As we all know, in this time of the pandemic, everyone is facing problems, whether financially or mentally. A two-wheeler loan can be beneficial this time if a person is planning to buy a new two-wheeler. The rate of interest will be charged when the loan will be repaid.
FACTORS AFFECTING TWO-WHEELER LOAN-
The following features affect the Bank of Baroda two-wheeler loan -
INTEREST RATE- The first and the foremost important factor is the rate of interest. When a person takes a two-wheeler vehicle loan from the bank, he has to repay the amount of the loan to the bank and that too with interest. Different banks and money lenders offer different interest rates and different schemes. The interest rate mainly determines that if that particular. loan is suitable for you or not. This is because when you repay the loan, it would be with the rate of interest. You can check the amount of EMIs that you will need to pay every month with the help of a Two Wheeler Loan EMI Calculator.
TENURE OF REPAYMENT- Second comes the tenure of repayment. The tenure of the repayment of a two-wheeler vehicle loan or any other loan is inversely proportional to the interest rate. It means if the tenure of the repayment of the loan is longer, then the rate of interest will be lower, which in turn means that the amount of EMI will be lesser.
COST OF VEHICLE- Thirdly comes the cost of the two-wheeler vehicle, which you want to buy. The bank will verify the vehicle, and after that, the bank will sanction your loan. The loan amount will be decided by the cost of the two-wheeler vehicle that you wish to purchase.
CREDIT SCORE- Fourthly comes the credit score. A credit score affects the acceptability of your loan. A credit score tells about your credit history, when you have taken up the loans, and how you have cleared your debts. If you have completed all your EMIs on time and paid all the debts, then your credit score will be good. An ideal credit score is said to be around 700.
ELIGIBILITY- Fifthly comes the eligibility criteria. You can apply for a loan if you fulfil the eligibility criteria of that loan. It means that you have to agree to certain terms laid down by the bank or the moneylender. Also, different banks, money lenders and financial institutions have different criteria of eligibility.
DOCUMENTS- The last one are the documents. You need to have the basic documents required to apply for a loan like identity proof, address proof, income proof, etc. Aadhar Card, passport, driving license, Voter ID, utility bills, Ration card, Form-16, ITR, Bank statements of last six months, Payslips etc., are required for verification.
TWO WHEELER LOAN BENEFITS IN PANDEMIC- The pandemic of coronavirus and its lockdown have caused financial problems to each person living in the country, whether rich or poor. Everybody has faced financial loss in the country. Therefore, in these critical times, if one thinks of getting a two-wheeler vehicle for one's needs, the option of taking a two-wheeler vehicle loan can be considered. It can help you in purchasing a vehicle that you desire, and you can repay the amount of the loan in the form of equated monthly instalments. These monthly equated instalments or the EMIs are the instalments that you have to pay every month after getting your loan. Also, the interest rates on a two-wheeler vehicle loan are lower as compared to the other loans. Bank Of Baroda also offers lower interest rates. Therefore, you will not have to take tension about the payment of the EMIs and can quickly pay the instalments every month while managing the other expenses. So, if you will buy a new two-wheeler with the help of a two-wheeler vehicle loan, you will be able to get the two-wheeler you desire with monthly instalments. The best deal is this because you can repay in low EMIs, and the loan will prove beneficial to you instead of being a burden. Therefore, if you are thinking of buying a new two-wheeler or even a second-hand bike or s cooter, you can avail of a two-wheeler vehicle loan and estimate the repayment using a two-wheeler loan EMI calculator.
Also read this: IMPACT OF A TWO-WHEELER LOAN
