Availing a two-wheeler loan is quite easy if you know what you are looking for. However, there are always questions that will be there in the back of your mind. In order to help you understand the nuances of a two-wheeler loan here’s a list of Frequently Asked Questions:
Can you be eligible for a two-wheeler loan?
Any salaried or self-employed person between 21 and 60 years of age is eligible to apply. You can check your eligibility here
What is the two-wheeler loan amount?
The minimum two wheeler loan amount is Rs 25,000 and the maximum loan amount is Rs 3 lakh. Up to 95% of the value of the two-wheeler will be the loan amount subject to the limits.
What is the loan tenure?
The minimum tenure is 6 months and the maximum tenure is 60 months.
What are the documents to be submitted?
The following documents are mandatory:
Passport size photographs
ID Proof – Any one of Passport/Pan Card/Driver’s License/Voter’s ID
Address Proof – Any one of Passport/Driver’s License/Voter’s ID/Utility Bill
Bank Statement – Last 6 month’s statement
Residence Ownership Proof – Should be in the name of Applicant/Applicant’s Parents/Spouse
Income Proof, if required – Last 3 month’s salary slips/Form 16/Last 3 month’s bank statement reflecting salary credits/3 year’s ITR.
What are the fees and charges?
The various fees and charges associated with two-wheeler loans are as follows:
Processing fee – 3.10% of the loan amount
Other charges include penal interest, additional interest, PDC charges, bounce charges, cancellation charges, instrument swap charges, foreclosure charges, mandate rejection service charge and broken period interest charges. You can read about them at Tata Capital’s website.
What are the repayment options?
The repayment of the loan has two options – Fixed EMI and Structured EMI.
Fixed EMI option – in this option the EMI is fixed and stays constant for the entire duration of the loan tenure. This is suitable if you have a source of income which is consistent.
Structured EMI option – in this option you can customize the repayment plan based on your future income profile.
How can I apply for a two-wheeler loan?
There are many ways to apply for two-wheeler loan and they include:
ONLINE – you can apply online and seek approval instantly after providing the required information.
PHONE – you can make a phone call on 1800 209 6060 8 am to 8 pm; alternatively, you can request a call back too.
VIRTUAL ASSISTANT – you can use the virtual assistant facility to seek details of the two-wheeler loan.
BRANCH – you can visit any Tata Capital branch in your town/city and talk to our experts.
DOWNLOAD FORM – you can apply for two wheeler loan by downloading an application form, filling it and submitting it at the nearest branch.
How much time does it take to approve the two-wheeler loan?
If you provide all the relevant documents, your loan should be approved within 20 minutes provided you satisfy our eligibility conditions.
These FAQs are exhaustive but it’s always better to be equipped with the right knowledge and clarify any doubts you may have about your two-wheeler loan.