Two Wheeler Loan in Dharwad
Dharwad is a district of the state of Karnataka. The area of the district is 200.23 Km square. The people who live in Dharwad and want to buy a two wheeler loan can easily do so by applying for a two wheeler loan online on www.bookmyloans.in . There is no need to go bank to bank to inquire about the two wheler loan; you will get all the information on your mobile. Let us know about a two wheeler loan more.
About Two Wheeler Loan
A two wheeler loan is a kind of loan that is provided to the customers who want to purchase the two wheeler but have a shortage of the funds. In this type of loan, you borrow the money from the bank specifically to buy a two wheeler. Unlike a personal loan, it comes in the category of secured loan.
Is Two Wheeler a Secured Loan?
A secured loan is a kind of loan where the bank asks you collateral as a security. In case you don’t return the loan the bank will recover the pending loan amount from this property of yours. The rates of interest on a secured loan are always low then the unsecured loan.
Purpose of Loan
- First of all, you can buy a bike.
- After that scooter, a motorcycle can be bought.
- Furthermore, the battery operated two wheeler vehicles.
- But the condition is that you should be buying a new two wheeler, the bank does not provide you a two wheeler loan for the second-hand vehicle.
- Any person whose age is more than 18 years can get a two wheeler loan but the applicant should be employed.
- A student who is earning and getting his/her salary in a bank account can also get a personal loan. Besides that, the applicant can present his/her parents as a co-applicant if they are salaried and having their salary in their bank account.
- A professional and a self-employed person can also get a two wheeler loan but his/her income should be stable.
- A customer who is involved in agriculture as a profession can also get a two wheeler loan but if he/she is having a bank account in the same bank for last two years and having a deposit of Rs. 1 Lakhs at least.
- The maximum age for availing the loan is 65 years, beyond this age the bank won’t provide you a personal loan.
- Furthermore, if you are working somewhere and get your salary in a bank account than your loan will get approved but your salary should be more than Rs. 6000 per month at least.
- Any housewife can apply but with a co-applicant who is salaried and gets his/her salary in his/her bank account.
- The bank provides the loan amount up to Rs. 1 Lakhs.
- It can increase for super premium bikes.
Rate of Interest
The rate of interest is 11.50% and onwards. It depends on your income, tenure of the loan and the two wheeler you are going to buy.
Tenure given by the bank is 60 years. You can return the loan within 5 years.
The processing fees are 1% of the loan amount sanctioned by the bank.
Pre-payment and Document Charge
There are no pre-payment and document charge. It is nil.
How to Apply?
- Visit www.bookmyloans.in .
- Fill the online application form for two wheeler loan.