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The interest rate for your Two-Wheeler Vehicle Loan is the rate of interest you pay on the principal amount for a selected tenure. TVS Credit offers affordable interest rates for your Two-Wheeler Loan
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Owning a new bike is a proud moment for anybody. It brings a sense of comfort and independence. Opting for bike loans eases the financial burden and helps you get your dream bike on your own terms. One of the biggest concerns for most buyers opting for a Two-Wheeler Loan is the interest rate. Here are a few factors that affect bike loan interest rates.
Ensure you get the best bike loan offer before you consider getting a bike loan. Here are a few simple steps to follow to get the lowest Two-Wheeler Vehicle Loan interest rate:
For getting the lowest possible interest rate, your credit score plays a major role. Make sure you maintain a healthy credit score before you apply for a bike loan. This can be achieved by paying your existing EMIs on time and ensuring that there are no overdue.
The duration in which you repay the loan amount of your bike loan along with the calculated interest is known as tenure. If you opt for a shorter tenure, it reduces the interest rate as the risk for the lender also reduces.
Making a higher down payment reduces the principal amount which as a result reduces the interest rate. Though it may take a large share of your savings, it will help you reduce the monthly repayment amount. You can also get your bike fully financed from TVS Credit’s variety of schemes with loan tenure up to 60 months & affordable rates of Interest.
The debt-to-income ratio is critical in determining loan amount eligibility. The bike you desire may need a certain amount to fund it. You can reduce the ratio by repaying existing loans and credit card debts before applying for a Two-Wheeler Loan. A lower debt-to-income ratio helps in getting better Two-Wheeler Loan interest rates.
Calculating your interest amount is easy with the TVS Credit Two-Wheeler Loan EMI calculator. It helps you get a fair estimate of the interest amount in advance so that you can plan your finances better. By using the bike loan calculator, you can vary the loan amount, rate of interest, and tenure, to get an idea about the interest amount.
Want to use the Two-Wheeler Vehicle Loan EMI calculator? Keep these details handy to instantly calculate the interest amount:
STEP 01
Select the variant (the two-wheeler you are planning to buy) and the state in which you will register the bike.
STEP 02
Provide the relevant details or use the slider to set the loan amount, interest rate, and repayment tenure.
STEP 03
Check the monthly Loan EMI in the result section and re-enter the details as per your desired output.
To process your Loan application, you need to pay a one-time processing fee to the lender. Make sure you choose a lender that provides a fair processing fee to balance your overall loan cost.
Make sure that you are eligible to get a Two-Wheeler Loan before applying to enjoy a smooth Loan process.
Ensure that you thoroughly check all the terms and conditions mentioned in the documents. Make a note of all the applicable charges for a transparent Loan processing.
The time taken by the lender to pay the Loan amount to the customer post approval is called disbursal time. Compare the amount of time it would take for the lender to disburse and select the right lender according to your purchase plan.
It is a good idea to keep a tab on offers and discounts before applying for a Loan so that you can get the best deal. It may help you get a bike loan on low-interest rate, preferential offers, or attractive repayment options.
At TVS Credit, we prioritise customer convenience, trust, and happiness. Right from checking eligibility to making sure you proudly own your bike, we ensure our support at every step. Here are some of the reasons why you must consider availing your bike loan from TVS Credit.
Here are a few reasons to opt for a Two-Wheeler Vehicle Loan::
At TVS Credit, the loan tenure to avail Two-Wheeler Loan ranges from 12 to 60 months. Learn more about the features and benefits of a Two-Wheeler Loan.
To calculate the Two-Wheeler Loan interest rate, you must have the following information available:
Once you have this information, you can use the TVS Credit Two-Wheeler Loan EMI calculator to get an estimate of your EMIs.
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