New Delhi : The festive season continues in the country and Diwali is around the corner. On the day of Dhanteras, everyone is planning to bring a new car, motorcycle or scooter to their home as per their budget. In today’s fast pace, human needs are also increasing rapidly. Everyone tries to get the facilities and resources as per the need. But, it is not necessary that a family with limited income must manage money to get all kinds of luxuries. In such a situation, many financial companies provide loans to needy people to buy cars. Although, loans are also provided by private and government banks of the country, but subsidiary financial companies of some vehicle manufacturing companies also provide loans as per the convenience of the customers. Similarly, there is a financial company called Hero Fincorp, a subsidiary of India’s leading two-wheeler manufacturer Hero MotoCorp, which is providing loans at affordable interest rates to the customers buying bikes. Then let us know how Hero Fincorp is providing bike loans to the customers? What is its interest rate and how much amount is being provided as loan?
According to the official website of Hero Fincorp, bike loans are provided to help customers buy their dream bike by providing two wheeler loans as per their needs. Customers can choose a better loan by deciding the repayment period and repayment amount as per their convenience.
What is two wheeler loan?
It is said on the official website of Hero Fincorp that two wheeler loan is similar to any other vehicle loan. In this also, like new or second hand car loan, Hero Fincorp Bike Loan is provided for purchase of motorcycle or scooter. After taking a bike loan, the customer brings the motorcycle to his home, but the ownership remains with the loan company. On payment of the final EMI of the loan amount, the loan taking customer is provided a No Objection Certificate (NOC) from the company. After this, the ownership of the vehicle passes to the customers, that is, the customers get the ownership of that vehicle and the company’s association with it completely ends.
Benefits of buying a two wheeler
The purpose behind providing loan by the company to the customers for buying a two wheeler is that it is an effective step towards convenience, mobility and freedom, so that you can go wherever you want, whenever you want. Along with this, it provides personal transportation security to the customers and makes them own their own two-wheeler. With this you do not have to worry about catching a bus or train. Having your own car saves time and money. Two wheelers are generally low maintenance, with minimal expenses. Hero MotoCorp bikes provide you with years of trouble-free service.
How to finance a bike
The website states that if a customer has extra cash, they can pay the price of the bike in one go. Those who do not have cash can choose the option of taking easy installment loan from Hero Fincorp. The loan application process is fast and easy. It requires very little documentation, making it extremely convenient.
Claim to give loan in 15 minutes
According to the company’s website, the company offers many types of schemes and offers to its customers for bike financing. Under this, customers are provided facilities like low interest rates, insurance etc. with minimum processing fees. Most loans require a guarantor, but bike loans usually don’t require one and this speeds up the approval process. This loan comes with the facility of fast approval. Hero Fincorp offers decisions on most bike loan applications within 15 minutes.
How much will you get for two wheeler loan?
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Loans ranging from Rs 10,000 to Rs 1,50,000 are provided for all two wheelers of Hero MotoCorp.
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The loan tenure is up to 48 months.
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The loan is approved in 15 minutes.
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Loan is provided up to a maximum of 95 percent on LTV.
Two Wheeler Loan Application Process
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To take a two wheeler loan, you will have to visit the loan section of the official website of Hero Fincorp.
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After this you will have to scroll down to the ‘Apply for Loan’ section.
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Once here, enter your details and select ‘Hero MotoCorp Two-Wheeler Dealership’ from where you want to buy the vehicle.
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Select the checkbox to agree to the terms and conditions and click ‘Apply Now’.
Eligibility and Documentation
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Indian Citizenship and above 18 years of age
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Employed people must be employed for a minimum of 1 year and must have spent at least 6 months in their current job.
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Self-employed professionals should be in current business for at least 1 year.
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Identity card and address proof for KYC document
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Bank statement and salary slip etc. for income proof.
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One passport size photo
Two wheeler loan interest rates
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Credit Score: People with good credit scores usually get loans at lower interest rates. Your previous loan repayment history can also affect the interest rate.
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monthly income: Higher your income, higher will be your repayment capacity. The company encourages to distribute loans at low interest rates. This can also help in getting lower interest rates.
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Loan amount: The interest rate is directly related to the loan amount. Generally, interest rates on collateral based loans are low.
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Company-Customer Relationship: If you have a trustworthy relationship with the lender due to your positive payment history, it can positively impact your two wheeler loan interest rate.
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Loan Tenure: Loans taken for shorter periods have lower interest rates. The longer the loan tenure, the higher the interest rate.
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Vehicle Category: The interest rate on two wheeler loan also depends on the category of the vehicle you are planning to buy. For example, the interest rate on a scooter may be different than that of a motor bike or sports bike. The lender decides the interest rate based on the price of the vehicle.
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City Tier: The tier your city belongs to can also affect the two wheeler loan rate. Lenders also take into account the borrower’s city and credit score to determine the interest rate.