Frequently Asked Questions
- Am I eligible for a two wheeler loan ?
- What is the maximum loan I can get?
- What Schemes are available in the market ?
- Are there any cheaper options ?
- How fast can I get a loan approved?
- Can I get a loan without proof of income ?
Am I eligible for a two wheeler loan?
If you are salaried individual between 21 and 60 years of age with a monthly income of Rs. 4,500 or a self-employed professional between 21 and 65 with an annual income of Rs. 54,000/- you are eligible for a loan.
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What is the maximum loan I can get ?
You can obtain finance upto 80% of the vehicle value depending on the make and model of vehicle you choose. Finance on premium segment motorcycles are restricted to 70% of the vehicle value. If you do not have income proof funding is restricted to 70% of the vehicle value. Additionally your net monthly income should be atleast 3 times the Equated Monthly installment.
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What schemes are available in the market ?
Loan repayment vary from 18, 24, 30 and 36 months. The most heavily advertised schemes today are the 0% finance schemes. These involve making a refundable interest bearing deposit of 50% of the vehicle value in the finance company. These schemes are very attractively packaged but the real rate of interest you pay is the same if not more than a regular finance scheme. Similarly 100% finance schemes involve paying advance EMI's. The most clear cut schemes are the Margin Money schemes where you pay interest only on the actual amount financed.
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Are there any cheaper options ?
Most private finance companies operate on a flat rate of interest. For example if you take a loan of Rs. 30,000/- for a period of 3 years you are still paying interest on Rs. 30,000/- for each of your installments despite having paid of a majority of your principal. Most co-operative and nationalised banks operate on a reducing balance interest rate which takes into consideration the principal amount you have repaid. They are the cheapest option available.
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How long does it take to get a loan approved ?
Although in some cases the loan can be approved on the spot most loans are sanctioned within 48 hour to 72 hours.
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Can I get a loan without proof of income ?
Finance upto 70% can be provided without income documents to small business owners and people with clean loan repayment records in the past.
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Helps you prepare your documentation to minimize delays in processing.
See you finance options on a single screen so that you can select the scheme that's right for you.