Are you planning to buy a Hero splendor plus, but wondering about the way to your Hero Splendor plus finance?
You are not the only one who is contemplating it, though. The Hero Splendor Plus is the dream two-wheeler of many people, who wishes to own a bike someday. The major problem that comes the way of people when they wish to own a bike is finance. It can get difficult for people to pay for the bike amount all at once. But now, with the help of a two-wheeler loan, this problem can be easily overcome. Now you can get your dream bike home by making partial payments of your bike amount in the form of EMI.
In this post, we have included all the information that you will need before applying for a personal loan, especially information related to the two wheeler loan calculator.
What Is a Two-Wheeler Loan?
A two-wheeler loan is a loan given to people in order for them to acquire their desired two-wheeler with appealing payment choices. Lenders can be repaid via Equated Monthly Instalments, also known as EMI. These loans are specifically designed to ensure that people can purchase their dream bike without worrying about finances.
What Are the Benefits of Two Wheeler Loan?
Applying for a two-wheeler loan for hero splendor plus finance is the best decision you will ever make. To know why here is a list of benefits of a personal loan.
Consider the following advantages of a bike loan:
- Both self-employed and salaried individuals are eligible to apply for a two-wheeler loan.
- You need minimal documents to apply for a bank loan.
- A loan-to-value (LTV) ratio of up to 95%
- A two-wheeler loan can range from ₹10,000 to ₹1 lakh.
- You don’t need any guarantor to apply for a two-wheeler loan.
- You get the flexibility of a payback period from 12 to 48 months when applying for a two-wheeler loan.
- You are given a variety of repayment alternatives, including cash, ECS, PDC, and NACH, in addition to low EMIs.
- A bike loan has a low-interest rate compared to other types of loan
- If everything is in order, a two-wheeler loan online approval might take as little as 15 minutes.
What Is a Two Wheeler Loan Calculator?
A two wheeler loan calculator consists of a tool that helps you calculate your loan EMI. You can use the loan EMI calculator to calculate the EMI amount that you will have to pay at the end of every month as a repayment of your loan amount. This tool is available on the websites of every lender and is very easy to use. By entering the loan amount, interest rate, and loan tenure, you can use this tool to get an estimate of your EMI. You can change the loan amount, interest rate and tenure and test with these three factors to find what combination generates the desirable amount of EMI.
What Are the Eligibility Requirements for a Two-Wheeler Loan?
The eligibility criteria for a two-wheeler loan are as follows:
- You must be of Indian origin.
- You must be at least 18 years old.
- If you are a salaried employee, you must have worked for a minimum of one year, with at least six months in your present job position.
- The prerequisites for self-employed individuals are that you should be in business for at least one year.
What Are the Necessary Documents for Two Wheeler Loan?
To apply for a bike loan, you will need to submit the following documents.
- For KYC verification, you will need identity proof and address proof.
- One passport-sized picture
- For Identity proof, you will need to submit any one of the following documents: VotersID/ PAN card/ Ration card/ Drivers licence/ Passport copy/ Aadhar Card (any one).
- For address proof, you will need to submit any one of the following documents: telephone bill/ electricity bill/ voters ID/ Drivers licence/ gas connection bill/ passport copy/ Rental agreement/ ration card
- Lastly, you will need to submit income documentation, which includes your bank statements and pay slips for the last six months.
Now that you have all of this information, you are ready to apply for a two-wheeler loan and stop worrying about your Hero Splendor plus finance. For your convenience, lenders now provide a two wheeler loan calculator that estimates your loan EMI and provides you with information ahead of time so that you may prepare yourself for your loan EMI and plan your budget accordingly.