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Run Your Own Two Wheeler With Loans

A two wheeler, beyond any doubt is the fastest and most dependable way of commuting. When one has to reach his destination in a lightning speed and might face traffic issues, a two wheeler is the most bankable option. A two wheeler is a very common vehicle in India, especially because it is affordable and comes at much lesser prices than the cars. If one does not opt for the swanky Harley Davidson or choppers, a two wheeler comes at a price which is as low as forty or forty five thousand.

The banks do not create much hassle while sanctioning a loan for a two wheeler. Banks understand that mobility is an integral part of our lives and organizations like Bajaj Finsery do the extra bit to improve mobility. They understand the need of the customers of both urban and rural areas and the help lines are very customer friendly, wherein the customer after ten days of taking a loan is alerted about the EMI dates, loan amount and other important contact details. There is easy cash pay back schemes, enabling a customer to pay the EMI in the showroom from where he has purchased the two wheeler. People, especially those living in small town will anyday prefer to have a two wheeler because he has to travel extremely short distance. Some banks come up with special schemes to encourage people for taking two wheeler loans. Be it extremely flexible repayment options, ranging from twelve to forty eight months, or sanctioning loans without a guarantor, the banks do it all to lure customers to take loans. Some banks also have special schemes for Harley Davidson bikes, which is any bike lover’s fancy. Nationalized banks also have lucrative two wheeler loan schemes, but the rules here are a tad bit stringent than the private banks. Individuals with a monthly salary of Rs.10, 000 can apply for a two wheeler loan. What is best is even student above the age of eighteen can apply for such loans, with salaried parents as co-borrowers. Two wheelers are extremely helpful for students, because they have to shuttle from one place to another for tuitions and a two wheeler saves a lot of time.

The bank of India also has loan schemes for purchasing a two wheeler, but one has to meet the eligibility norms as stated by the bank. Some of the conditions imposed by Bank of India for sanctioning a loan for a two wheeler are, one has to be a salaried person working with a government institution or a reputed private institution, one can be a pensioner or a senior citizen and others have to be of high and reliable net worth. Females in tier two and tier three cities, largely bank on two wheelers for commuting and they are liable to a concession of 0.25% per annum on the prevalent interest rate. A maximum amount of Rs.50, 000 is levied for a two wheeler loan and the margin is 5% on the loan amount. The Federal Bank also has a very low rate of interest for two wheeler loans, the base rate being, and 9.25% per annum. Applying for a two wheeler loan in Federal Bank of India is easier as the residential borrowers need to have an income of 7,500 and non residential borrowers should earn a net amount of Rs.20, 000. The Federal Bank demands a guarantee of the borrower’s spouse in case of resident individual borrowers. The tenure of repayment is four years.

If one is contemplating on buying a two wheeler, he should approach the nearest bank for loans. It is easy and economical. The traffic woes have taken a toll on our lives, so drop the idea of getting a four wheeler. The rates of interest for a two wheeler loans are less and the repayment options offered by most of the banks is relatively easier.

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