The 3 Benefits Of The Two Wheeler Loan

Many individuals are finding bikes and scootys more practical than four wheel vehicles. Purchasing a two wheeler is not difficult, especially when you have a two wheeler loan. There are various benefits to this kind of financial aid which we will mention in this article.

* Fast and Speedy Process

The application process for the two wheeler loan does not take much time. It only takes around 4 to 6 hours to be processed before you receive the approval. Other financial aid does take around days to weeks to get approved. As there is a short amount of documents that need to be submitted, processed and verified, this results in a short period of time for approval. All you need to provide as per the document requirements are proof of identity which includes the following:

o Proof of identity: submission of documents which includes copy of passport, voters id, driving license, pan card or ration card
o Address proof: This includes a copy of the above mentioned documents along with the options of telephone bill, electricity bills, gas connection or credit card billing.
o Income proof: Latest salary slip for employed person and IT returns for self employed.
o Bank statement: pay slip containing details from the last 6 months

The repayment period is also extremely short and comfortable. It includes a period of 24 to 48 months, thereby reducing the pressure to pay off the debt over a long period of time.
* Eligibility Criteria
To receive an approval on the financial application you will need to fulfill the eligibility criteria. The eligibility criteria’s for this financial credit are short. It includes the following:
o they include you to be of sufficient age, between the age of 21 and 65
o salaried employee for at least a year
o The minimum income should be range from 72 to 84 thousand annually.
o Working telephone at residence.

* Special Bonuses
There are special schemes set up for the two wheeler loan at certain banks. These schemes are designed to offer you additional benefits and discounts which will aid you on your loan repayment. You will also get more benefits if you have an account with the same banking institute you are taking your funds from. You can also get a 100% loan approval on certain models and account holders of certain banks. There are special schemes for women too. These schemes aim to get more women to invest in two wheelers with special low discounts and long tenures of repayment.

These benefits have influenced several vehicle users to opt for a two wheeler as compared to other options. While the two wheeler aids in quick and speedy transportation, especially during peak hours and traffic roads, the maintenance for this vehicle is low.