Rich in history and culture, Patna is not only a commercial hub, but also of India’s fastest growing cities. To match the city’s fast paced life, owning one’s two wheeler is not just a luxury, but has also become a necessity to live comfortably. When making the decision to buy a vehicle, one of the things to be considered is the finance for the purchase. One can avail of a two wheeler loan in Patna to conveniently meet any shortfall in finance. Among the numerous loan providers in the city, Hero FinCorp stands out for its diverse loan offerings and excellent customer service. Loans are offered on all Hero MotorCorp two wheelers.

Features and Benefits of a two wheeler loan

1. Loan amount –

Loans are granted for amounts ranging from Rs. 10,000/- to Rs. 1,00,000/-. The loan to value ratio can go up to as high as 95%. The borrower would have to make a down payment only for the balance amount.

2. Hypothecation – When the loan is granted the vehicle is pledged to the lender until the final loan instalment is paid. After that the lender releases the hypothecation by way of an NOC to make the changes in the vehicle’s registration. 

3. Competitive interest rates –

The interest rates charged on scooter or motorcycle loans are attractive and can be as low as 10.65% per annum. This of course depends on factors like the borrower’s age, income/employment status and credit worthiness, model of the two wheeler, etc. The borrower should ensure that he makes all his outstanding loan payments on time and closes any excess lines of credit etc. to ensure a favourable credit report. If the borrower already has a relationship with the lender then they may be offered discounted rates.

4. Customisable loan tenure –

The duration of repayment of the loan can be up to 36 months. It should be noted that longer the loan tenure, smaller will be the EMI.

5. Wide eligibility –

Two wheeler loans in Patna provided by Hero FinCorp are offered to all Indian citizens above the age of 18 years. To both salaried and self employed individuals. In case the applicant is salaried, they should be employed for at least 1 year with at least 6 months at their current job. In case of self employed individuals, they should be in their current business for at least 1 year.

6. Easy documentation –

Minimal KYC documentation including identity, address and income proof along with a passport sized photograph is required to make an application. Only copies need to be submitted, but the originals may required for verification.

7. Quick loan process –

The loan process is easy and uncomplicated. Applications can be made through offline and online mode. When applying online, after finalising the dealership where the applicant wants to purchase the vehicle from. They should visit the Hero FinCorp website and click on the ‘Apply Now’ button. Applicant and dealer details should be entered. The lender’s team would then contact the applicant and continue the process. While applying offline, the applicant can visit the dealership and speak to the representative there. The terms of the loan can be discussed and documents submitted. In both modes once the loan is approved and the agreement is signed the funds can be disbursed quickly.

Getting a Two wheeler loan in Patna is swift and straightforward but the borrower should also study all terms. And conditions of the loan thoroughly, so that they can make timely payments and eventually own their two wheeler free and clear.