All About Two Wheeler Loan in Jabalpur
Two wheeler loans are one of the affordable financial product provided by the banks. This loan was provided in the segment of the low-interest rate which makes it possible in the reach of every citizen of a country like India, which is basically a big home for middle-class families and they mostly run on two wheelers for their various purposes like at work, enjoyment, enjoyment purposes etc. Considering this, the banks have 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 bank. Following paragraph, the customer can find the features, eligibility and documentation criteria in order to meet the requirements of two wheeler loan.
Features of Two Wheeler Loan in Jabalpur
Following are the numerous benefits of a two wheeler loan
- Margins: Two wheeler loans will pay for up to 90% to 98% margin of finance depending on the indivdual credibility. Thus further results in the customer can make down payment of only 10% of their loan.
- Annual income/salary: Banks offer two wheeler loans to people who are earning as low as INR 7000 per month for a salaried individual and INR6,000/- for self-employed.
- Nill 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.
- 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.
- 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.
- 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 for Two Wheeler Loan in Jabalpur
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)
Photo ID proof
2 to 6 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
Electricity bills/rental agreement/property/driving license/ration card
Two Wheeler 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.
Jabalpur earlier used to know as Jubbulpore has a tier of 2 cities in the state of Madhya Pradesh, India. It is the major city of Madhya Pradesh. According to the 2011 census, it is the third-largest urban agglomeration in the state, and this is country’s 30th-largest urban agglomeration far. Jabalpur is famous for its Dhuandhar fall and for the white marble rocks at Bhedaghat. Jabalpur is an important administrative, industrial and business center in the state and India. Jabalpur is an industrial city with a large number of component of defense industries. Banks have become the great relief for the people of Jabalpur for the growth of their town. With the increase in the demand for two-wheelers, banks are providing two-wheeler loans to the customers at very affordable rates.
Following are the banks which provide two wheeler loans
- HDFC Bank
- Axis Bank
- Bank of Baroda
- Canara Bank
- Central Bank of India
- City Union Bank
How to Apply for Two Wheeler Loan in Jabalpur?
Apply for the two wheeler loan by click on the link below:
- Dialabank provides the document pickup facility from your doorstep without any extra charges.
- Dialabank is one of the most reliable platforms to apply for a two wheeler loan.
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