Owning a two-wheeler is always an advantage and going in for a loan might be one of the easiest ways of owning one. However, there are many aspects involved in availing a two-wheeler loan which you should pay attention to as given below -
- Interest Rates:
Compare interest rates offered by various lenders before zeroing in on the option that suits your finances the best.
- Processing Fees:
Processing fees can be a fixed amount or a percentage of the loan amount. Do not forget to factor in these fees while calculating the overall cost of the loan.
- Foreclosure Charges:
If you are looking to close your loan at the earliest, then you should do so only after checking the foreclosure charges levied by the lender.
- Processing Time:
An important factor to be considered, compare the processing time taken by various lenders.
- Documentation:
An extensive documentation will take a lot of time for verification and approval. Hence it’s ideal that you choose a lender who does not require too many documents.
- CIBIL score:
A good credit score is a basic necessity for availing any loan. It is good to check your CIBIL score well in advance before you apply for a loan.
- Income:
The loan amount being disbursed to you will depend on your income. Lower your income, lower is the loan amount disbursed to you.
So what are you waiting for? The next time you look for ways to finance your dream two-wheeler , think of availing a personal loan from Money View for the same instead of taking the traditional route.