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Loan for two wheelers are those borrowings which are issued by the banks to the clients so that they can purchase bikes, scooters and other two wheelers.

Author: Addi Vardhaman

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The market for two wheelers has grown immensely during the past decade. Now when the fuel prices are on the path of rising high and high, the two-wheelers enable the middle class people to go for commuting without incurring too much costs. Since their maintainence costs are very low—and their maneuverability on the crowded Indian roads is also very suitable—more and more people are going to purchase them.

These vehicles can be put under four categories—motorcycles, scooters, mopeds and scooty. Banks in both the public and private sectors are issuing motor bike loans to cater to the ever increasing demand of the clients. Such bike loans are provided at very competitive and suitable rates of interests. In order to make it even more simple for the clients, the banks are now going online for motorcycle finance. Also many on-the-spot borrowings are being facilitated by almost most of the banks on very flexible terms in order to accommodate the concerns of various types of customers.

To get a bike loan, the applicant must be of at least 21 years of age. While the maximum age is 60 years for the salaried clients, for the self-employed ones it is 65 years. To avail a loan for two wheelers ones yearly gross salary must be 75000 rupees. To get these loans one can apply directly to the financing institutions. Most of the significant players in the market are going online in order to make the loan processing as fast as possible.

The whole process is very simple while going for a loan for two wheelers. The first step is application, followed by the loan approval. After that the client is required to deposit the margin money, which is followed by the disbursement of the amount. The loan processing is so straight-forward that the loan approval takes only a day. These borrowings are mostly repayable through the 'Equated Monthly Installments' by the 'Post Dated Cheques'. The installment sum is cut from the client's account on a monthly basis. Further the clients can have the option of 'Electronic Clearance System'.

To get these loans there is a certain requirement for documents like the proofs of ones identity, residence and income. There is no requirement of putting a security with the bank to get these loans, because the vehicle's registration papers act as a sort of collateral till the loan is cleared.

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