6 Crucial Things to Check Before Availing a Two Wheeler Loan in Ahmedabad

Ahmedabad, being the economic hub of Gujarat and the West Indian region, is a bustling city. It has one of the most busy traffics which can be pretty much a challenge to navigate during peak hours. In these scenarios, it is only apt that one would seek transportation which helps with easy commute while ensuring easy navigation through busy roads and streets. Hence, to make travel convenient on a daily basis, what would be better than a having bike. To make everyday commute easy, many people are thus looking to purchase and upgrade their bikes, also seeking financing options like a two wheeler loan in Ahmedabad.

These loan options are designed especially with the financing needs of aspiring bike owners in mind. You will thus find these loans in the reasonable financing value with flexible terms for easy management of the advance. Before availing a loan, you must be aware of a few aspects related to the advance to ensure affordable and convenient borrowing. Here’s a list of some of them.

Total Loan Availability and LTV Limit

Two wheeler loans in Ahmedabad are available in high value, which allows financing of the most high-end bikes available too, thus helping fulfil individual aspirations. Reputed loan providers extend financing of up to Rs.10 Lakh as online bike loans in the city.

You only need to meet the necessary eligibility requirements to avail financing. The LTV for these loans is high too, with financing as high as 95% of the bike’s cost available as loan. So, your burden of self-financing the down payment requirement comes down too.

Tenure Available for Repayment

A suitable loan tenure is critically important to make repayments conveniently. It must be extended enough to make the EMIs affordable as per your financial standing. Depending on the loan amount you have availed, you can seek financing up to 5 years for affordable repayment. During your loan tenure assessment, know that longer tenures, while making EMIs affordable, also lead to higher interest amassing.

It is thus ideal to find a tenure that strikes the best balance between your long-term and short-term repayment affordability. Use a bike loan EMI calculator to better assess these aspects before finalising your loan term.

Interest Rate and Charges Applicable

Several lending institutions today provide two wheeler loans in Ahmedabad today, which has made the loan segment pretty competitive. The interest rates and charges on these loans thus remain competitive too. You must, however, run a market comparison of available lenders to find the best rates levied for affordable borrowing. Also, check the available fees and charges, which may vary a little from one lender to another.

Time Taken for Approval and Disbursal

The overall time that a lender takes to process the loan for approval and disbursal is crucial as it determines how early the financing is available. Some lending institutions have made it simple for the approval to come by with their easy online bike loan processing with minimal documents, thus enabling instant approval for the advance.

Once the loan is approved, the borrower can be assured of loan disbursal within the next 24 to 48 hours for quick financing. Along with these, you can also look out for the online loan account management facility that various lenders provide today for two wheeler loans in Ahmedabad.

It helps check and track your loan details on the go and at your convenience and also allows EMI payments, thus eliminating the need to visit your lender in person. Be assured of eligibility fulfilment as required by your lender before applying for the advance as it hastens the entire processing and improves your chances of easy approval too.

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