Banks require a minimum age of 21 if you apply for a two-wheeled credit. You must repay the loan before the age of 60. Banks allow you to repay the loan before age 65 if you are self-employed. Why is the COVID-19 pandemic suitable for two-wheelers? Step 2: Check your right before applying for the two-wheeled loan. Get an idea of the documentation before contacting the bank to get the loan. Step 1: Select the bank or NBFC where you plan to use the two-wheeled credit. Look for an online option where the bank sends a manager to your door. You are experiencing a change after the pandemic. You can`t take a Pillion Rider on your bike, because social distancing is the new normal. It will encourage the purchase of two-wheelers, as the focus will be on low-budget traffic. Two-wheeled loans are the new mantra, as owning a large car takes a back seat.
In short, accessibility, flexibility of reimbursement and technology are the key to a pandemic market. Step 4: Send your essential documents such as identity, proof of address and bank statements. The bank checks to see if everything is going well and decides if you are eligible for the loan. The loan amount will be credited to your bank account. Banks sanction the loan on the basis of the cost of the two-wheeler and the EMI you can pay. The interest component of your EMI decreases with each monthly repayment. Read also: 4 loans allow you to choose to deal with financial stress while COVID-19 You can buy a scooter or motorcycle with a two-wheeled loan if you are busy or independent. It helps to buy a two-wheeler without having to take care of all the costs at once. You must repay the amount borrowed and interest through related monthly payments or EMIs.
The covid-19 pandemic affects your trip. They must migrate from buses and trains for daily commutes. Why not two-wheelers for personal mobility? It`s a convenient way to commute from home to the office. A two-wheeled loan is an easy way to finance a bike of your choice. Get immediate two-wheeled loans at competitive interest rates and processing fees from HDFC Bank. If you are a customer of HDFC Bank, you get 2% lower interest rates and a 50% discount on processing fees. According to a report, India`s two-wheeler market would grow from $7.2 billion in 2020 to $12.3 billion by 2025. This is a CAGR of 11% over five years. Two-wheeled loans are popular with Generation Z or people born after 1995. According to industry estimates, 50% of two-wheeled enterprises were financed, compared to only 30% in the previous decade.
He expects more people with two-wheeled loans to ride bikes. Coronavirus infection has forced you to switch from public transportation to private assistance. You can`t even commute with a common taxi. Should you buy a two-wheeler or a car? Before you make a decision, take a look at the statistics. According to the Centre for Monitoring Indian Economy, 27 million young people aged 20 to 30 lost their jobs in April. You must apply for a two-wheeled credit online during coVID-19. It`s easier than conventional options. Paperless documentation and KYC processes limit unwanted shipping trips.