Tips to Get Lowest Interest Rate on Two-Wheeler Loan

Two-wheelers are an important mode of transportation in India. The ease of choosing a Shriram Finance two-wheeler loan and availing the benefits of the best two-wheeler loan interest rate is explored in this article. The why and how of availing a two-wheeler loan are answered in this article. The article also outlines the benefits of availing a two-wheeler loan.

Everyone at a certain point in their life plans to buy a vehicle. The number of Indian passengers has drastically risen in the last few years. It is thus not surprising that in India, commercial vehicles sold 3.99 million units in 2020, making it the fifth-largest auto market in the world. It is also not surprising that the two-wheeler segment dominates the automotive market because this segment is extremely popular among the middle class and the youth. A combined total of more than 20.1 million vehicles were sold in FY20, with two-wheelers accounting for 80.8% of the market and passenger cars accounting for 12.9%.

Everyone at a certain point in their life plans to buy a vehicle. The number of Indian passengers has drastically risen in the last few years. It is thus not surprising that in India, commercial vehicles sold 3.99 million units in 2020, making it the fifth-largest auto market in the world. It is also not surprising that the two-wheeler segment dominates the automotive market because this segment is extremely popular among the middle class and the youth. A combined total of more than 20.1 million vehicles were sold in FY20, with two-wheelers accounting for 80.8% of the market and passenger cars accounting for 12.9%.

Buying a two-wheeler can be tough, with a plethora of options available in the market. The options in the two-wheeler segment vary according to different age groups and different needs. Before purchasing a two-wheeler, you are most likely to consider your needs regarding features and factors such as mileage, speed, suspension, wheels, and reliability. After you decide which bike to go with, the next and the most crucial step is the financing of your two-wheeler. The wide array of two-wheeler loans available in the market and the enticingly low interest rates on the loans provide a relatively affordable way of financing your bike.

Shriram Finance offers the best two-wheeler loan interest rate for your purchase. At 11.5 percent, Shri Ram City offers one of the best two-wheeler interest rates, so you are good to go!

Why should you opt for a bike loan?

If you are still not sure whether or not you need a bike loan, take a look at the following advantages:

• Low-interest rates - Two-wheeler interest rates are relatively low.
• Speedy approvals - Availing a bike loan requires minimal documentation, and the process is quick.
• Budget-friendly - Opting for a two-wheeler loan won't affect your budget.
• Hassle-free - Not much documentation is required for two-wheeler loans.

These points illustrate why it is viable to get a two-wheeler loan; a person can go on holiday or fulfil other obligations and still manage to get a loan to buy a two-wheeler. No sacrifices are necessary. The market also offers plenty of two-wheeler loans with low interest rates, so availing a loan is not very expensive.

Why choose Shriram Finance?

Shriram Finance provides up to 100% financing with the lowest two-wheeler loan interest rates. Just by filling up the application form for your two-wheeler loan you can start your loan process. The application process is easy and hassle-free. All you need to do is click on the link of the application for the two-wheeler loan on the website of Shriram Finance. Quick disbursal of the loan amount is one of the best features of Shriram Finance; once a loan is approved, the loan amount is usually disbursed in the applicant’s account within 24 hours. It is the fastest loan disbursal in India. So, you don’t have to wait for long to buy your bike.

Shriram Finance requires minimal documentation for loan approval and disbursement. This is an undeniable advantage. Getting a loan approved faster means that you are that much closer to owning your dream motorcycle. Customers across the country have access to loan processing via online access and through their multiple branches. The lowest bike loan interest rate or lowest two-wheeler interest rate is the cherry on the cake.

Shriram Finance offers flexible financing options on two-wheeler vehicles with repayment terms ranging from 12 to 36 months. You have the privilege to choose a loan period according to the repayment option that you are comfortable with. Loan processing charges and documentation charges vary from state to state. Every state has its own policies, and the company needs to adhere to those.

Shriram Finance allows the option of loan foreclosure on your two-wheeler loan. You can use this option to pay off the entire loan all at once.  Shriram Finance will charge you 4 percent for the loan foreclosure. You can apply for a loan at Shriram Finance regardless of your credit score. Because of its understanding of the customer's requirements, Shriram Finance works with you to meet your goals. The EMI, which equates to a monthly installment, is the method by which you repay your loan amount. You can check your EMI estimate on the Shriram Finance loan calculatorbefore you decide on the loan amount.

Check your eligibility for the loan process

• You are 21 or above.
• Your maximum age at the time of maturity of the loan should be 59.
• You can be a salaried person or a self-employed person. Shriram city welcomes all.
• If you are a salaried person, you need a minimum of one year of work experience. Rs. 12,000/per month is the minimum salary requirement.
• If you are a business person, you should be involved in the business for at least two years before applying for the loan.
• A resident of the address which the applicant provides should have lived there for at least one year before applying.
• Transparency is required for the loan process; you should mention all other loans that you are already committed to repay.
• In the last 12 months of your bank statement, there should not be any bounced cheques.

Documents required for the loan processing are -

• Aadhar Card - Aadhar card is mandatory.
• Identity Proof - Passport, driving license, voter ID card, PAN Card.
• Address Proof - Passport, driving license, gas bill with the gas book.
• Recent passportsize - colour photographs.
• Income-proof documents.

1. 1. Bank statement for the last six months.
2. 2. One cancelled cheque and ACH form for the electronic clearing mandate.
3. 3. Vehicle registration certificate.
4. 3. The state levies stamp duty,, thus the stamp duty charges are in accordance with the state policy.
5. 4. No objection certificate or no due certificate is not required.
6. 5. In the last 12 months of your bank statement, there should not be any bounced cheques.

Shriram Finance may require other documents which will be communicated to the applicant as and when necessary.

Conclusion

With the lowest bike loan interest rate and the best two-wheeler loan interest rate, Shriram Finance offers an excellent opportunity for the financing of your two-wheeler. Once you apply for the loan on the Shriram Finance website, you can expect a call from the executive within a few minutes. The executive will assist and guide you regarding the loan. With the simple and hassle-free loan process and friendly staff for your guidance, Shriram Finance aims to bring you closer to your dream vehicle. Minimal documentation, quick disbursal, and the lowest two-wheeler loan interest rate are other benefits of opting for Shriram Finance. So, if you plan to buy a two-wheeler for yourself or a loved one, just choose your favourite two-wheeler model and let Shriram Finance do the rest.