Two wheeler loans in Ghaziabad
Ghaziabad is one of the largest and planned industrial cities of Uttar Pradesh. This is the reason the city witnesses a higher population. The major economic activities that take place here are the production of electronic goods, tobacco productions, transportation equipment, pottery making, industrial machinery, and dairy products. Due to all these productions, you will find that mostly the lower section is residing here. To commute from home to office daily, this section mostly looks for a two-wheeler. It is not possible for the lower section of society to buy a two-wheeler vehicle on its own.
There are banks and NBFCs available in Ghaziabad that offer two-wheeler loans to both salaried and self-employed individuals. The minimum income required by the applicant will be Rs. 50,000 per annum. Get a tenure of up to 60 months.
Features and benefits of Two-wheeler loans in Ghaziabad
- Two-wheeler loans are easier to apply and easier to pay off.
- The resale value of motorcycles is high. When you repay the loan, you can even purchase a new bike easily in exchange for the old bike.
- When paid off consistently affects your credit score positively and helps you build a credit profile.
- Some banks also provide zero down payment bike loans, where you don’t have to put up your own money to buy the bike.
The eligibility criteria to apply for Two-wheeler loans in Ghaziabad
- The minimum age to apply for two-wheeler loans is 21 years and the maximum is 65 years.
- Must be a resident of India
- Must have a good credit score which is 750, or above.
- The annual income requirement for a two-wheeler loan in Ghaziabad in most banks and NBFCs is 50,000 per month.
- The maximum tenure offers by banks and NBFCs are 12 months to 60 months.
The documents required to apply for Two-wheeler loans in Ghaziabad
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for last six months
- Proof of residence (photocopies of recent Telephone Bills/ Electricity Bill)
- Proof of identity (photocopies of Voters' ID card/ Passport/ Driving license/ IT PAN card).
- IT returns for the three years for self-employed professionals
The easiest modes to apply for two-wheeler loans in Ghaziabad
The dealer
Most showroom owners or two-wheeler dealers have collaborated with the best of NBFCs and Banks to make the process of applying for two-wheeler loans in Ghaziabad hassle-free.
Bike manufacturer
Bike manufacturers like Hero, TVS, and Bajaj have their own lending services through which they provide loans for their customers at competitive interest rates
Bank/NBFC website
Online there are many lenders available including banks and NBFCs, with whom one can apply for Two-wheeler loans in Ghaziabad. You will need to fill up the required details like address proof, Income proof, and identity proof as asked on the website. A bank/NBFC representative will come to your home to collect the necessary documents. The loan amount will be disbursed after document verification. This is the best way to get an instant eligibility check.
Fees / Prepayment Charges on Two Wheeler Loans in Ghaziabad
The Processing Fee required for availing Two Wheeler Loan in Ghaziabad is 3% of the loan amount (maximum).
The Payment Charges are simply processed from 3% to 10% of the outstanding principal.
And Prepayment Charges include:
- Within 4 to 6 months – 10% of principal outstanding
- Within 7 to 12 months – 6% of principal outstanding
- 13-24 months – 5% of principal outstanding
- Post 24 months – 3% of principal outstanding
Prepayment is not allowed within three months of EMI repayment.
How to apply for a two-wheeler loan in Ghaziabad?
- Log on to the website of banks or NBFCs where you are willing to apply for two-wheeler loans in Ghaziabad.
- Click on the’ Two-wheeler loan application’.
- Once the application opens, fill in your name, email address, and phone number.
- You will receive a one-time password on your phone. Fill out the OTP on the form.
- You will then be requested to choose your preferred brand, click continue.
- Choose the state you reside in and once again, click continue.
- On the next screen, use the slider to fill in the income details and the loan amount you require.
- Post fill in the application, you will receive a call from a representative who will assist you in getting the best of two-wheeler loan offer.
