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New-Two-Wheeler-Loan

Buying a Two-wheeler of your choice with the help of IOFC Two-Wheeler loan in a quick and hassle-free manner. We specialise in providing tailor-made Two-Wheeler financing solutions to fulfil your dreams. At  IK ONKAR FINANCE COMPANY, we provide up to 100%* financing of the On-Road price of the bike of your choice.

ELIGIBILITY & DOCUMENTATION

Eligibility
  • Indian nationals, above age 18
  • Salaried: Employed for min. 1 year, with at least 6 months at current job
  • Self-employed professionals: Should be in current business for min. 1 year

 

Documentation
  • KYC documents: Identity & address proofs
  • Income proofs: Bank statement, salary slip, etc.
  • One passport size photograph

 

TWO WHEELER LOAN INTEREST RATES

                                                Two-wheeler loan interest rates vary from one lender to another. The rates are generally dependent on the following factors:

  • Credit Score: Those with a good credit score usually get loans on lower interest rates and vice versa. Your previous loan repayment history can also affect the interest rate.
  • Monthly Income: The higher your income is, the greater your repayment capacity. This encourages lenders to disburse loans to you at lower interest rates. Working for a reputed employer can also help you get lower interest rates.
  • Loan Amount: Rate of interest is directly related to loan amount. Generally, collateral based loans have lower interest rates.
  • Lender-Borrower Relationship: If you have a trustworthy relationship with the lender due to a positive payment history, it can positively affect your two-wheeler loan interest rate.
  • Loan Tenure: Interest rates will be lower for loans availed for a smaller tenure. The higher the tenure, the more the interest rate, and the more the total interest you end up paying.
  • Category of Vehicle: The two wheeler loan’s interest rate will also depend on the category of the vehicle you plan to buy. For instance, scooters can have a different interest rate than that of a standard motor bike or a sports bike. Depending on the value of the vehicle, the financier fixes the rate of interest.