Two wheeler loans in Gwalior

Gwalior is one of the most preferred cities in India to reside. It is being surrounded by three industrial areas and many administrative offices. It is known for different types of architectural buildings like Italian, Chinese, Russian, Maratha, Mughal, and Rajput. Commercial establishments are on the rise, and the government is also working on metro train projects. Most of the residents of Gwalior prefer to commute using two-wheeler vehicles only to avoid being standing long on the roads of Gwalior.

But everyone can’t afford to buy a dream bike with their savings, sometimes one feels in need of financial assistance. If you are looking for 2-wheeler loans in Gwalior to get that dream bike to ride, then read on.

Features and benefits of Two-wheeler loan in Gwalior

  • 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 Gwalior

  • 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 on Gwalior 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 Gwalior

  • 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.
  • Form 16/IT returns for the last two financial years for salaried employees

Two-wheeler loan interest rates in Gwalior

Axis Bank
Starts from 10.50%
Bajaj FinServBased on the borrower’s credit profile
Bank of Barodaone-year MCLR + strategic premium + 4.00%
HDFC BankStarts from 10.50%
Hero FinCorpBased on the borrower’s credit profile
IndusInd BankStarts at 8.50%
Mahindra FinanceStarts from 10%
Muthoot Capital11% onwards
State bank of India
Tata CapitalStarts at 10%
Shriram City Union Finance
ICICI BankStarts from 10.50%
L&T FinanceInterest rate starting from 10.75%
Punjab National Bank
Starts from MCLR+3.25%
TVS Credit
10.65% to 29%

The easiest modes to apply for two-wheeler loans in Gwalior

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 Gwalior 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 Gwalior. 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 Gwalior

The Processing Fee required for availing Two Wheeler Loan in Gwalior 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 Two-wheeler loans in Gwalior

  • Log on to the website of banks or NBFCs where you are willing to apply for two-wheeler loans in Gwalior.
  • 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 offers.