A two-wheeler is one of the most convenient means to get around on our city’s traffic-congested roads. It saves time, which is most important and is light on the pocket in the long run as well. It also has the advantage of being low cost and low maintenance. Good looks are an added advantage. These days there are many options available which makes it simple to get your brand new scooter or bike home without putting a strain on finances. Taking out a loan to purchase one is quick and easy and one of the best options is a Two Wheeler Loan in Panipat from Hero FinCorp.
Overview
Loans are available from the range of Rs 10,000/- to Rs 1,00,000/- for all Hero Motor Corp two Wheelers. The Loan to Value (LTV) is high at 95% and you can opt for a flexible tenure of upto 48 months. Finance is offered to salaried, self-employed and other individuals as well. The Asset ie Scooter or Motor Cycle will be hypothecated i.e pledged to the financier ie Hero FinCorp and on paying the last installment the borrower will receive a No Objection Certificate(NOC) from the lender, which is required to remove the hypothecation from the vehicle’s registration papers.
Let’s discuss a few details about the loan process-
Interest Rate –
Determining the rate for your loan includes the following parameters:
Credit History –
Past and present EMI paying pattern is evaluated and a strong credit history plays a positive role.
Income –
Although not essential, a high income will ensure that you are offered the best terms possible.
Age –
A younger age indicates higher earning and therefore repayment potential.
Bike model –
A bike with a higher resale value will get you a better rate.
Employment status –
Documentation and eligibility differ for salaried and self-employed individuals. Rates are also dependent on your employers reputation and business.
Existing relationship with the company –
A good repayment history on your existing loans, if any, with the company will result in a lower rate of interest.
Eligibility –
All Indian nationals, above the age of 18 are eligible to apply. If salaried then the individual should be employed for a minimum of 1 year, with at least 6 months at their current job, self-employed professionals should be in their current business for a minimum of 1 year.
Documentation –
1.KYC documents: Identity & address proofs
2.Income proofs: Bank statement, salary slip, etc. and
3.One passport size photograph.
Mode of Application –
You can apply for the Two wheeler loan in Panipat either offline or online.
To apply Online –
Visit the Hero FinCorp Website two wheeler loan section. Scroll to apply for loan section. Enter your details and select the dealership from which you would like to purchase your vehicle. Check the box to accept terms and conditions and click on ‘apply now’. Once the application is received, a representative will get in touch with you soon.
To apply Offline –
Visit the nearest ‘Hero MotoCorp Two-Wheeler dealership’. Talk to a representative at the dealership regarding your request. Submit the KYC and income proof documents, and one passport size photograph along with the duly filled-in loan application form. Depending on the documents submitted and the ease of verification, your loan will be approved within 24 to 48 hours.
So why should you choose Hero FinCorp?
There are many advantages in choosing Hero FinCorp over any other finance provider to avail of your Two wheeler loan in Panipat. The loan amount approved is high compared to the value of the vehicle.
The interest rates are very competitive in view of industry standards.
The documentation required is minimal and clear cut.
There are multiple loan tenure options to choose from.
Repayment can be made via various modes i.e PDC , ECS Cash, NACH Etc .
The loan processing is Quick & Hassle-free.
Do remember to check for special discounts and offers before applying for the loan So what are you waiting for ?
Go and select the new, stylish and sleek scooter or motor bike you would like to get on and begin your journey.
