Two-wheelers are a convenient medium of personal transport for women in busy and congested places. It is because they are more affordable than other vehicles and require less maintenance. However, you might need more money to purchase a two-wheeler upfront or choose not to spend as much money from your savings. In such instances, you can obtain a two wheeler loan from a lending institution of your choice.
Are Two-wheeler Loans for Women Beneficial?
There are several advantages to getting a two-wheeler loan. However, before applying for the same, you must go through why this loan is an ideal choice.
- Minimal documentation
The days of filling out endless documents to obtain a loan are long gone. Today, with the advent of digitization, women can easily apply for loans online without much paperwork. One only needs to submit the application form and attach a few necessary documents. We understand that women have to fulfill multiple responsibilities; therefore, you can experience a flawless loan process without the comforts of your home.
- Competitive interest rates
The interest rates on two-wheeler loans in India range from 8 to 28 percent. For instance, the interest rates offered by NBFCs in India start at just 8%. However, lenders offer noticeably cheaper interest rates to assist women more easily in financing their ideal bikes and saving on interest costs. This helps women to lower their EMIs and their two-wheeler ownership costs.
- Flexible tenures
Choose a lender that offers lengthier tenures, reaching up to 60 months if you need a longer period to service the loan EMIs comfortably. Lenders often offer flexible tenures to women applicants so that they can plan their finances accordingly.
- Economic down payment
One of the top benefits for women is low down payment requirements. Check out the two-wheeler loan eligibility criteria, and avoid choosing the one that has a minimum down payment requirement. Many lenders provide a 100% financing alternative to women to reduce the financial burden and make it easier for them.
- Aids in building credit
Compared to other loans like home loans, loans against property, etc., two-wheeler loan EMIs are lower. If you have a sound repayment strategy and repay all your dues on time, you can improve your credit score and expand your capacity for the future. Many lending institutions offer two-wheeler loans to women with low credit scores.
- Quick approval and disbursal
If you meet the two wheeler loan eligibility criteria, loan approval is done quickly. The minimum eligibility criteria for women applicants has allowed several women to avail of two-wheeler loans instantly. Women can now apply online and enjoy instant loan approval and disbursal.
- Additional discounts
Many two-wheeler manufacturers provide substantial discounts on vehicle costs if purchased under a woman’s name to encourage women’s empowerment. As a result, this condition reduces the amount of the down payment. Additionally, you can look into seasonal discounts and other deals that help you score better.
Eligibility Requirements for Women for Two-wheeler Loans
The majority of lenders in India that provide two-wheeler loans to women present the following eligibility requirements:
- The applicant must be an Indian resident.
- Salaried employees should have worked for a minimum of six months for a particular company.
- Female entrepreneurs are eligible to apply for a bike loan, given that they have been in business for more than a year.
- Female students may apply for a bike loan if their parents agree to be guarantors.
- The borrower must be at least 18 years old. Each lender has a different maximum age restriction.
Nowadays, obtaining a two-wheeler loan for women is quick and stress-free. So, take advantage of two-wheeler loans offered by lenders who provide:
- Long repayment tenures.
- Quick approval and disbursal.
- Complete financing with zero down payment and other benefits for women.