The working class of our times have to depend on public transportation for basic day to day commutes. This dependency on public transportation adds an additional amount of stress to an individual’s life. Even if they go for hailing a cab for commutes throughout the day, it may become an additional expense that the customer has to bare. The importance of owning a two wheeler has become an essential for individuals. Availing a bike loan can easily be an answer to their questions. Owning a two wheeler will help the customer travel comfortably throughout the day without any hassles.
A two wheeler loan is like any other loan product provided by financial institutions. Through the loan provided, the customer can buy the two wheeler of their choice. After the loan amount has been provided the customer has to make the repayments to the financial institution. The repayments of the loan are made through equated monthly instalments. Generally the interest rates offered on a bike loan are low. Thus, the customer would have to pay a fixed amount every month until the tenure of the loan is over. A bike loan is beneficial for purchasing a two wheeler without using up the entire savings account. A bike loan can be used for buying both a used and a new bike. In order to be eligible for a bike loan the customer has to meet certain qualifications and the criteria’s for qualification differs for different financial institutions.
Ways to improve two wheeler loan eligibility
1. Employment:
To ensure that the individual availing the loan will not have a problem in making the repayments on the loan financial institutions require that the customer availing the loan is earning monthly so they would not have any problems in making the repayments.
2. Age:
While sanctioning the loan the financial institutions need to ensure that the customers will not face any type of difficulty in making the repayments on the loan. Thus, to be on the safe side they will provide the loan amount to the customers that are of the working age and who will be earning for a while. Thus to ensure that there’s no difficulty in making the repayments, availing the loan at a young age will help the customer.
3. Work Experience:
Having work experience is something that will help the customer in getting a loan. Financial institutions will prefer customers that have some work experience and are working. Since they have work experience, the customers would not have a problem in collecting funds for the bike loan.
4. Credit history:
Financial institutions generally conduct a background check on the customer’s credit history before providing them with the loan. Thus maintaining a good credit history will help the customer in being eligible for the bike loan. Maintaining a positive credit history will help the customer in getting good rates on the loan as well
5. Income potential:
The repayment capacity of the customer who is availing the loan is important. Customers who earn a minimum level of income are also eligible for the loan. The customers should have a certain minimum income potential for being eligible for the bike loan.
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