Offers
Rates
V-KYC
Debit Card Related
Credit Card Related
SA Welcome Kit 
Manage Mandate(s)
Get Mini Statement
categories
Bloggers
Blog collection
Press Release
Applying For a Two-Wheeler Loan for the First Time? Here’s What You Need to Know
Posted on Thursday, August 19th, 2021 | By IndusInd Bank
Can’t find taxis or autos when you need them the most? Don’t want to pay the ridiculous surge fares cabs charge? Tired of waiting for the bus? Well, getting a two-wheeler can help you swerve past all these hassles. Fortunately, purchasing a two-wheeler has become a lot easier over the years. Why? Because of two-wheeler loans!
However, if you’re looking to buy a two-wheeler using a loan for the first time, you need to be a knowledgeable and responsible borrower. This is especially important to enjoy a smooth borrowing and repayment process. So, here are some things you should know before you apply for two-wheeler loans for the first time.
Eligibility Criteria for Two-Wheeler Loans
Not meeting the eligibility criteria can get your application rejected, which can affect your credit score. So, before applying for a loan, always check if you fulfil the bank’s eligibility criteria.
Documents Required for Two-Wheeler Loans
Like all other loans, two-wheeler loans also require you to submit paperwork during the application process. Fortunately, the documentation required is not quite as extensive as other loans, resulting in a shorter application process.
At IndusInd Bank, you need to submit minimal documentation during your loan application.
Things to Consider Before Applying for a Two-Wheeler Loan
Before applying, make sure you know these terms and exactly what they mean.
Credit Score
Your credit score is the first thing banks will look at while evaluating your application. Therefore, it makes sense to maintain a good score for speedy, hassle-free approvals. Another benefit of a good credit score is that you are likely to get a favourable interest rate.
If your credit score is on the lower side, you can improve it by paying your credit card bills and other EMIs on time.
Interest Rates
When looking for lenders, do compare the interest rates before zeroing in on one. Two-wheeler interest rates can vary depending on your two-wheeler model, loan amount, bank, and credit score. So, compare the interest rates you’re being offered against all such factors, and pick the bank that offers the lowest rate.
Additionally, some banks also offer loyalty discounts on interest rates if you’re a long-time customer. Check with your bank for such offers before applying elsewhere. Lastly, it’s best to align your purchase with a festive season, as banks usually offer exciting discounts on loans.
Apply for a Two-Wheeler Loan Online
Now that you are armed with the knowledge and tips regarding two-wheeler loan applications, you can get the best loan deal and ensure speedy approval. So, if you have your eyes on a new, sporty two-wheeler, wait no longer! Apply for a two-wheeler loan here.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
