What are the Features of Two-Wheeler Loans?

Here are the features of two-wheeler loans:

1. Loan Amount: Lenders typically offer loans that can cover up to 90-100% of the two-wheeler’s on-road or ex-showroom price, depending on the borrower's credit profile and the lender’s policy.
2. Interest Rate: Two-wheeler loans typically come with fixed interest rates, which remain constant throughout the loan tenure.
3. Loan Tenure: The tenure for two-wheeler loans usually ranges from 12 to 48 months, offering repayment flexibility.
4. Processing Fees: A small processing fee is usually charged by the lender, which varies depending on the loan amount and the lender's terms.
5. Minimal Documentation: The application process for two-wheeler loans requires basic documents like identity proof, address proof, income proof, and photographs.
6. Prepayment and Foreclosure Options: Borrowers may have the option to prepay or foreclose the loan, although some lenders may charge a fee for early closure.
7. Eligibility Criteria: Most lenders have specific eligibility criteria, such as minimum age, income requirements, and employment stability.