Chennai

Chennaiis a capital of Tamil Nadu, India. The City is located on the Coromandel Coast off the Bay of Bengal. Chennai is one of the biggest cultural, Educational and economical center in South India. Chennai is a tourist place.It is one of the largest municipal economies of India. The City is also famous as The Detroit of India. The population of Chennai is 70.9 lakhs.

Two Wheeler Loan

Today, the prices of bikes are high. It is very difficult for a common man to buy a bike. Two Wheeler Loan is a scheme which provides bike loans to people for purchasing a bike. It is a deal that helps people to fulfill their dream of buying a bike or a scooter. If you have been dreaming about a bike, but do not have enough funds for buying it, then availing a Two Wheeler Loan is the best deal for you. It is a scheme that offers monetary support to people and helps them by purchasing a bike and scooters. The loan can be used to buy a new bike according to one’s requirement. The amount can be repaid through EMIs.

The rate of Interest:11.80% (min).

Features & Benefits

Following are the numerous benefits of a two-wheeler loan

  1. Margins: On an average, most two-wheeler loans will pay for up to 90% to 98% margin of finance depending on the individual to individual. Which further results in the customer can make down payment of only 10% of their loan.
  2. Annual income/salary: Banks often offer these loans to people who are earning as low as INR 7000 per month for a salaried individual and INR 6000/- for self-employed
  3. Nil prepayment charges: Most banks do not charge any prepayment charges if you are able to pay up your loaned amount before your tenure ends. This is often suitable for few customers because it helps to clear off the debts faster if you can.
  4. Extra costs covered: These loans cover the cost of accessories, insurance, and even registration. This means that customer getting finance for not only on the vehicle but the essential expenses on the same.
  5. Tenure: Borrowers are provided with reasonable time to pay back for their two-wheeler loan with tenures that ranges from 12 to 48 months and in some cases it extended to 5 years.
  6. Credit score/Cibil score: For a first-time buyer for a vehicle or one who is going to opt loan for the first time, two-wheeler loans is a great idea to open the file for the credit score. The customer should have their credit score above 700.

Eligibility Criteria

Age

Min. age -21 years

Max. age-65 years

Employment Status

Salaried individual / self-employed

Employment Tenure

1 year of salaried individual and 6 months for self-employed

Min Annual Income

Rs.84,000/- salaried

Rs.72000/- self-employed

 

Documentation Required

Photographs

3

Identity proof

Passport/Voter ID/Driving license/Adhaar card/Pan card

Residence proof

Electricity bills/passport/voter id/driving license/Telephone bills/Pan card

Bank Statement

Last six months

Residence Proof

Electricity bills/rental agreement/property/driving license/ration card

Interest Rates

The interest rates generally vary from bank to bank and it depends upon individual case 12.50% to 18.25% maximum. These rates are one of the lowest among all rates in comparison to other loans provided by banks.

How to apply?

  1. Apply application: This is quick and stress-free.The extremely easy way of applying for a loan.
  2. Visit the official website.
  3. Submit your documents online.
  4. You will be able to make use of online EMI calculator.