All About Two Wheeler Loan Muktsar
Sri Muktsar Sahib is the district in Punjab, India. According to the 2011 census, the total population reached up to the 117,085. It is the 14th largest city in Punjab in terms of population. The name of the city Sri Muktsar Sahib has been replaced to Muktsar officially by the government. In the rise in the economy, people of Muktsar has increased their demand for Two Wheelers. In order to meet the needs of masses, banks have spread their branches to this city and fulfilling the dreams of millions.
Two Wheeler Loan
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. India is basically a big home for middle-class families and they mostly use on two Wheelers for their various purposes like at work, enjoyment, enjoyment purposes etc. 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 Muktsar
Following are the numerous benefits of a two-wheeler loan
- Margin provided by banks: On 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 pay/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 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.
- Extra 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.
- Loan 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: 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 Muktsar
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 Muktsar
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
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.
Banks which Provide Loans
- HDFC Bank Two Wheeler Loan
- Bank of Baroda Two Wheeler Loan
- AXIS Bank Two Wheeler Loan
- Canara Bank Two Wheeler Loan
- Central Bank of India Two Wheeler Loan
- City Union Bank Two Wheeler Loan
How to Apply for Two Wheeler Loan Muktsar?
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.
Also Read about: How to get a Two Wheeler Loan?
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