Two wheeler finance market is on the growth path with increasing demand in semi-urban and rural areas.
The organised market of two wheeler in India is estimated to be Rs 6,000-7,000 crore. So, a huge space for the two wheeler finance companies. Previously there was a limited awareness about availability of two wheeler loans in the rural areas but now the demand for those areas are picking up. These finance companies are aggressively marketing their products with innovative service offerings and incentives.
Getting auto loans has become quite easy. The finance agencies has come of age and companies are aggressively marketing different auto loan schemes by offering innovative and alluring offers to the customers. Today there are so many two wheeler finance companies in India. These companies are either banks like HDFC ICICI, Bank of Baroda and Centurion Bank of Punjab or private companies from non-banking sector.
Features of Two Wheeler Finance in India
Two wheeler finance in India is easily available with little documentation. The rates of interest are reasonable in the Indian market hence the mass can easily get a bike financed.
Documents Required for Two Wheeler Finance
- Up to 95% of the cost of the vehicle is financed.
- Flexible repayment options ranging from 12 to 48 months.
- The repayment is calculated upon monthly reducing rates.
- Repayment is made through post-dated cheques with easy EMIs.
To get any two wheeler financed, certain amount of documentations are required. If the documents submitted fulfills the criteria of the financing company, the loan is approved and the bike is yours. The basic documents reguired are as mentioned below.
List of Some of Finance Companies Offering Auto Finance:
Bank of Baroda
- Application Form
- Passport size photographs
- Proof of income of last two years
- Proof of Residence
- Proof of identity