What are Car Loan and Two Wheeler Loan?
If you want to buy a new car or two wheeler vehicle but you don’t have much money to buy a car and two wheelers then there is another way to buy a car and two wheelers vehicle.
Bank gives loan on vehicle such as car loan and two wheeler loan. While taking car loan from bank, they give individual finance scheme offer in which they offer fixed and floating loan in various rates.
What Is Car Loan?
A Car Loan is a personal finance product where the financier provides the borrower with the funds to purchase a vehicle for personal use. The loan is secured against the vehicle, and at the end of the contract the customer retains the full title of the vehicle. When you take on a car loan to buy a car, your lender purchases the car for you and allows you to pay it back over a period of years. A Car Loan can also be known as a Consumer Loan or a Secured Car Loan.
What is Two Wheeler Loan?
Taking loan from bank to buy two wheelers is known as two wheeler loan. Maximum banks give 80 to 85 percent amount in this loan and remaining amount is pay by Customers. Some banks give offer to Customers in festival season in which interest rate and processing fee is low.
What Documents required for car and Two Wheeler Loan?
While taking loan bank ask to take with address proof, identity proof, pan card and income statement. In address proof you can take driving license, rent agreement, passport, aadhar Card and for income proof you will take bank statement and salary slip.
What are the Benefits of Car and Two Wheeler Loan
- In car loan and two wheelers loan, loan will get at low EMI.
- In car loan and two wheelers loan there is low interest rate.
- In car loan and two wheelers loan bank give longer repayment period.
- In car loan and two wheelers loan there is faster processing of loan.
Question and Answer Related to Car and Two Wheeler Loan
Question1- How much amount given by bank for car and two wheelers?
Answer- Maximum banks gives 80 to 90 percent amount for car and 80 to 85 percent in two wheelers, remaining amount is arranged by customer himself.
Question2- How much bank charge as processing fee?
Answer- Bank takes vehicle 2 to 3-4 percent amount as processing fee.
Question3- Which loan is better for two wheeler loan?
Answer- Fixed loan is better for two wheelers loan because in fixed loan interest rate is change every time during the period of debt.
Question4- How many years of the loan period in two wheelers?
Answer- Two wheelers loan time period is minimum 1 year to 3 years. If you take short time to pay loan then rate of interest became low.
Question5- Which scheme is offer by bank while taking car loan?
Answer- While taking car loan bank offers individual finance scheme.