Two Wheeler Loan Madurai
Two-wheeler loan is 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 Madurai
Following are the numerous benefits of a two wheeler loan
- Margins: Onan 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.
- 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 INR6,000/- for self-employed
- 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.
- 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 Madurai
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)
Documentation Required for Two Wheeler Loan Madurai
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 Madurai
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.
Madurai city lies on the Vaigai River in the southern region in the state of Tamil Nadu. Madurai is dominated by 14 colorful gopurams of Meenakshi Amman Temple. It is covered in bright carvings of Hindu gods, the Dravidian-style temple is the biggest pilgrimage site. Millions attend the processions and ceremonies of Chithirai Festival in April, celebrating Meenakshi and Lord Vishnu. Banks as the emerging sector is playing a tremendous role in the growth of the state. With the facilities like two wheeler loan are the flexible loans provided by the loans to their customers.
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 Madurai
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.