As stated above, commercial vehicle loans are availed to fund the purchase of a vehicle that will generally be used for commercial or business purposes. If you are willing to apply for an online bike loan for commercial purposes, applying for Two-Wheeler loans is the best financial solution. Get funding for new vehicles, finance on used vehicles, top-up on existing loans as well as working capital loans to keep your business going.
Most of the prominent banks and NBFCs in India provide two-wheeler loans at affordable rates of interest without any security.
Who is liable to apply for two-wheeler loans for commercial bikes:
Benefits of applying for commercial bike loans in India
Eligibility Criteria to Apply for Two-Wheeler Loans for Commercial Bikes
Documents required to apply for Two-Wheeler loans for commercial bikes
Income proof is required to buy commercial bikes
Self-attested photocopy of any one of the following
Self-attested photocopy of any one of the following:
Important facts to keep in mind when buying two-wheeler loans to purchase commercial bikes
Whenever you are planning to apply for a bike for commercial purposes, make sure that you researched well about the best banks and NBFCs available. Always compare all the loan offers available keeping in mind parameters like processing fees, interest rates, and other loan terms and conditions, and then choose the best one.
Choose a right tenure
The tenure of two-wheeler commercial loans is the main factor to consider as it decides the EMI to be paid each month. Try to keep the tenure short to avoid higher interest pay-outs.
Go for the lower interest rate option:
Try to search for a two-wheeler loan offering a low-interest rate. It will make your EMIs low and affordable.
Choose wisely between floating and fixed interest rates:
Some of the lenders may offer you two-wheeler loans by giving the option of both floating and fixed interest rates. Choose wisely for commercial bikes as the floating interest rate keeps on fluctuating with the changes taking place in the market. The fixed rates are those which remain constant. Decide after understanding both rates.
Calculate your EMIs in advance before applying for Two-wheeler loans:
When you compare loan offers, never forget to calculate your EMIs in advance. It will help you in choosing the right loan amount whose EMIs repayments fit well with the affordability.
Check for prepayment fees:
If you plan for a loan pre-closure, check for the charges applicable on the same. Some of the financial institutions charge you fees, and some may not. All these terms and conditions of making loan prepayment are available at the time of applying for a two-wheeler loan.
Thoroughly read the terms and conditions: Before signing the loan application, read the fine prints properly.