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Owning a personal vehicle has become a dire necessity rather than a choice as the public system infrastructure is crumbling. A personal vehicle makes the daily commuting less stressful and easy on the pocket. Nowadays, a car is not a luxury rather it has become a necessity owing to the poor public transport system. For a big family, a car is an absolute necessity as it provides the ultimate comfort and space required for a family. Whether it is daily commuting, or it is going to a hill station on weekend, a car makes the commute easy and fun. But, how to make the car purchase easy? By availing a Vehicle Loan you can simplify the purchase of a vehicle and to further simplify it with Droom Credit as it is the best choice.
Your daily commuting can become cozy just with a click of a few buttons, as you can Apply for a Car Loan very easily. If you want to apply for a vehicle loan online then you are at the right portal as Droom Credit offers good financing options for both new and used cars and bikes. You just need a Good Credit Score to land a good deal on both the types of car loans as the company provides loans at the best offers present in the market.
The loan amount starts from Rs. 50,000 and can go up to Rs. 5 lakhs. The interest rate for a new vehicle starts at just 6.99% per annum, whereas if you want to apply for a used vehicle loan, then be prepared to pay an interest rate of 8.99% per annum. You can avail these offers to purchase any of the popular cars that are in high demand such as - Maruti Suzuki Swift, Hyundai Grand i10 facelift, Tata Tiago, Honda Amaze, Tata Tigor, Maruti Wagon-R, Maruti Alto 800, Maruti Vitara Breeza, Toyota Etios, Toyota Liva, Toyota Fortuner, Toyota Innova, Toyota Innova Crysta.
A two wheeler has a great advantage over four wheeler when commuting in the traffic-plagued city. A bike is quite easy to ride under heavy traffic conditions owing to the greater manoeuvrability of the two wheeler. The other advantages of two wheeler vehicles are they have a greater mileage than four wheelers and they are easy and affordable on the pocket.
There are two types of two wheelers - bikes and scooters. There are many scooters that are quite popular in the market in recent time, some of those are Honda Activa 5G, Honda Activa 125, TVS Jupiter, Honda Activa i, Yamaha Fascino, Hero Duet, Yamaha Ray ZR, TVS Scooty Pep Plus, etc. Some popular bikes are Yamaha YZF R15 V3, KTM 200 Duke, Bajaj Pulsar 150, TVS Apache RTR 160 4V, Royal Enfield Bullet 350, Yamaha MT 15, Hero Splendor Plus, Yamaha FZ-Fi Version 3.0 and many more.
If you plan to purchase a bike with the help of a Bike Loan, you can easily apply for two wheeler loan online through paperless and hassle-free procedure. Simply, check your credit score beforehand from the credit score calculator, as it calculates your score in a few seconds. If your credit score is high, then you will have more options to choose from various loan offers and select the best one for you.
If your choice is used bike over a fresh bike, then you are welcome to the used bike market. A used bike will give you the same thrill, same excitement, and same speed. But, to purchase a used bike, you need to have a clear understanding of the used bike loan.
A second hand two wheeler loan is available for a used sportbike, used standard/naked, used dual-sport, used cruiser, used retro, adventure touring, or even for second hand touring. Usually, for any of these types of motocycles, the loan will be available and the used bike loan interest rate for each of these bikes fall under a bracket. In this bracket, the standard bike will have least interest rate and the sportsbike will be on the higher side.
You may not realise but you are entitled to enjoy certain features by the lenders.
Bike Loan Eligibility Calculator – Before applying loan, you must check the bike loan eligibility and find whether you are eligible.
EMI Calculator - Before you apply used bike loan, do rely on EMI calculator and check till what limit you can afford on the EMI as per your income and the other factors decided by the lenders like rate of interest.
Foreclosure Facility – Sometimes, you have some extra money, so you decide to pay off the entire loan amount and close the loan to stop paying any more interest to the bank.
Prepayment Facility – Sometimes, you do not pay the entire amount but pay a part of your loan and reduce the loan tenure and interest payment.
Anyone and everyone can apply for a loan without even facing any hassle. The best part is you can apply used bike loan online with the help of Droom Credit, where you will get loan decision within 30 seconds, best & affordable credit terms, instant credit report, digital signature, Automated Loan Lifecycle Management, Data Science Algorithm Based Approval, get multiple lenders under one roof, and of course 100% secured digital platform.
You can get a second hand bike loan up to 80% of the used bike value. You must be aware that the used bike loan interest rates will be little higher than the loan on new bikes. But, for tenure it is same, the minimum will be 2 years and maximum is 7 years.
Before you apply for a loan, you must be clear with the used bike loan eligibility factors. Some of the basic eligibility factors that will be true for all lenders are:
Age Eligibility: You must be aged 21 years minimum and 65 years maximum for second hand bike finance
Income Eligibility: You, being a salaried and self- service professional, must have regular income
Work Experience Eligibility: You must have minimum of 1 year of experience for salaried and 3 years for self-employed
Credit Score Eligibility: You must have a good credit score between 750 to 900. And must check your credit score before apply.
Before you apply for a used bike loan, you must be aware of the major documents required. Those are:
How to avail second hand bike loan?
To avail used bike loan must check the loan eligibility factors, document list, interest rate, credit score, EMI and tenure and then apply for it online.
What are the documents required for a used two wheeler loan?
The major documents required are income proof, ID proof, address proof, signature proof, and photograph.
What is the maximum loan tenure to repayment used bike loan amount?
The loan tenure for second hand bike loan is minimum will be 2 years and maximum up to 7 years.
How long does it take to process loan amount?
The average loan disbursing time is of 2-3 working days.
What is the interest rate for used two wheeler loan?
The starting limit of interest rate for used two wheeler loan is 9.60% per annum. But the interest rate may vary form one lender to another.
How do I approach Droom Credit to apply for used bike loan?