Diwali 2021 is all set to create a buzz in the two-wheeler market. If you are geared up to buy your dream bike or another favorite two-wheeler, your wait for the perfect time may soon be over. This festive season, you can expect special offers and discounts, not only from automotive manufacturers but even the enthusiastic lenders waiting round the corner to benefit their customers in terms of two-wheeler loans.
Let’s see how you can get the best deal for your two-wheeler loans from the lenders.
- Select your Two-wheeler
Before going into festive perks, the foremost step is to decide on a two-wheeler based on your budget. This will give clarity regarding various elements of the loan like downpayment, tenures, etc. Once you are done with the selection, you can begin your market hunt for the best deals.
- Calculate prospective EMI
Festive season comes with its own set of perks for the borrowers as the lenders offer the most affordable two-wheeler loan interest rates to provide the best deals to the consumers. Lower interest rates can reduce your EMI burdens which further boosts your purchasing power. Also, with electric vehicles gaining momentum in the Indian market, you should not wait further to book your very first in this space.
If you desire to know the EMI in advance before applying for a two-wheeler loan, then you can use an online two-wheeler loan EMI calculator. You just need to enter the loan amount, interest rates, and the tenure for the loan and you will accurately get the EMI amount that you will need to pay and plan your finances well in advance.
- Market-Hunt
Start your research to grab the best offers. You can compare interest rates and other charges to know which lender offers the most affordable rates. Usually, festivals lead to relaxation in various criteria for availing a two-wheeler loan. You shall make a comparison of the following before reaching a conclusion:
- Eligibility Criteria
Most companies relax their eligibility criteria for two-wheeler loans to ensure that no customer goes unsatisfied. Therefore, even if you feel that you might have to wait to become eligible for taking a two-wheeler loan, then your wait is over. Select your favourite two-wheeler and apply for the loan.
- Processing Fees
Processing fees are the upfront amount you may have to pay to avail of a two-wheeler loan. However, The festive season doesn’t only make interest rates affordable but also reduces the processing fees. Some lenders also provide a complete waiver of processing fees.
- Down Payments
Two-wheeler loans usually involve no collateral security, and the only security is the vehicle against which the loan is taken. Therefore, down payments become an important criterion for availing of the loan.
- Repayment Options
Repayment options may include EMI facilities structured at the comfort of the customers, especially during festivals such as flexible tenures, relaxed conditions, and lower penalties in case of any non-compliance with the terms.
- Contact an Expert
Once you shortlist the best lenders, contact them to get a thorough understanding of their criteria and process. Lenders can finance up to 100% of the actual cost of your two-wheeler for bikes and with easy eligibility criteria that include:
- Age between 21-60 years
- Minimum one year of residential stability
- Minimum one year of stable employment status
Bottom Line
Spend this festive season like never before by purchasing a two-wheeler for which you have been waiting for too long. Go to your trusted lender, where you can avail maximum funding with the most affordable costs, flexible tenures, and easy repayment options.
