You can quickly maneuver around congested areas on two wheels and avoid the trouble of taking public transportation. However, a two-wheeler for women is more about the freedom a woman has when she is able to go anywhere she pleases without being reliant on anybody.
Two-wheelers have gained popularity because of how quickly they can maneuver through the city’s traffic. Unsurprisingly, more and more commuters men and women choose to take out loans to buy the bikes and scooters of their dreams.
Benefits Of Two-Wheeler Loans For Women
- Big Loan Amount
Depending on your eligibility, Navi offers high-value loans between Rs. 10,000 and Rs. 5 lakhs. A Navi loan makes it simple to buy any two-wheeler of your choosing. You may easily finance your two-wheeler with this, whether it be a scooter, moped, bike, or scooter.
- Simple Process
You will have a simple, paperless, and hassle-free loan application and approval procedure thanks to technology. To obtain the loan, you are not need to visit several banks or lenders. You may quickly and easily complete the online application procedure to obtain the loan of your choosing.
- Customized Repayment
With a Navi two-wheeler loan for women, you may make payments at your convenience and comfort level. You may avoid putting a strain on your finances by selecting a flexible repayment period of up to 36 months or three years.
- Affordable Interest Rates
The interest rates for two-wheeler loans in India range from 11% to 20%. To assist customers easily finance their dream motorcycles, several lenders offer noticeably cheaper interest rates.
- Loans with no Down Payment
Let’s say you’ve made the decision to take out a bike loan to buy a two-wheeler. In such situation, you’ll need to put down a percentage of the bike’s price from your own funds. To cover the remaining costs, the lender will extend a loan.
To fund the whole cost of the bike, several lenders now provide loans with no down payment. Consequently, you won’t need to make a down payment. You will only be eligible for the loan up to a certain price cap, though.
Do’s and Don’t’s while applying for a Bike Loan
- Be careful to check out all of the boxes on a financial company’s two-wheeler loan qualifying requirements before applying.
- Don’t skip any necessary fields when completing the loan application form. You will surely lose time and experience extra headaches if you make mistakes on the application form. In order to finish the procedure efficiently, it is important to seek assistance from a corporate representative.
- Choose your loan conditions carefully because they will influence your monthly EMI payment. You will want to settle for terms that are not too expensive (lower interest rates, shorter tenure, etc.). To understand this, use a bike EMI calculator.
- To learn about the market and get the greatest offers, always comparison-shop. You may choose the most advantageous loan option by comparing the interest rates charged by various lenders for two-wheeler loans.
- If you are not eligible for the loan or have a poor credit score, get a co-applicant. However, keep in mind that the co-applicant will be held responsible for the loan as well. So, pick your co-signer wisely.
- It is advisable to take your time with the individual aiding you with the bike loan. Lenders who are willing to answer all of your questions about a bike loan are perfect. Make certain that you have cleared all of your doubts concerning the bike loan you are about to take out. It is the only method to ensure that you are not wasting your money on subpar services.
- Always look for lenders who can provide you affordable interest rates on their bike loans.
- Choose a finance firm that offers various EMI alternatives so that you may tailor your payback plan to your monthly cash flow. Make a strategy that includes a realistic down payment and tenure conditions.
- Avoid making simultaneous applications with various lenders because this reflects a high credit risk and is typically frowned upon by lenders. Therefore, you could inadvertently harm your chances of being accepted.
- Avoid lenders whose official websites lack an EMI calculating function.
- Before you sign, thoroughly read the loan agreement. It only makes sense to thoroughly comprehend and talk with the lender before you finalize the purchase because the fine print contains important loan facts like duration, bike loan interest rate, EMI amount, hidden costs, etc.
- Avoid lenders who don’t let you upload papers connected to loans online for ease.
- Borrow just what you can easily pay back. Utilize a bike loan EMI calculator to calculate the precise amount you need and an estimate of the total cost of credit. By doing so, you may assure a choice without breaking the bank.
- Steer clear of lenders who are opaque about their terms and conditions.
- Aim to make your EMI payments on time every month. Be strict about paying your bills on time because they affect your creditworthiness and, if not, might prevent you from getting a loan in the future.
- Stay away from lenders who impose high processing costs.
- Avoid lending institutions that do not offer online loan application choices.
- Don’t hurry the procedure. In your haste to apply for a two-wheeler loan, you can forget to read the lending program terms. Take your time and make sure the loan conditions satisfy your particular needs.
5 Myths of 2 Wheeler Loan
1. Can’t keep up with the Amount of Paperwork
The sound of the term conjures images of folders piled high with paperwork, a pen drained of all its ink from signatures, and a feeling of dread that a crucial document may have been overlooked. While this could have been accurate in the past, it isn’t today. These days, NBFCs are using the eKYC and eSign procedures, both of which enable them to instantly obtain all necessary information online with little to no paperwork!
2. Low Interest Rates result in Less Expensive Loans
Yes, reduced two-wheeler loan interest rates result in a cheaper monthly loan payment. However, interest rates aren’t the only thing that affects a loan’s affordability. You can be required to pay extra costs, such as processing fees, which would raise the ultimate cost of the loan. So, be sure to take these into account before submitting a loan application.
3. Loan Applications can be Time-Consuming
The days of visiting the lender to finish the loan paperwork are long gone. With an online application and verification procedure, you can now do everything from the convenience of your home, even the paperwork. Lenders execute your loan application in a few days thanks to the digital platform. You may be confident that you will obtain an instant approval and your cash in the shortest amount of time.
4. A Loan Can Take a Long Time to Process
You are ecstatic to finally own your ideal bike. But you find it repulsive that processing the loan would take many days. You could be mistaken there, though. Nowadays, lenders process loans in a matter of hours at most. To offer loans to their clients, they contend. You can thus profit as a consequence. If you meet all the conditions and have the necessary documentation, your loan will be handled right away.
5. Bike Loans have excessive Interest Rates
The two-wheeler business is plagued by one of the largest fallacies, and it is. The majority of people hesitate to borrow money because they anticipate paying exorbitant interest rates that they cannot afford. That isn’t at all the case, though!
Before settling on an interest rate, the lender will take into account a variety of criteria, including income. In addition, if your credit is strong and your income is steady, you may simply work out a repayment plan with the lender that suits your needs and negotiate reasonable interest rates.