All About Two Wheeler Loan in Vishakhapatnam
Two wheeler loans are the unique feature which is an affordable financial product provided by the banks. Two wheeler loan are provided in the segment low-interest rate which makes it quite possible for the reach of every citizen of a country like India, it is basically home for middle-class families and they mostly run on two wheelers for their various purposes like going at work, enjoyment purposes. Considering this, banks have come up with an idea of providing the facility of 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. In the following paragraph, the customer will find the features, eligibility and documentation criteria in order to meet the requirements of two wheeler loan.
Features of Two Wheeler Loan in Vishakhapatnam
Following are the numerous benefits of a two wheeler loan
- Margins: Almost two wheeler loans will pay for up to 90% to 98% margin of finance depending upon the individual. And further results in the customer can make down payment of only 10% of their loan.
- Annual salary/income: The banks often offer these loans to people who are earning as low as INR 7000 per month for a salaried individual and INR 6,000/- for self-employed.
- 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 few customers because it helps to clear off the debts faster if you can.
- Extra costs covered through the process: 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.
- Time Period: 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 of customer: A first time buyer for a vehicle or one who is going to opt loan for the first time, two wheeler loans are the great deal to open the file for the credit score. The customer should have their credit score above 700.
Eligibility Criteria for Two Wheeler Loan in Vishakhapatnam
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)
Documentation Required for Two Wheeler Loan in Vishakhapatnam
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
Interest Rates for Two Wheeler Loan in Vishakhapatnam
Two Wheeler loan interest rates generally vary from bank to bank and it depends upon individual case 12.50% to 18.25% maximum. These interest rates are one of the lowest among all rates in comparison to other loans provided by all the banks.
Vishakhapatnam lies in the southern part of India. It is the port city of India. It is also the industrial town of the state Andhra Pradesh, on the Bay of Bengal. Vishakhapatnam is known for beaches. In the nearby are the elaborate Kali Temple and Visakha Museum, an old Dutch bungalow housing local maritime and historical exhibits. The banking sector in Vishakhapatnam is the rising sector which helps in meeting the needs of the citizen of Vishakhapatnam. There are many banks have participated in the port city.
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 Vishakhapatnam?
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.