Our country's workforce structure has witnessed a drastic shift over the years. With various government-backed women empowerment programs and increased literacy among the female population, today many women are hailing the top positions in different workplaces. Be it the corporate space or the business world, there is no dearth of women leaders. The situation has also increased the popularity of a two-wheeler for commuting purposes, which in return has boosted the demand for a two-wheeler loan. The advantages of this loan product go far beyond easy accessibility. Here is the complete list.
Most working women avoid applying for a two-wheeler loan because they believe the application and documentation process is time-consuming. This is not the case with modern lenders. You can submit your application from the lender's website or use their online loan app. The documents required for loan approval are also minimal, as you will only need identity proof, address proof, and an income certificate.
If you are a woman, your lender may offer you a special rate of interest on your two-wheeler loan. Furthermore, this loan product is a secured form of financing, and the lender hypothecates your vehicle until the loan is fully repaid. Another factor that makes this loan affordable is that the rates are determined not just by your credit profile and income but also by the vehicle's resale value. The advice here is to be cautious when selecting your dream two-wheeler. Investigate the resale value of that scooter's previous model.
The two-wheeler loan for ladies comes with a higher loan amount. Financial institutions typically offer this loan with a maximum loan-to-value ratio (LTV) of 95%. In terms of value, you can apply for this loan between Rs 10,000 and Rs 1,00,000. And you can easily find your dream scooter within this loan amount. This makes the down payment very less. But please note that you should always opt for a loan amount that’s as low as possible. Do not exhaust your limits or increase your financial burden unnecessarily. If you have the cash available, then increase the down payment to as much as possible.
Financial institutions these days offer flexible repayment tenure ranging from 12 to 48 months. It means you have the option of selecting the term with the lowest EMI. When applying for this loan, it is recommended that you use a two-wheeler loan EMI calculator and enter different combinations of variables (loan amount, interest rate, payback tenure) to find the most affordable EMI while keeping the interest payable within your budget.
Also Read: A Step-By-Step Guide to Getting Your Two-Wheeler Loan Application Approved
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.