If your credit score is between 750-900, then it is a good credit score.
If the bank is giving you a loan at low interest, you can take a loan from it.
If your bank is offering a pre-approved loan, then you can take a bike from it.
New Delhi. Amidst the rising prices of petrol and diesel, two-wheelers are considered very economical in terms of driving. This is the reason why two wheelers are a preferred mode of transport among Indian households. When you take a loan to buy a two wheeler, it helps you buy the vehicle of your choice and improves your credit score if you repay your loan on time.
Taking a two-wheeler loan can be a good option to buy a bike or scooter. By taking a loan to buy a two-wheeler, your added capital will also not be spoiled and if there is a shortage of money, then that too will be filled. Here we are going to tell you some such tips, by which you can take a low interest two-wheeler loan.
check credit score
Credit score is a measure of the creditworthiness of a person. To explain it in other words, it tells the ability of a person to repay the loan. The CIBIL credit score is a three-digit number ranging from 300 to 900, with 900 being considered the best score. So, if your credit score is between 750-900, then it is a good credit score. Under this, you can get a loan from any bank at an affordable rate of interest.
Compare different bank interest rates
The interest rate and associated charges on a two-wheeler loan vary from bank to bank. In this case, you can consider parameters like interest rates, processing fees, other charges like penalties, foreclosure charges and compare between different banks. After this, you can take a loan from the bank which is giving you loan at low interest.
Check Pre-approved Offer
Lending banks offer special pre-approved offers if you have a sound transaction record with the bank and have a good relationship with your banker. Generally in this type of loan, you are well acquainted about the loan amount, rate, charges etc. So get complete information about these loans from them. Because these loans get processed and disbursed very fast. To know about such offers, you can either visit your bank branch or use the net banking facility.
Check Offers On Two Wheelers You Are Buying
Banks come up with special two wheeler offers on the occasion of Independence Day and Festive season. During this time you can get low interest rate. It is important to note that banks always keep your risk profile in mind. Also you can get loan for these offers with zero processing fee.
Contact the company with the tie-up
If you are going to take a loan for a two wheeler then you have two options. First, you can choose the lending bank yourself and secondly, you can take a loan from the bank that has tie-up with the auto dealer. In many cases, banks with tie-ups offer low interest loans. Through this type of tie-up, you can get a loan without any processing fee.
FIRST PUBLISHED : July 31, 2022, 14:43 IST