The best way to finance the purchase of a two-wheeler is to take a loan dedicated to this purpose. For that, it is important to check out the benefits offered by a lender. Consider choosing a lending bank that offers an instant loan on KYC, a paperless journey and zero processing fees.
Also, see whether you can make a low down payment. If you choose a reputed bank, the down payment to be made at the vehicle dealership is just the difference between the vehicle’s on-road price and the sanctioned loan amount. Once the loan is approved, you can receive up to 90% of the cost of the 2-wheeler as a loan.
Moreover, you can enjoy attractive interest rates that are segmented for different loan amounts. By choosing a suitable interest rate, you can pay the EMIs conveniently. Most importantly, check whether you can get access to pocket-friendly EMIs as low as ₹361 per ₹10,000 based on your eligibility.
This year, opt for a loan with all these benefits and follow the 3 tips below to pay off the EMIs.
1. Choose a Suitable Tenure
If you want to own a two-wheeler very soon, you can take a 2-wheeler loan of a short tenure. In case your repayment capacity is low, you can simply choose a longer tenure. So, it is a good idea to choose a lending bank that offers these loans for flexible tenures ranging from 6 months to 48 months. If you want to repay the loan in 2022 itself, you can pick a tenure accordingly. Simply use the lender’s online two-wheeler loan calculator to choose the right tenure.
2. Take an Easy-Buy EMI Card
Consider repaying the two-wheeler loan in a hassle-free way with the help of an easy-buy EMI card. With such a card, you can get a pre-approved loan of up to ₹6,00,000 depending on your eligibility. You can also enjoy a 95% loan-to-value ratio. So, the loan can finance a large portion of the 2-wheeler’s value. Additional benefits include zero requirements for fresh KYC and a fresh repayment mandate.
3. Use a Two-Wheeler Loan Calculator
You need to plan your finances after taking a two-wheeler loan. For that, it is best to use the two-wheeler loan calculator on the official website of the lending bank. By entering your chosen loan amount, tenure and interest rate, you can easily and quickly check the EMI amount. Since the result is auto-generated, it is accurate. So, there is no need to manually calculate the EMIs since that can be time-consuming and prone to errors.
Before you pay the monthly instalments, you can simply check the EMI amount. As per the amount, you can save for every instalment in advance and ensure to pay it accurately every month.
Follow the above tips to pay off your 2-wheeler loan conveniently. After repaying the loan, go ahead to apply for the removal of hypothecation on your 2-wheeler. Once the lender grants your request, you can gain complete ownership of your dream vehicle.