All About Two Wheeler Loan for Hero passion
Hero moto corp is one of the worlds largest manufacturer of two wheelers. This company is based in India. It was started as the venture between Honda company and Hero Cycles. Whereas Honda is a Japan-based company and the hero is India based. In the year 2010, Honda made the decision to move out from the venture and the company was named as hero moto corp.
The company was founded on 19th January 1984 by Dr. Brij Mohan Lal Munjal. The headquarter of the company is in Gurgaon, Haryana. The hero is the manufacturers of bikes and scooters. In 2001, the company has acquired the position of being worlds, top manufacturers of two wheelers in India, as well as globally. Hero has maintained its position throughout the consecutive years.
Hero passion was introduced in the market with the vision of providing their product within the reach of every middle-class family. This bike was one of the best selling bikes in India and at present as well it has maintained its position in the market. Passion has its own variants in the market with unique specifications. Below you will find the specifications of Hero passion pro.
Self and kick start
Passion pro Standard
Two Wheeler Loan
Two wheeler loan is the affordable financial service provided by a bank. A country like India is a big home to middle-class families and they mostly run on two-wheelers for their various purposes like at work, enjoyment, enjoyment purposes etc. Under this consideration, the bank has come up with the idea of providing two wheeler loan to every individual so that customer has not to shell a lot of money in a once from their pocket. Two wheeler loans come up with the lowest interest rates provided by the banks. Following a customer can find the eligibility and documentation criteria in order to meet the requirements of two wheeler loan.
Features of Two Wheeler Loan
Following are the numerous benefits of a two wheeler loan
- Margin value: On an average, most two wheeler loans will pay for up to 90% margin of finance. Which means that customer can make down payment of only 10% of their loan.
- Annual pay/income/salary: Banks often offer these loans to people who are earning as low as INR 7000 per month.
- No 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 some because it helps to clear off your debts faster if you can.
- Other charges 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.
- Maximum tenure of Laon: Borrowers are provided with reasonable time to pay back for their two wheeler loan with tenures that ranges from 12 to 48 months.
- Credit 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.
Eligibility Criteria for Two Wheeler Loan
Min. age -21 years
Max. age-65 years
Salaried individual / self-employed
1 year of salaried individual and 6 months for self-employed
MIN. ANNUAL INCOME
Rs.84,000/- ( salaried INDIVIDUAL)
Rs.72000/- (FOR SELF-EMPLOYED)
Photo ID proof
Colored passport size photograph
Passport/Voter ID/Driving license/Adhaar card/Pan card
Electricity bills/passport/voter id/driving license/Telephone bills/Pan card
Last six months
Interest Rates of Two Wheeler Loan for Hero passion
Two Wheeler interest rates generally range from 11.50% 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?
Visit the link below for the application of two wheeler loan