Travelling by a two wheeler is very convenient, especially during rush hours. It is also economically beneficial as it does not require much maintenance. With the bike finance, you can now purchase this vehicle easily. In order to get this two wheeler loan, you must know all the information related to it. Given below are a few questions about this finance that are frequently asked.
How Much Finance Can I Avail Of?
The type of bike you select will play an important role in the bike finance. Each model comes at a different pricing. Additionally, there are certain factors that influence the finances that are made available to you. Normally, a minimum two wheeler loan amount is Rs. 20,000 and the maximum is Rs. 1.5 lakh can be provided to you. If you prove to be a low risk investment, you can even get anywhere between 85 to 90% of the loan amount.
Do I Have The Option To Pre-Pay The Entire Loan Amount?
For this two wheeler loan, there is a facility to pre pay the loan. However, this can be prepaid entirely only after six months of availing the loan. It will only be given a nominal charge. In addition to this, the prepayment of the loan can only be done in the form of demand drafts or cheques.
How Long Will It Take To Process The Loan?
The bike finance application process does not have much requirements. You will only need to provide few personal documents and proof of your finance. Processing and verifying these documents does not take much time. Therefore, it will take anywhere between 48 hours to a week to get it processed.
If There Is Need To Change The Mode Of Repayment How Long Will The Process Take?
You can now change the mode of repayment of the loan as per your convenience. All you need to do is contact the bank with the request. Normally it will take 25 days for such a request to be processed. Once it is activated, you will receive a notification from the bank. If during this time, you will have to pay the next installment, you will have to pay in the mode that has been registered previously by the bank.
Is It Necessary To Get An Account With The Bank For The Loan?
Most banks do not require an account when it comes to such a loan. You can easily pay off the loan through the modes that are accepted by the bank. However, it will be financial beneficial to you if you open an account with the bank. In the near future, you can avail of this account for any other financial facilities or even benefits.
