Two wheeler loans in Varnasi

Varanasi or Banaras or Kashi is situated on the banks of the river Ganges in the state of Uttar Pradesh. It is a major religious hub and the holiest city of the 7 cities (Sapta Puri) in Hinduism and Jainism and played an important role in the development of Buddhism. The city is known worldwide for its numerous ghats, dikes made in steps of stone sections along the waterway bank where travelers perform ceremonial ablutions. Two-wheelers are one of the most accurate solutions to make traveling easy on the busy roads of Varanasi as thousands of tourists visit Varanasi each year to explore its rich cultural heritage.

If you are a resident of Varanasi and planning to buy a two-wheeler of your own but falling short of funds, no need to worry, apply for Two-wheeler loans in Varanasi.

Features and benefits of Two-wheeler loans in India

  • 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 Varanasi

  • 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 two-wheeler loans in Bangalore 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 Varanasi

  • 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

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

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 Varanasi 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 Varanasi 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 Varanasi

The Processing Fee required for availing Two Wheeler Loan in Varanasi 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.

Two-wheeler loan interest rates in Varanasi

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
17.20%
Tata CapitalStarts at 10%
Shriram City Union Finance
MCLR+3.25%
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 Varanasi

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 Gurugram hassle-free.

Bike manufacturer

Bike manufacturers like Hero 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 Gurugram. 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.

How to apply for Two-wheeler loans in Varanasi

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