India is a growing economy and most of the population is that of lower middle class. One of the dreams of these people is to own a two-wheeler. Purchasing a two-wheeler with cash can be difficult. This is why people often consider taking loans. With the introduction of loan apps, taking a loan has become quicker and convenient than before. There are various lenders in India that are offering a two-wheeler loan, but an in-depth research are crucial. This helps to decide, which lender might suit your specific needs and repayment capacity. This article talks about the eligibility criteria,and top 5 two-wheeler loan apps that can be considered by anyone.

Basic Eligibility Criteria for a Two Wheeler Loan App

It’s essential that one considers their eligibility criteria before applying for a two-wheeler loan. Applying for these loans through an app is usually smooth. However, you might face issues if you don't meet the criteria.

Age - One must be between 18 to 65 years of age

Income - Salaried and Self employed, both must have a stable income for past 12 months. It should be at least 10,000 per month.

CIBIL Score - No minimum requirement

Employment Status - Either self employed or Salaried 

Top Two-Wheeler Loan Apps

There are various lenders in the market that are offering two-wheeler loan apps. But one can’t choose any app just like that. it’s essential to do in-depth research of all the top loans apps to select the appropriate one.

Fibe

This two-wheeler loan app offers upto 5 lakhs of the vehicle’s value. The interest rate they charge starts from as low as Rs. 6 per day. In addition to all this, they have 0 prepayment charges and flexible repayment tenure. Also, they don’t ask for any kind of collateral to offer these loans, which makes the app even more attractive.

Tata Capital moneyfy

Tata Capital offers a two-wheeler loan to both salaried and self employed individuals. The best part is they finance 100% of your purchase price, which is upto Rs. 1,50,000. Their repayment period is also flexible with 5 years of time. Their process includes minimal documentation. This saves you from the trouble of maintaining extensive records.

Sriram one finance

Sriram One offers two-wheeler loans with an interest rate starting from 11.5% pa. They offer the facility of quick disbursals by disbursing the amount within 24 hours. In addition to all this they ask for minimal documentation and approve the loan quickly. The best part is that they offer upto 100% financing on the road price of your two-wheeler.

Hero fincorp

This app offers a maximum repayment period of 4 years and minimum of 2 years. They also offer a loyalty loan of up to 2.5 lakhs to loyal customers based on the credit score. Their app has many security features like firewall, security groups, and token authentication. They provide services like, paying EMIs, request for foreclosure, details of bounced EMIs, etc.

Moneyview

Moneyview provides two-wheeler loans with flexible amounts. The amount ranges from as low as Rs.5000 to Rs. 1000000, based on your eligibility. You can even check your eligibility quickly through this app. One of the considerable benefits they offer is that they provide collateral free loans. Their interest rate starts from as low as 1.33% per month.

Conclusion

Two-wheeler loan apps have made vehicle financing more convenient. The top five apps - Fibe, Tata Capital Moneyfy, Sriram One Finance, Hero Fincorp, and Moneyview - offer various benefits such as quick disbursals, flexible repayment terms, and minimal documentation. Before applying, consider your eligibility and compare different apps to find the best fit for your needs.