A two-wheeler loan allows you instant funds to buy the bike of your dream. Almost all banks and Non-Banking Financial Companies (NBFCs) allow you a two-wheeler loan for funding your two-wheeler. Shriram Finance is one such NBFC which offers you an attractive deal on its two-wheeler loan. Let’s have a look at the details of the two-wheeler-loan provided by Shriram Finance and what makes the loan an ideal choice -

Salient features of Shriram Finance Two-wheeler Loan

Here are some of the salient features of Shriram Finance’s two-wheeler loan which distinguishes it from other loans available in the market

• You can get financing for up to 100% of the cost of the bike through the loan.
• Shriram Finance offers you the facility of customizing your two-wheeler loan as per your financing needs.
• The loan is sanctioned within 24 hours of approval of your loan application.
• You can apply for the loan online by filling up an application form. Moreover, minimal documents are required for the application process.
• The repayment tenure of the loan ranges from 12 months to 36 months.
• You can keep track of your loan online on Shriram Finance’s website once it is approved.

Eligibility parameters of Shriram Finance Two-wheeler Loan

To apply for Shriram Finance’s two-wheeler loan, you would have to fulfil some simple eligibility parameters so that the loan can be sanctioned easily. These parameters are as follows -

• You should be aged between 21 and 59 years at the time of applying for the loan.
• You should be a salaried or a self-employed individual.
• If you are salaried, you should have a minimum work experience of one year and your minimum monthly salary should be Rs.12,000.
• If you are a self-employed individual, you should be engaged in the same business for at least the last 2 years.
• You should be living at your current address for at least the last 12 months.
• There should be no history of cheque bounce in your bank statement in the last 12 months.
• If you have existing loans in your name, you should declare about the same in the application form.

Documents required to avail Shriram Finance Two-wheeler Loan

You would have to submit a set of documents to avail a two-wheeler loan from Shriram Finance. These documents include the following -

• Copy of your Aadhaar card.

• Passport-sized colour photographs

• Copy of a valid identity proof, which can be any one of the following documents -

  • Passport
  • Driving license
  • PAN Card
  • Voter’s ID Card

• Copy of a valid address proof, which can be any one of the following documents -

  • Gas Bill along with the Gas Book
  • Passport
  • Driving license

• Copy of proof of income like salary slip or the audited financial statements of your business.

• Last six months’ bank statement of your savings account.

• A cancelled cheque of your bank account and ACH Form for Electronic Clearing Mandate.

• When you buy a new two-wheeler, the endorsed Vehicle Registration Certificate should also be submitted.

Furthermore, Shriram Finance might insist on other documents if required, and you should submit such documents for the quick completion of the loan application process.

Interest rates and other charges of Shriram Finance Two-wheeler Loan

Interest would have to be paid on the loan amount that you avail, and Shriram Finance charges a competitive interest rate on its two-wheeler loan. Moreover, there are different types of charges associated with the loan.

Given below is the schedule of interest rate and charges applicable to Shriram Finance’s two-wheeler loan –

• Interest rate:11.5% per annum onwards
• Processing fee: Depends on the State from where the loan is availed
• NOC Certificate: Nil
• Foreclosure charges:4% onwards
• Stamp Duty: As levied by the Government

Shriram Finance’s Two-wheeler Loan Calculator

Calculating the potential EMI for the loan is important before you apply for the loan. This calculation allows you to find out the EMI that would be affordable for your pockets. Calculating the EMI with the conventional mathematical formula is challenging, which is why Shriram Finance offers you the facility of an online loan EMI calculator. With Shriram Finance’s two-wheeler loan calculator, you can determine the exact EMI payable for the loan within seconds. All you have to do is enter -

All you have to do is enter -

• The amount of loan that you need
• The amount of loan that you need
• The interest rate charged by the company

Once the details are entered, the loan EMI would be calculated in seconds. You would also get to see the total interest cost that you are paying on the loan, which gives you an estimate of the total loan repaid. You can also change the loan amount and/or the repayment period to find the EMI, which would be financially feasible to pay off.

This online calculator is free, and so you should use it before applying for the loan to work out the potential EMIs.

Benefits of Shriram Finance Two-wheeler Loan

Here are some reasons why considering Shriram Finance’s two-wheeler loan would be a great choice for financing your bike -

• Shriram Finance is one of India’s largest two-wheeler loan financers with a pan-India presence. It is the most preferred financing partner of leading two-wheeler showrooms.
• You can easily afford your dream bike with Shriram Finance’s 100% financing facility.
• The loan sanction process is quick and efficient, and you can get access to funds at the earliest.
• You get the ease of accessing the loan through the company’s vast network of more than 2,875 + branches in India.
• The loan has a competitive interest rate, which makes it affordable on your pockets.
• You can even foreclose the loan and pay off the outstanding balance before the repayment tenure is over. Shriram Finance’s two-wheeler loan allows easy foreclosure if you have paid at least 6 EMIs for the loan.
• Once you apply for the loan online, an executive of the company calls you and guides you on how to avail the loan. This personalised assistance helps you find out all the details of the loan and apply for it easily.

So, if you have been eyeing a bike for quite some time, why wait longer? Shriram Finance’s two-wheeler loan allows you to buy a two-wheeler easily and affordably so that you can simplify your daily commute. Be sure to check the various aspects of the loan and apply for one online with ease.