Two Wheeler Loan for Hero Passion

Two Wheeler Loan for Hero Passion

The hero is the world’s largest two wheeler manufacturer company. This is an Indian origin company. The company was founded 34 years ago in 1984. Dr. Brijmohan Lall Munjal is the founder of the company. The headquarter of the company is in Gurgaon India. The company is favorite of the customer due to its brilliant products in a two wheeler. If you want to apply for a two wheeler loan you can apply online on www.bookmyloans.in .

What is a Two wheeler Loan?

If somebody wants to buy a two wheeler than he/she can easily even he/she has a financial weakness. The bank provides you a two wheeler loan to the people for this purpose; this is known as two wheeler loan. But unlike a personal loan, you can use this amount of loan only to buy the two wheeler. You have to return this loan within tenure with some rate of interest.

Category of Two wheeler Loan

Two wheeler loan generally comes in the category of secured loans. In this loan, you generally pledge your two wheeler to the bank as a security. That’s why it comes in the category of secured loans. The lender has less risk of recovery while providing the two wheeler loan. If a customer shows any irregularity in returning the two wheeler loan or customer stop paying the loan in between the bank or the lender is liable to bound his/her two wheeler. Besides that it unlike a personal loan you can’t use this amount of loan anywhere you want, you specifically get this loan to buy a two wheeler.

Eligibility

  1. The applicant should be a citizen of India. This is the first condition that a customer has to fulfill. If it is not so that the applicant can’t apply evenly.
  2. After that, the age of the applicant should be more than 21 years. If he/she is not meeting this requirement then he/she can’t apply for a two wheeler loan.
  3. After that, the maximum age of the applicant can be 65 years. A person older than that then he/she is not eligible for a two wheeler loan.
  4. The applicant should have some stable source of income. It obvious that if someone is lending you money then he/she wants to be assured that whether he/she is going to get back that money in the future or not. This is the reason why unemployed persons are not eligible to get a two wheeler loan.

Documents Required

  1. However the documents required in a two wheeler loan are not that much but still, we have to submit some documents to the bank or non-banking company while applying for a two wheeler loan.
  2. First of all, a proof of identity is necessary. Every applicant has to submit this if he/she wants to apply for a two wheeler loan.
  3. After that, a proof of residence is also required while applying for a two wheeler loan.
  4. Two passport sized colored photographs are needed to get a two wheeler loan.
  5. One proof of income is required to check the applicant’s income status.

Rates of Interest

11.50% per annum onwards. Rates of interest are not fixed they vary from person to person and your income or the tenure of the loan.

How to Apply?

  1. Visit www.bookmyloans.in online.
  2. After that fill the application form online.