Two Wheeler Finance Companies in India – Here’s How to Choose the Best Loan Provider

The continuous increase in traffic on Indian roads across cities has pushed the demand for two wheeler loans remarkably on the upside. Consecutively, there has also been an increase in the number of two wheeler finance companies in India providing bike loans at easy terms. This has kind of brought the demand for two wheelers closer to their supply, if not completely balanced.

One can thus easily avail funding for two wheeler purchase and repay conveniently at favourable terms that fit into his/her financial capacity. Nevertheless, bike loans create extended financial responsibility on borrowers, making it essential to look out for the best lenders that not only provide affordable funding but also terms of lending that are favourable to an individual. Let’s check out how you can confirm whether a two wheeler financier in India qualifies among the best or not.

Parameters to Select the Best Bike Loan Provider in India

You can screen two wheeler finance companies in India based on the following parameters to find the right loan provider for you.

1. Competitive rates and charges

One of the highlights of a suitable financing option is the affordability it provides. Interest rates and charges levied on two wheeler loans are a critical determinant of such affordability. You must thus check whether a loan provider offers competitive rates and charges or not to determine its suitability for the required financing.

Similarly, you can also look out for the applicable charges on the loan. While the varying rate or amount of charges contributes to the overall cost of the loan, the applicability of certain rate or charge also determines its affordability.

2. Choice between interest rate types

Interest rates on bike loans, rather all types of loans, are levied under two primary types, which are floating and fixed rates. A lender may allow you to choose between the two types for the ultimate rate levy and interest calculation. Nevertheless, not all lenders do so. Thus, you may want to select a lender who offers such a choice so that you make an informed borrowing decision based on the existing or forecasted market trends for the period of borrowing.

3. Loan amount and tenure flexibility

You can also look out for a flexibility in choice for the loan amount required and repayment tenure available. With some of the best lenders, a loan amount and tenure flexibility of up to Rs.10 Lakh and 5 years is available respectively.

4. Free financial tools

With reputed lenders, you can also access free financial tools like EMI calculator, eligibility calculator, foreclosure calculator, etc. These tools are usually hosted on the lender’s website and allow prospective borrowers to make an informed financing decision.

5. Ease of application

With minimum eligibility and document requirement as well as online mode of application, it is also convenient to reach out some of the best two wheeler finance companies in India.

Further, you can look out for multiple repayment options, like the standard EMI payment, foreclosure, part-prepayment and the likes with some of the best two wheeler finance companies in India. Apply only after you have undergone and thorough research and zeroed in on a suitable lender as per your financial standing and flexibility requirement.