Two Wheeler Loans in Patna
Two Wheeler Loans in Patna

Patna, as the capital city of the state of Bihar, is also the region’s commercial hub. The city has a well-growing economy with a majority of its working population skilled and employed, either in jobs or running self-employment ventures. The improving lifestyle of the city has also led to increasing demand for vehicle ownership, especially two wheelers. As these vehicles provide easy personal commute and are affordable to, many people prefer bike ownership as a solution to their daily travel requirements. To support this demand, loan providers in the city are extending dedicated two wheeler loans in Patna, making bike ownership much simplified.

The easy bike loan availability has also brought into the ambit many bike ownership aspirants who were not financially capable to make the purchase. Enthusiasts who seek to upgrade their existing bike models also find these loans to be supportive in their purchase pursuits. When planning to avail a two wheeler loan in Patna, it can be wise to keep yourself aware of a few crucial things related to the loan for a better borrowing decision. Let’s check out some of them.

Down Payment and 100% Bike Financing

Catching up with the trends in the financial market for this loan segment, providers of two wheeler loans in Patna has introduced 100% bike financing as well. So, now you can avail a bike loan in the city either as a down payment-based advance or as a zero down payment bike loan.

Under the traditional financing option, you can borrow only up to a set percentage of the cost of your selected bike as a motorcycle loan. The remaining amount needs to be paid upfront as down payment. Under 100% bike financing, however, the concept of down payment is eliminated as the entire cost of the bike is financed as a two wheeler loan. You can look out for some reputed lenders in the market to get 100% bike financing as two wheeler loan in Patna. Though, you must know that to avail 100% financing, you also need to hold high eligibility based on some critical risk factors.

LTV up to 95%

As explained in the down payment based financing options available as bike loans in Patna, the total loan amount available to the borrower depends on the LTV or Loan to Value ration set by the lender. It is a ratio depicted as a percentage of the bike’s cost and limits the maximum loan availability.

Based on this the down payment needs to be made through self-financing. Some of the most popular lending institutions in the city provide a high LTV going up to 95% of the bike’s cost as loan.  Further, in case you choose or the lender agrees to a low LTV only, the maximum down payment can go up to 20% only. So, that makes loan availability pretty decent for an eligible individual.

Simple Eligibility and Paperwork Requirements

The eligibility criteria and paperwork requirements for a two wheeler loan in Patna are simple, easy to meet and minimal too. To be able to avail the financing, you need to be either a salaried r a self-employed individual with stable income and within a certain age. To prove your eligibility you need to provide associated documents like income proof, ID and address proof, and complete paperwork. Additional criteria may be required based on your borrowing profile.

Most financial institutions providing two wheeler loans in Patna allow easy application for the advance through online mode. You can simple visit their official websites, check if you meet the requirements, prepare the documents, and proceed right away to fill up the form. Make sure to check if you have provided the details accurately for the processing to initiate smoothly.