Question 1

What is a two-wheeler loan?

Accepted Answer

A two-wheeler loan gives you financial support to purchase a new bike. Using the loan, you can cover 85-90% of your purchase price.

Question 2

Where to get a two-wheeler loan?

Accepted Answer

Rupyy partners with top lenders to offer you the best two-wheeler loan. With us, you can finance your dream bike with no hassle.

Question 3

How to get a two-wheeler loan?

Accepted Answer

To apply for a loan with Rupyy, you need to provide your mobile number, and our representative will guide you through the process.

Question 4

Who can get a two-wheeler loan?

Accepted Answer

To apply for a two-wheeler loan with Rupyy, one must fulfill the following:

Age: Minimum age of 18 years
Credit Score: Decent credit score
Credit History: No records of credit default

Question 5

What is the maximum and minimum loan amount for a two-wheeler loan?

Accepted Answer

Your minimum and maximum limit for a two-wheeler loan depends on the down payment and the bike's on-road price.

Question 6

What is the maximum amount covered by the lender on a two-wheeler loan?

Accepted Answer

The lender can finance up to 90-100% of the bike's on-road price. However, the loan limit depends on other factors, such as income and credit score.

Question 7

How to repay the two-wheeler loan?

Accepted Answer

To repay the loan, you have the option of equated monthly installments (EMIs). Depending on your suitability, you can pay off the borrowed amount for a bike purchase in EMIs of 12-60 months.

Question 8

What is the minimum two-wheeler loan interest rate?

Accepted Answer

The minimum interest rate for a two-wheeler loan starts at 4.99% per annum. But it may vary depending on your chosen lender and other factors.

Question 9

Can I get a 0 interest, two-wheeler loan?

Accepted Answer

No, it is not possible to get a two-wheeler loan with a 0% interest rate.

Question 10

What is the BOB two-wheeler loan interest rate?

Accepted Answer

Bank of Baroda provides two-wheeler loans with fixed and floating interest rates. If individual customers do not choose Group Credit Life Insurance, an additional 0.05% rate will apply for each slab.

Question 11

Can I get a two-wheeler loan with a low cibil score?

Accepted Answer

Yes, you can borrow a two-wheeler for a low CIBIL score, but the interest rate could be high. To compensate for the risk associated with your loan application, the lender may increase the rate of interest.

Question 12

Which documents are required for a two-wheeler loan application?

Accepted Answer

You will need the following documents when applying for a two-wheeler loan online:

Photo ID proof, such as driving license, Aadhaar Card, etc.
For income proof, submit a bank statement or salary slips

The list of documents required may vary depending on the lender you choose.

Question 13

Can an 18 year old apply for a two-wheeler loan?

Accepted Answer

Yes, an 18 year old is eligible for Two-Wheeler loan if they have a regular source of income. Many banks and NBFCs have set their Two-Wheeler loan age limit at 18 years, allowing younger individuals to borrow a loan.

Question 14

Is it possible to get a two-wheeler loan without proof of income?

Accepted Answer

Yes, you can borrow a two-wheeler loan without income proof if you have other proof of repayment capacity. Having a co-borrower can also help enhance your application in such situations.

Question 15

Who is eligible for an L&T two-wheeler loan?

Accepted Answer

Someone who falls within the age limit of 18-65 years can apply for a two-wheeler loan with L&T Finance. Other than that, you need a minimum annual income of Rs. 50,000 and a credit score of 750 and more.

Question 16

Am I eligible for a two-wheeler loan without a down payment?

Accepted Answer

Yes, you are eligible for a two-wheeler loan without a down payment when you meet the lender's specific criteria. These include a good credit score, high income, etc.

Question 17

What is the minimum credit score to qualify for a two-wheeler loan?

Accepted Answer

The minimum credit score for two-wheeler loans may differ based on the lender you choose. A score of 750 and above is considered favorable to qualify for a loan approval.

Question 18

How does credit score impact the Two-Wheeler Loan interest rates?

Accepted Answer

Lenders use your credit score to determine your worthiness for a two-wheeler loan. A high credit score makes you an ideal candidate for the loan, whereas a low score makes you a poor candidate. It affects your rate of interest as well; with a good credit score, you can negotiate for a lower interest rate. On the other hand, a bad credit score can increase your loan burden with higher interest.

Question 19

Can I improve my credit score before applying for a two-wheeler loan?

Accepted Answer

Yes, before taking out a new loan, check your credit score and improve it if it is low. To improve your credit score, pay your EMI and credit card bills on time.

Question 20

How can you get a two-wheeler loan with no income?

Accepted Answer

When you’re not an earning candidate and want to buy a new bike, apply for a loan with a guarantor. This will fulfill the need for income and credit score.

Question 21

Can I foreclose my two-wheeler loan?

Accepted Answer

Yes, lenders allow you to close your Two-Wheeler loan early. All you have to do is pay the outstanding loan balance. To compensate for the interest rate, you will need to pay a nominal foreclosure fee.

Question 22

How do I calculate the foreclosure amount for my two-wheeler loan?

Accepted Answer

Download the loan statement from your bank and see the outstanding balance. Compute your savings and see how much corpus you have. Remember to add the foreclosure fee for an approximate calculation.

Question 23

What are the benefits of foreclosing a two-wheeler loan?

Accepted Answer

Closing a loan early has many benefits, and the most important one is saving on the interest. You will save on the remaining interest payments when you close the loan. It is more suitable in the case of a fixed-interest two-wheeler loan.

Question 24

Can I foreclose my two-wheeler loan online?

Accepted Answer

Check with your bank to see if they offer this service. Digitisation has made such processes easier for most banks, but this is not true for all. Talk to your lender to get a clear view of the closure of your loan.

Question 25

Will foreclosing my two-wheeler loan affect my credit score?

Accepted Answer

Your credit report will mention the closing of a loan. The report shows the loan status as "closed," indicating there is no loan balance linked to your profile. This has a good impact on your score, increasing it by a few basis points.

Question 26

What documents are required for a two-wheeler loan foreclosure?

Accepted Answer

To close a loan account with your lender, you need specific documentation:

PAN Card
Copy of loan agreement
Repayment proof

Note: The list of documents may vary depending on your two-wheeler loan provider.

Question 27

How long does it take to process a two-wheeler loan foreclosure?

Accepted Answer

The foreclosure process typically takes 3-7 working days, depending on the lender’s policies and documentation requirements.

Question 28

Can I foreclose a two-wheeler loan if I have missed EMIs?

Accepted Answer

If you have missed EMIs, you may need to clear the overdue amount along with any penalties before foreclosing the loan. Check with your lender for specific requirements.

Question 29

Is closing a Two-Wheeler loan good or bad?

Accepted Answer

Closing a two-wheeler loan is good, as it saves you money and improves your credit score. But if the savings aren’t worth the closure, avoid doing so. Consult with your financial advisor before taking any further steps.

Question 30

Which document do I need to collect post loan closure?

Accepted Answer

After closing your two-wheeler loan, it’s important to collect certain documents to ensure that the loan is fully settled and there are no future disputes. The NOC is issued by the lender, stating that they have no further claims on the two-wheeler. This document is essential if you plan to sell the vehicle in the future.

Question 31

How to access my loan account?

Accepted Answer

To access your Two-Wheeler loan details, visit the lender’s website and log in using the credentials you’ve received.

Question 32

What happens to the unused cheques once the loan is closed?

Accepted Answer

After the loan closure, the bank will cancel or destroy any used cheques.

Question 33

Is my personal information safe when applying for a two-wheeler loan online?

Accepted Answer

Yes, banks and NBFCs use advanced encryption and security measures to protect your personal and financial information during the loan application process.

Question 34

How does the lender protect my loan account from unauthorized access?

Accepted Answer

Lenders implement multi-factor authentication (MFA) and secure login credentials to ensure only authorized users can access your loan account.

Question 35

What should I do if I suspect fraudulent activity in my loan account?

Accepted Answer

Immediately contact your lender's customer service helpline if you notice any suspicious transactions or unauthorized access to your loan account.

Question 36

Will my personal data be shared with third parties?

Accepted Answer

Most lenders have a strict privacy policy and do not share your personal or financial information with third parties without your consent.

Question 37

How can I protect my loan account details from being compromised?

Accepted Answer

Avoid sharing your login credentials, use strong and unique passwords, and regularly monitor your loan account for any unusual activity.

Question 38

What happens to my documents after my loan is closed?

Accepted Answer

After your loan is closed, the bank will return your original documents, and you should receive a closure certificate or No Objection Certificate (NOC).

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