Top 10 Two Wheeler Loan Providers: Ratings and Reviews
Virtuous Reviews lists the top 10 two wheeler loan providers in the world. Get affordable loan facilities with easy EMIs from the best loan providers across the globe.
Two wheeler loans are rather easy to obtain as compare to other loans. For living a comfortable lifestyle, loans are the best option. You can buy whatever you need now and can pay for it to the bank in due time.
Financial companies offer bike loans at really low interest rate making them first choice to apply for loan. With the increasing competition among these finance companies, you can find one with low interest rate and EMI option.
Virtuous Reviews has build up an inventory with the details of such financial companies that sell bike on loans. The tenure of payment is also very flexible; you can pay in 12, 24 or 36 months. The documentation required is very less. Totally, the process is a ‘no worry’. What you have to do is compare the interest rates and apply for the loan duration that suits you the most. We give you our word that there will be no catch other than the agreement on paper. You do not need any security or guarantor. After the submission of loan application and documents, the financial companies will run a background check on you to determine if you are capable of repaying the loan amount.
With buying two wheelers online, you can also manage to pay for them online. The sites mentioned are completely independent with no partiality on any basis. Our sole objective is providing information, ratings and reviews to help you with smart decisions.
How to choose the best two wheeler loan provider?
Rate of interest charged by the bank
Select a bank which offers the lowest rate of interest. Many public sector banks offer a good bargain on the interest rates, when compared to their private counterparts. Most banks give women customers a discount on interest rates, while availing two-wheeler loans.
Check processing fees
Loan processing fee is a one-time fee charged while availing a two-wheeler loan. You must select a bank which charges the lowest loan processing fees. Many banks charge a fixed processing fee. Some banks charge a processing fee, depending on the amount of loan availed. The processing fee has to be paid irrespective of whether the loan is sanctioned or not.
Check for prepayment charges
Many banks charge a prepayment fee, if you pay off the two-wheeler loan earlier than its due date. The good news is some banks do not charge a prepayment penalty for the two-wheeler loan. If you have the capability to prepay the loan, then only select a bank which has zero prepayment charges.
- A loan processing charge of 1-2% of the sanctioned loan amount is charged.
- A down payment of 10-25% of the cost of the two wheeler needs to be made based on the model.
- The term period of the two wheeler loan can be from 1-3 years even extending to 5 years
- Two wheeler loans are available at very competitive interest rates and easy financing.
- Female customers might get a special discount of 0.5% on interest rates on their two wheeler loans.
- The loan sanctioning process might be as less as 2-3 days.
- No guarantor is required for these kind of loans.