Traveling couldn’t be more hassling than it is today. With the increase in traffic, and also daily traveling population, people are looking forward to buying new modes of transport to mitigate the loss caused by delay due to traffic clogging and unforeseen transport conditions. Two-wheelers are easier and faster mode of conveyance that can move through traffic easily, due to the petite built, while saving time on travel.
Before purchasing, consumers tend to compare the various two wheeler loan interest rates to understand which options works best. The loan interest rates, as per current updates, stand at 18.25%, 16.50% floating rate. Given the necessities of life, both in cities and villages, it is imperative to have a convenient mode of transport in order to avoid delay in travel for both service and businessmen. Such a purchase is more on the need-basis than extravagance.
Consumers must always confer with a banker and discuss the current rates. Due to the availability of various financing options and multiple loan rates, it is imperative to come to a decision and choose the right option that suits the consumer requirement.
There are various advantages, features, and benefits when one applies for a two wheeler loan.
- Banks offer up to 90% cover, with which a customer can purchase a brand new two-wheeler of his choice.
- Since the interest rate for applying for a loan has gone down, it has become easier to apply.
- Easy repay via EMIs extend up to 5-7 years.
- Coverage of costing for accessories, registration, and insurances.
- Easy and hassle-free documentation.
- The flexibility of loan repayment.
- People earning up to 50,000 a year are offered these loans too.
The two wheeler loan interest rates vary from 13%-27% depending on the bank. Since these interest rates are floating rates, they are mostly linked to the base rates that have been a constant. The interest rates also differ in terms of tenure and margin. These reasonable interest rates have enabled even meager-wage earners to buy a brand new two-wheeler. Applicants can choose a suitable tenure, by which time they can repay the loan, on the basis of monthly EMIs. With the help of the internet, people can apply for these loans online too. These loans can be processed in less than 24 hours and the documentations required are easy to produce.
Two wheeler loan interest rates allow consumers from every walk-of-life to apply for a loan and purchase a personal mode of conveyance at an affordable price. These are by far the most accepted kind of loans that people have applied for over the last 7 years.