A two wheeler is a basic necessity which adds comfort and convenience in life. When you buy a two wheeler, you no longer need to depend on the public transport and you can enjoy riding down the city roads. Buying a two wheeler has become an easy and quick process. If you are an adult and own a driving license, you are eligible for two wheeler finance. This means you will be able to own a brand new bike without breaking your bank. You will not have to compromise on the model you want to own neither will you have to use your emergency corpus for the same.

Once you decide on the two wheeler you want to own, you need to scout the market and look for lenders who will offer you a loan at low interest rate and flexible repayment tenure. There are a number of banks and financial institutions that offer a loan for the purchase of a two wheeler. Scout the market for lenders that fit your needs. You can also choose to apply for a loan with a lender who you have already borrowed from in the past. This will make the application process quick and hassle free.

Any individual above the age of 21 can apply for the loan and you need to provide the necessary documents for the same. These include identity proof, address proof, income proof and an invoice for the purchase of a two wheeler. Once all the documentation is in place, the loan will be approved in 24 to 48 hours. If you have a positive credit score, you will enjoy a quick loan approval. Understand the terms and conditions of the loan before you sign on the dotted line. The interest rate on the loan will vary from one lender to another and you will have to compare the same. Choose a lender that offers the lowest interest rate for your loan. Two wheeler finance has a flexible repayment tenure and you have the option to prepay the loan. This means you can save up on the amount of interest and make the loan repayment in advance.

You need to remember that you will have to make a down payment for the purchase of the two wheeler. You can choose to make the minimum amount of downpayment and apply for a loan for the balance amount. If you have excess funds on hand, you can make a higher down payment. The loan will have to be repaid in EMIs over the tenure. You can prepare a repayment schedule for the same and ensure that it is paid in due time. Regular payment of EMI can help build a strong credit score. Choose a reliable lender in the industry in order to benefit from the loan. Take your time and research the market so that you make the right borrowing decision. Do not rush the purchase process at all.