The city of Lucknow is not only rich in history and culture but is also one of the fastest-growing cities in the country. Navigating the sprawling traffic during rush hour can be extremely time-consuming and stressful. Traveling by a two-wheeler be it a scooter or a motorbike can make commutes quick and smooth. For those aspiring to make such a purchase getting the benefit of a Two wheeler loan in Lucknow can make the decision easier. larablog Hero FinCorp is one of the leading finance providers in the country offering competitively priced vehicle loans through multiple channels.
Features and benefits of a two-wheeler loan
1. Loan amount – The loan amount that can be applied for can range from Rs. 10000/- up to Rs. 1,00,000/- for all Hero MotoCorp two-wheelers. A loan can be granted for a loan to value of 95% i.e up to 95% of the On-Road Price of the vehicle can be financed by the lender. The exact amount would depend on the borrower’s credit score and eligibility. The difference between the sanctioned loan amount and the on-road price of the vehicle will need to be paid by the borrower as a down payment.
2. Attractive interest rates – The interest rates for a two-wheeler loan can be as low as 10.65% per annum. The rates are fixed after taking into account a number of factors such as the borrower’s credit history, income, age, employment status, the bike model being purchased etc. An added benefit is that in case the borrower already has an existing relationship with the lender then they can be offered preferential rates.
3. Flexible tenure – The repayment period for the loan can be fixed for a period of up to 36 months. The borrower should take into account his repayment capacity when deciding on the tenure. A loan with a longer duration will have lower interest rates and a smaller EMI.
4. Hypothecation – The two-wheeler will be hypothecated to the lender. When the last EMI is paid, the borrower will receive a NOC from the lender, which is required to remove the hypothecation from the vehicle’s registration papers.
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5. Minimal documentation – Only basic KYC documents such as Identity and address proofs as well as income proof documents such as bank statements and salary slips etc. are required to be submitted. The Borrower also need to give a passport-size photograph for identity purposes.
6. Short processing time – The process of how to get a bike loan is simple and quick at Hero FinCorp. There are 2 channels through which applications can be made. Online mode – The applicant can go to the company website, go to the two-wheeler loan section and click on ‘Apply for loan’. Submit the applicant and dealership details. The loan representative will then get in touch to complete the process. Offline mode – Visit the nearest Hero MotorCorp dealership and submit all documents etc. to the representative thereafter discussing all the details about the loan. There is no guarantor required, so this shortens the processing time. After verification, the loan could be approved in 24 to 48 hours.
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Hero FinCorp has simplified the loan process and made it easy for the borrower to make an informed decision. Their website also has an EMI calculator to help the borrower to decide on the loan amount, interest rate, tenure etc. before applying. This ease of process and the lender’s reputation makes them an ideal choice when evaluating finance providers for a Two Wheeler Loan in Lucknow.
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