Two Wheeler Loan NOC plays a crucial role in securing ownership of your bike post loan repayment. It signifies the full and final clearance of your Bike Loan and ensures a smooth, legally sound process for transferring ownership. Whether you have plans to sell your beloved two-wheeler or simply want to update its ownership details in your name, obtaining your Two Wheeler Loan NOC is essential for a worry-free and legally compliant experience. Choose a partner like TVS Credit that prioritizes a hassle-free NOC process, allowing you to truly enjoy the freedom of the open road!

FAQs –

1. Why is a NOC important for bikes?

It signifies the successful repayment of your Bike Loan and streamlines the procedure of ownership transfer and affirms legal compliance.

2. Why is a NOC needed for loan?

Following loan closure, an NOC needs to be submitted to CIBIL to keep credit history up to date. In case you want to apply for any further loans, the CIBIL report should confirm the absence of any outstanding loans.

3. What is a NOC certificate for a bike?

The Two Wheeler NOC certificate for bike is a legal document stating that the issuing agency/bank has no objections to the details on the certificate.

3. How long is NOC valid for a bike?

The NOC is valid for 6 months from the date of issue. Hence, it is important to finish the re-registration process at the RTO within this period.

This blog will explore all you need to know about zero down payment Bike Loans. It will help you navigate the process, whether you’re buying for the first time or looking to upgrade.

What is Down Payment?

Down payment refers to the initial sum a buyer pays out of pocket when buying a Two Wheeler. The buyer makes this payment at the time of purchase, and it represents a percentage of the vehicle’s total cost. A Two Wheeler Loan covers the remaining balance. So, if you get 95% financing for your two wheeler, then you will have to pay the remaining 5% as down payment at the time of your bike purchase.

What is Zero Down Payment Two Wheeler Loan?

Banks and financial companies offer Two Wheeler Loans to aid the purchase of bikes and scooters. Most of the time, these loans cover up to 95%* of the vehicle’s on-road price.

A zero down payment Two Wheeler Loan allows the buyer to purchase their desired vehicle without any upfront deposit or payment. Such a loan, enables immediate ownership with no hidden or additional costs, except a nominal processing fee, which the lender will charge when you apply for the bike loan.

How does it differ from conventional bike loans?

A zero down payment loan isn’t like your typical bike loan. With this option, you don’t have to put any money down at first. The Two Wheeler Loan offered by TVS Credit covers 100%* of the vehicle’s on-road price depending on the borrower’s profile.

Now you can visit the bike dealership or showroom and buy the bike of your choice without any issues with a zero down payment loan.

Advantages of Zero Down Payment Bike Loan

Compared to conventional methods of financing, taking a zero down payment Bike Loan has many perks and advantages such as:

• 100% funding: The NBFC/Bank covers the full cost of the bike
• Convenient EMI: You can repay the loan through affordable regular monthly instalments
• No hidden charges: There are no hidden or additional charges other than nominal processing charges at the time of Two Wheeler Loan application
• Minimal documentation: Quicker processing with minimal, hassle-free online documentation

Is there any difference in total interest paid on a zero down payment loan vs a conventional bike loan with a down payment?

When you’re opting for zero down payment loans over conventional bike loans, keep in mind that you may have to pay more interest in total over your loan tenure.

While making the decision, consider how much the loan will cost throughout the period to make the best choice based on your repayment capacity.

Tips for getting the best deal

When you’re looking to get a bike loan, don’t just focus on the lowest interest rate. To get the best deal on a zero down payment Bike Loan, keep the following in mind:

• Leverage existing lender relationship: Having an existing relationship with your lender makes it easier to verify your creditworthiness. It also increases your chances to get better interest rates.
• Market comparison: Conduct a thorough study on Loan-to-Value (LTV) ratio, interest rates, processing fees, and total costs from different lenders.
• Look for special deals: Sales during certain times of the year, such as festive seasons and special occasions can give you perks such as free insurance, lower fees, and better loan-to-value ratio.

Who is eligible for a Zero Down Payment Loan?

While the eligibility criteria may vary depending on the lender, here are some common eligibility requirements:

• Your age should be between 18-65, if you are below 21 years of age, you can apply for the loan with a guarantor
• You should be an Indian citizen
• Your CIBIL score/credit score should preferably be higher than 750
• Salaried applicants must have a total work experience of at least 1 year
• If self-employed, you should have proof of stable income (ITR with computation of Income)

A zero down payment loan can be advantageous if you prefer to maintain good cashflow and want to manage payments better without an upfront cost.

Make your choice mindfully based on your financial situation, preference and convenience. One option to consider is TVS Credit, which offers zero-down payment bike loans based on your profile and provides a quick loan with no difficulty. So don’t wait any longer and Apply for a Two Wheeler Loan with TVS Credit now!

FAQs –

1. Can I take loan without down payment?

Yes, you can secure a loan with no initial payment required in some cases. A zero down payment Bike Loan allows the lender to finance the full cost of your bike. This means you can purchase your desired Two Wheeler without needing to make any upfront payment.

2. What is the minimum down payment for a bike loan?

Bike down payments typically vary between 10% and 30% of the bike’s value. Many buyers opt for this lower initial payment to benefit from reduced EMI (Equated Monthly Instalments) and ease their financial obligations in the long run.

3. Is down payment compulsory?

A down payment is not mandatory for Two Wheeler Loans in some cases. TVS Credit offers various plans with loan terms of up to 60 months and competitive interest rates. For details on our current two-wheeler financing options, please visit our Two-Wheeler Loan product page.

4. Why is zero down payment bad?

Zero down payment loans may come with drawbacks such as higher interest rates, extended loan tenures, and additional fees. These factors can increase the overall cost of the loan, so it’s important to weigh these against the benefit of not making an upfront payment.

Disclaimer: While we ensure the information, products and services we offer through our website and associate platforms are accurate, there may be unintended inaccuracies and/or typographical errors in the content. The information on this site and related websites is for general informational purpose and in case of any inconsistencies, the details mentioned in the product/service document will take precedence. Readers(audience) and subscribers are encouraged to seek professional advice and go through the product/service documents to make an informed decision before availing of a product or service.

*Terms & Conditions Apply  – wherever applicable.

What are Two-Wheeler Loan Interest Rates?

One of the major considerations you need to take when applying for a Two Wheeler Loan is the interest rate. This is all important as it determines the EMI amount and the impact on your monthly budget.

The interest rate’s calculation is dependent on your credit history. Your EMI will include the principal amount of the Loan along with the interest rate.

Many banks and Non-Banking Financial Companies (NBFCs) such as TVS Credit provide Two Wheeler Loans, allowing people to fulfil their dream of purchasing it.

Under Two-Wheeler interest rates, you can also select on what suits you the best.

Types of Two-Wheeler Loan Interest Rates

Depending on the lender, two wheeler or Bike Loan interest rates can be either a variable one or a fixed rate of interest.

In such a case, the choice between a fixed rate and a variable rate relies on the level of risk that comes with each.

Fixed interest rate tends to be higher than variable rates. However, fixed rates are not subject to change irrespective of changes in market conditions.

For instance, if you opt for a fixed rate of 13% p.a., it will stay constant throughout your Loan’s duration.

On the flip side, variable interest rates vary depending on market rates. Rates tied to the Marginal Cost of funds-based Lending Rate (MCLR) change each time the Reserve Bank of India changes the repo rate.

This leads to an increase or decrease in the rates with time. However, variable interest rates are typically lower than fixed rates.

After finalising a bike interest rate, the next step in applying for a Bike Loan is to understand the eligibility criteria for doing so, which includes documentation.

Documents Required to Apply for a Bike Loan

Documentation required to apply for a bike or Two Wheeler Loan varies depending on whether you are a salaried or self-employed individual.

• KYC documents

  such as Photographs, Identity proof (Passport/PAN card/Driver’s License/Voter ID/Aadhar Card), Address and Age proof, remain constant.

• Last 3 month’s salary slips/Form 16/Latest ITR

  is valid for salaried individuals whereas self-employed individuals must submit their latest Income Tax Return (ITR)

• Employment/Offer Letter

  or TDS Certificate must be submitted for Salaried and Self-Employed persons respectively.

• Last 3 month’s Bank Statement

  must also be submitted by both categories.

Click here for more information regarding the required documents:

Tips to Lower Down your Bike Loan Interest Rate

When applying for a 2-wheeler loan, you should aim to avail one at the lowest possible rate. Here are a few tips that can assist with this.

• Brush up your Credit Score:

  As your credit score plays an essential part in deciding the interest rate you are presented with, try to clear up your credit history first. If you lack good credit, take measures to improve it before you try to qualify for a Loan.

• Check on your Debt-to-Income Ratio:

  Try to improve your current debt status as this shows you what part of your current income goes toward the repayment of loans and credit card bills.

Attempt to clear your existing Loans and bring down this ratio. The lower your ratio, the more are your chances of getting good interest rates.

• Negotiate with your Lender:

  In some cases, negotiating with your chosen lender can help you get better rates. This applies especially in situations where you might not fulfil all the eligibility criteria.

For example, in case you don’t have sufficient income, but are expecting a salary hike shortly, submitting relevant proof of this can help you avail good interest rates.

Other factors affecting your Two-Wheeler Loan Interest Rates

• Credit Score:

  One of the most crucial factors that determine your interest rate. If your credit score is more than 700, you may qualify for lower interest rates. Having poor credit scores may lead to high-interest rates or sometimes even rejection of the Loan applicant.

• Income Level:

  Banks and lenders may have a minimum income requirement for Loan approval. If you have a lower income than the criteria, you may be offered higher rates of interest.

• Place of Work:

  Your place of employment or the organisation you work for, can influence the interest rate you are given. Employment in a reputed company increases your chances of holding a stable job and drawing a stable income generally translating into lower interest rates.

• Nature of Employment:

  Different interest rates are levied by lenders depending on whether you are self-employed or salaried.

• Age:

  Age can be all important in deciding on your interest rate. For example, if you are nearing retirement, your loan interests may be hiked up due to reduced capacity to repay the Loan.

• Existing Relationship with the Lender:

  A pre-existing relationship with the Loan provider, may aid you in getting a better rate of interest and Loan terms.

Breaking down FAQs:

1. How to calculate Two Wheeler Loan EMI?

Typically, Loan EMI calculators require the following inputs: Loan Amount, Interest Rate and Repayment Tenure.

2. What is the maximum tenure of a Two Wheeler Loan?

Loan terms generally range from a minimum of 12 to a maximum of 60 months

3. How does credit score impact Two Wheeler Loan interest rates?

Having low credit scores can lead to higher interest rates.

4. How to apply for a Bike Loan?

There are various ways to apply for a Bike Loan including online, through a dealership etc.

Click here to apply: or download the TVS Credit Saathi app to know more.

5. What is the minimum amount for a Bike Loan down payment?

A Two-Wheeler Loan can be applied with zero down payment.

In our buzzing country, two-wheelers have become a popular choice, especially to avoid the hassle of public transport, and to save time during traffic hours.

But sometimes it may so happen that you might not have enough savings to buy a two-wheeler at once, or even if you have enough savings, you might not want to spend so much upfront. In such a situation, you can take a two-wheeler loan from a bank, a non-banking financial company, or credit companies like TVS credit.

Before applying for a two-wheeler loan, you must know its benefits.

Benefits of Two Wheeler Loans

Gone are the days when you had to wait for months for a two-wheeler loan approval. Now, you can get a two-wheeler loan approved within minutes.

At TVS Credit, you can apply for a two-wheeler loan online with an attractive two-wheeler loan interest rate.

You may be thinking why opt for a two-wheeler loan rather than paying via cash? But if you are a newbie to the world of finance and don’t know much about financials, then a two-wheeler loan is the best option to start your financial journey. Moreover, with TVS Credit’s online EMI calculator, you can easily calculate the repayment amount based on your affordability and other factors before applying for a two-wheeler loan.

If you’re looking to get a two-wheeler loan, but don’t want to pay a hefty amount of interest, it’s best to manage your finances wisely. Instead of paying cash up front, which may result in an overpay or an irregularity in payment, opt for a two-wheeler loan instead. It will allow you to save and manage your finances effectively.

Also, paying a small amount every month is far more financially prudent than paying a massive amount in one go. You can enjoy flexible repayment tenures and a doorstep documentation facility at TVS Credit.

Nowadays, two-wheeler loan repayment schedules are quite flexible. You will need to pay it back to the bank the two-wheeler loan amount in the form of instalments as Repayment schedule. Most of the banks give 12-48 months’ tenure. This will reduce your monthly EMI.

If you can get a loan for your two-wheeler, why not take advantage of it? With this type of finance, you can also get insurance coverage and accidental cover. If you have a high loan amount, please quote the on-road price of the motorcycle rather than the showroom price. But be wary that on-road price consists of RTO, insurance, and ex-showroom price.

When you opt for a two-wheeler loan, you will benefit two-wheeler loan tax exemption since you will be paying off the loan in instalments. It will save you a lot of money because once the loan is taken care of, you’ll be able to ride your bike without paying taxes and insurance.

With TVS Credit, you can benefit from competitive interest rates and hassle-free processing with approvals within 2 minutes. We offer complete transparency with no hidden costs throughout the borrowing process along with fast processing times. Check the to know more.

2021 proved to be a phenomenal year in electric two-wheeler sales with a 132% increase since 2020. Understandably, there are more reasons to want to switch to electric bikes than just saving the planet.

Electric two-wheelers are the future of personal transport. They are convenient and offer low running costs, help avert the pocket burn from rising petrol prices, and more and more players are entering the market to offer better electric two-wheeler options at attractive prices.

Any individual who wants to purchase an electric 2-wheeler but is low on savings, still can. They can apply for a TVS Credit electric two-wheeler loan and ride their dream.

Features and Benefits of taking an electric bike loan from TVS Credit include:

TVS Credit provides loans on the complete on-road price of the electric two wheeler. It is advised that applications inquire and read the terms & conditions when applying for the loan.

TVS Credit is focused on providing the best benefits to all customers, which includes attractive rates of interest on electric bike loans availed.

Documentation process is simple and convenient. When applying for a loan for an electric two-wheeler, applicants are requested to provide simple KYC (Know Your Customer) documents along with the application form.

TVS Credit provides spot approval for all loans on electric two-wheelers.

Aligned with TVS Credit’s aim to provide optimal comfort and convenience to customers, the repayment tenure on electric two-wheeler loans can vary from 12 months to 48 months.

TVS Credit is a reputed organization and affords every customer transparency.

Eligibility

It is true that every aspiring owner of an electric two-wheeler can apply for a loan. But before they do so, it is advised that they review the documents they are required to furnish. This is because they may vary slightly from person to person.

Documentation

• Age, address, ID and signature proof
• Income document (salary slip/form 16/ITR with computation of income)
• Bank statement

• Age, address, ID and signature proof
• Income document (salary slip/form 16/ITR with computation of income)
• Bank statement
• Partnership deed with declaration for partnership firm

• Age, address, ID and signature proof
• Income document (salary slip/form 16/ITR with computation of income)
• Bank statement
• MOA/AOA with board resolution for private/public ltd. firm

Electric two wheeler price varies from brand to brand. New owners can choose the model that best suits their needs and apply for a loan to purchase it. Over the course of the repayment tenure, owners will be expected to return the loan via mutually agreed EMIs. It is also advised, as is with owning any kind of vehicle, that owners insure the battery to provide coverage against unprecedented incidents.

One of the simplest ways of owning an Electric Two wheeler is by applying for a loan with TVS Credit. Own TVS iQube – a smart, connected commuting experience with a quick two-wheeler loan by clicking here.

A two wheeler can be an excellent and a convenient mode to commute. It saves you time that you would have otherwise spent in traffic and also saves the money that you spend on commuting. Hence if you are planning to buy your two wheeler but not confident about your financing options,TVS Credit Two Wheeler loan is always there to fulfill your dream of getting your dream two wheeler. 

You can simply apply on our website and based on your eligibility status, your loan will be approved within few minutes.

TVS Credit offers you attractive interest rates with financing options up to 100% on-road price. Not just that, you can also opt for a flexible tenure of up to 4 years. 

Here is a step by step guide on how to apply for your Two Wheeler loan from TVS Credit.

On our website, you can check your loan eligibility with ease. You can access the information on our Two-Wheeler loan eligibility criteria to help you understand your eligibility status. Simply go to the Eligibility and Documentation section to see if you are eligible to apply. 

To make things convenient for you, our website offers you a Two-Wheeler EMI calculator that gives you an idea of the EMI you need to pay based on your principal amount and the applied rate of interest. Not just that, our Two Wheeler EMI calculator has been designed meticulously keeping in mind the different road tax in different states, to help get your estimated EMI based on your location.

How and where to apply for your Two Wheeler loan

When you have decided on the two-wheeler you want to proceed with, you can apply online for your Two Wheeler loan, with ease. Just visitwww.tvscredit.com, click on Two Wheeler Loan to select APPLY FOR LOAN option. When you apply for your Two-Wheeler loan at TVS Credit, we ensure that you have a wonderful experience in getting your loan disbursed.

Download the app from the Google Play Store/ App Store and register for a new TVS Credit account by providing your personal information. Select the Two Wheeler loan option in the app and complete your loan application. Our team will evaluate your application and based on your eligibility, your loan will be approved within few minutes. 

If you are planning to buy a TVS motorcycle, then simply visit any TVS Motor dealership and apply for the TVS Two Wheeler loan with the help of a TVS Credit representative. 

You can also apply for your Two Wheeler loan at the TVS Motor Website. Visit www.tvsmotor.com and select your preferred TVS Two Wheeler. Go to the ‘Book Vehicle’ option, and proceed to fill and submit the form. Now select the ‘Apply for Online Finance’ option and you will be redirected to the TVS Credit page from where you can easily apply for your Two Wheeler loan. 

What Documents are required?

Submit your documents like address proof, identity proof, three months’ bank statement, and income proof on our website/ TVS Credit Saathi app. TVS Credit offers loans with minimal documentation to make it easier to apply for your new Two-Wheeler loan.  

Your dream two wheeler isn’t far away. All you need to do is apply with TVS Credit and start enjoying a life full of joyful rides.

TVS Motor is one of the country’s most favourite motorcycle companies that sells vehicles in millions annually. TVS Group is committed to make commute more flexible for you, and it’s not just limited to our innovation in technology but also our finance avenues that help you buy the vehicle of your choice. With thoughtfully structured finance plans, TVS Credit ensures that you can purchase your two wheeler without any hassle. From the urban cities to rural India, we are present in every market to make life more comfortable for the millions of Indians.

With affordable rates of interest, minimal documentation, and a low processing fee, TVS Credit Two Wheeler Loans come with a lot of features and benefits. Whether you live in a big city or a remote village, our loan is easily accessible to everyone.

Key Features & Benefits of a TVS Credit Two Wheeler Loan

1.Customer onboarding

Instant approval after the online application and KYC submission. You will receive a sanction letter that can be used at the dealership to verify and get your instant two-wheeler loan.

2.Easy documentation

Hassle-free documentation to ensure that you get your loan with ease.

3.Approval and loan disbursal within hours

It just takes a few hours and not days to get your loan sanctioned. You can avail your Two Wheeler Loan from us within 24 hours.

4.Get finance for up to 100% of the on-road price

TVS Credit assures you hundred percent financing on your TVS Motor vehicle, subject to valid documentation.

5.Competitive rate of interest

We offer you the best rate of interest in the market, basis your profile. This makes us the perfect choice for you.

 6.Repayment option ranging from 12-48 months

Take your time and get a flexible loan repayment option with us. Between 12 and 48 months, you can choose the tenure that meets your need. Note: For TVS Apache RR 310, the repayment option goes up to 60 months. 

With minimal documentation, easy application, and a quick disbursal process, we are committed to give you a flexible and easy loan experience. So, if you already have a TVS Motor Vehicle in mind, all you need to do is apply here! And the rest will be taken care by our team of experts.

Most bike buyers prefer taking a two wheeler loan; the low-interest rates, flexible repayment options, easy documentation, and quick approval have madetwo wheeler loans one of the fastest-growing industries in India.

When you consider getting a bike loan for the first time, a lot of questions may come to mind: will I be eligible? How do I apply? What documents will I need? For how much amount can I apply? What will be the interest rate? How much EMI will I have to pay? And so on…

Here are some of the most important things you must consider before you apply for a two wheeler loan:

1. Get the best interest rates

Your eligibility depends upon your city, salary, residence type, age, employment status, and credit score. If you have a good credit score, you can bargain more. Choose a payment that is not too heavy on your pocket so that there is no undue stress or financial burden.

2. Look for additional offers

It is a wise idea to buy it during the festive seasons. Look for additional offers like a free gold coin, zero processing fees, free insurance, etc.

3. Do not over-borrow

Check your financial status and see how much you can afford. The best way to do that is to check your monthly income. Ask yourself how much of your income can you use to pay off the loan. It is advisable to think long-term, so think till how long you can keep paying off the loan. It is always a good idea to keep some money aside for emergencies. You can also use a bike loan calculator to check how much salary you can allocate to loan. Try our EMI calculator

4. Have a repayment plan

It’s never a good idea to drag a loan for many years or you could end up losing more money. Check if the loan allows clearing off the debt as soon as possible. Go for a plan that includes flexible EMIs and grace periods so that you never miss an EMI. Also, it is advisable to make a high amount of down payment so that your repayment amount and tenure is less.

Bonus Tip:

Some documents have phrases you might not understand. Make sure you get help in understanding the confusing clauses before you sign it. Also, check what the existing customers have to say about the customer service. This will help you choose the right lender for your two wheeler loan.

Buying a bike or scooty on EMI is one of the easiest options today. Here are some of the benefits of getting a 2 wheeler loan:

1. Affordable: Low interest rates, processing fees and documentation charges!

The two wheeler loan interest rate depends upon income, bike specifications, etc. However, in the recent past, due to high demand for two wheeler loans and increasing number of players in the two wheeler finance market, the interest rate trends are falling, making it affordable for most individuals. Moreover, the processing fees and documentation charges are low. In addition to that, there are a lot of special offers and discounts available for various categories like special low interest rates for women customers.

2. Easy and quick: Easy application and quick processing!

Gone are the days when people had to stand in long queues at banks and offices for hours to apply for loan and wait for more than a month to get it approved. Over the last few years, there have been a lot of improvements in the loan application and approval process. Unlike other loans, loan application process for two wheelers is quick, easy and customers can also apply for it online. Moreover, once the application is done, the processing time can be as low as 2 to 3 working days. Also, the documentation is minimal, making most people eligible for the loan. Therefore, the entire procedure of loan application, processing and sanctioning is just a matter a few days. Customers also have the benefit of repaying the amount in smaller installments.

3. Increasing rural penetration

Even in the rural areas, where there are very few banks, customers have a lot of options to get loans. People living in rural areas, who have low credit score or have been rejected by banks can access non-banking finance companies (NBFC), which makes it convenient for such borrowers to purchase a bike on EMI.

4. Low financial burden and high CIBIL score

One of the biggest benefits of a two-wheeler loan is to not face any financial dilemma. As the bike loan comes with nominal monthly fixed interest rates, it is easier to pay every month. This is an ideal option for the young professionals, as it is a good opportunity for them to build a good CIBIL score.
Do not perceive a loan as a burden – its purpose, after all, is to take that financial burden off your shoulder. Make the most of the two wheeler loan and solve most of your financial problems