Thinking to get a personal vehicle to make commuting easy across Agra roads? A two- wheeler is the best option especially if you need to be able to move fast, want to avoid expensive parking rates and need to keep the capital investment low too. Of course, with so many options for two- wheeler loans Agra, the last factor may not be a big concern. If you can find a lender who offers attractive terms for a loan, funding your vehicle purchase may be a breeze even if you are running short of cash to cover the purchase price at the moment.
Here is a step- by- step guide on how to get a two- wheeler loan India.
Step 1: Identify good lender
Once you have decided on which bike you wish to buy, it is time to search for the right lender. Reliable lenders who have a reputation for good customer service are a good starting point. Make a list of some reputed lenders and then research deeper on basis of:
- Flexible are the terms offered- do they offer a choice of tenure/ EMI options, do they have special packages for different eligibility criteria (say, a cheaper student loan)?
- How easy is it to apply for the loan and take the process forward– A lender who allows you to apply online or via an app is a great choice because you can get the application done right from the comfort of your home.
- How good is the customer service- Check reviews of other borrowers to find out if the lender has a 24/7 customer service cell that is efficient. You may have queries to clarify or errors to fix and that can be done only if the customer service is good.
- How attractive are the terms: Compare with other lenders and see if the rates are competitive enough to make the loan attractive.
Step 2: Loan amount determination
To do this you need to calculate your disposal savings. This can be used as down payment. The price of the bike minus your down payment is the amount you need to pay for via the loan. The bigger your down payment, the smaller the loan you need, thus the lower your monthly outgo in the form of EMI. If you have enough cash saved away to make a big down payment, this could help you reduce you ongoing liability dramatically. However, if you are in a cash crunch and need to purchase the bike urgently, then you can think of a 100% two- wheeler loan India to fund the entire purchase.
Step 3: EMI calculation
A very crucial step when you are applying for two- wheeler loans Agra is to get a very accurate picture of the monthly outgo or EMI that you will pay if you take the loan. You have online EMI calculators where you input the amount and rate of interest to get the EMI amount. Use these calculators to understand how the loan terms translate into actual payments. This gives you a realistic picture of whether or not you can manage the rate of interest that applies on the loan.
Step 4: Eligibility criteria
Once you have decided which lender you wish to go to for your two- wheeler loan India. Check the eligibility criteria they have for loan sanction. These are not very complex typically but it helps. If you have all the necessary documents in place before you proceed with the application. This makes the process quick and easy and puts your loan application. On track for verification and then sanction in the minimum possible time.
Step 5: Documentation
Apart from the proofs that you share during application time. Lenders also require further documentation to validate many aspects such as your income or address. Read through the list of necessary documents beforehand and keep them ready. So that when your application is processed further and the lender asks for any further proof, you can give it without delay.
By following these steps, you can easily get two- wheeler loans Agra to help purchase your brand new bike. Ensure you pay the EMIs on time until the loan is fully paid. So that your loan experience is smooth and hassle free.