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Factors to Consider When Comparing Two-Wheeler Loans

Have you been thinking about buying a bike for yourself? Are you consider a two-wheeler loan to make your purchase? If yes, then you might need to compare and choose a loan according to your feasibility. Read our blog to know more.

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Factors to Consider When Comparing Two-Wheeler Loans

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  1. Factors to Consider While Comparing Two-Wheeler Loans

  2. Introduction • The Easiest Way To Finance Your Need Is By Availing A Two-wheeler Loan • With So Many Financial Institutions Offering These Loans At Various Terms, It Can Be A Daunting Task To Choose One • Hence, Knowing How To Carry Out A Two Wheeler Loan Comparison Is Important

  3. What is a Bike Loan? • A Bike Loan Is A Financing Option Through Which A Borrower Can Borrow The Amount Required To Purchase A Two-wheeler • Most Two wheeler Loans In India Offer Upto 80 To 85% Of The Current On-road Price Of Your Vehicle • These Loans Come With Competitive Rates Of Interest, Making Them An Attractive Option Among Bike Enthusiasts

  4. How to Compare Bike Loans? • There Are A Few Aspects To Look Out For While Comparing Bike Loans • You Will Need To Do A Thorough Research To Get Hold Of The Best Loan Available • You Can Either Go For An Online Loan Or A Loan From Any Institution Near You

  5. Documentation Required • The Documentation Required Is One Of The Most Important Areas Of Concern • Make A Careful Note Of The Different Documents That Each Lender Requires In Order To Process Your Application • Lender A Might Need Your Latest 6 Months’ Bank Statement, While Lender B Might Require Your Last 3 Year's ITR Return. Make Sure You Have It All

  6. The Applicable Rate of Interest • The Second Parameter You Can Use To Compare Loans From Different Lenders Is The Rate Of Interest Each Of Them Is Charging • While It Is Generally Perceived That Having A Lower Rate Of Interest Means You Will Save More Money In The Long Term, This Is Only Partially True • A Low Interest Rate Is Associated With A Long Tenure, And That Means Your Loan Burden Will Be Greater In The Long Run

  7. Loan Amount on Offer • One Of The Biggest Hurdles That Might Come Your Way Is Gathering The Total Amount Required • Most Lenders In India Generally Offer Between 80% And 85% Of The Current On-road Price Of The Vehicle • You Need To First Choose The Make And Model Of Your Bike, Followed By The Total Amount Required To Close The Deal • Then Settle Upon A Lender Who Is Offering Your Required Loan Amount

  8. Repayment Tenure • The Lender Might Offer Repayment Tenure In The Bracket Of 12 To 60 Months, Depending Upon The Loan Amount • The Longer The Tenure Of Your Loan, The Higher Will Be The Total Interest Amount That You Have To Pay In The Long Run • A Short Tenure Will Help You Become Debt-free Quickly

  9. Hidden Charges • There Are Some Lenders Who Are Infamous For Their Hidden Charges • If You Are Not Wary Of The Fine Print In The Loan Contract, These Hidden Charges Can Cost You A Lot Of Money In The Long Run • You Should Read The Terms And Conditions Carefully Before Signing On The Dotted Line

  10. Conclusion • Now You Know How To Go About The Two Wheeler Comparison Process • Keep Your Need And Financial Ability In Mind While Comparing Lenders & Loan • Choose The One That Suits You The Best

  11. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, BasantLok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: customer.care@herofincorp.com Website: https://www.herofincorp.com/ Know more- Factors to Consider While Comparing Two-Wheeler Loans

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