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Here’s How a Two-Wheeler Loan Can Add to Your ‘Cool’ Quotient

5 MinsJune 03, 2019

Owning a two-wheeler - be it a bike or scooter, has its own advantages. It is convenient to commute, fuel efficient, easy to maintain, and the insurance cost is reasonable, as compared to four-wheelers. Moreover, it is indeed fun to ride a two-wheeler and more adventurous since you can traverse through almost anywhere. Apart from being a stress-buster, a two-wheeler also reduces the travel time with no worries about the traffic snarls or any parking issues, and adds to your ‘cool’ quotient.

For these very reasons, almost every family these days, desires to own a two-wheeler; particularly now with automatic transmission available, which makes it so much easy for almost anyone to ride.

For youngsters who have just entered started with the college or the workforce, and those who do not want to depend on the erratic timings of the public transport and refusals from cab drivers, riding your own two-wheeler is a sensible choice, to reach your destination on time.

Even a family that owns a car may prefer a two-wheeler for small trips for daily errands. Hence, the utility value of a scooter or a bike cannot be disputed.

Today, a two-wheeler of your choice is available within your reach. Axis Bank offers a two-wheeler loan, to salaried as well as self-employed individuals.

TWL Loan

The two-wheeler loan from Axis Bank is a flexible , quick, and cost-effective way to own your dream bike/scooter with up to 90% on-road funding. Moreover, if you are an existing customer of Axis Bank, you may stand a chance to avail a Pre-approved offer on Two-wheeler loan, and enjoy up to 100% on-road funding for your two-wheeler.

The two-wheeler loan is available at an attractive rate of interest and you can choose the loan tenure up to 48 months (for two-wheelers up to 500 cc) and 60 months (for bikes >500 cc). As a result, the Equated Monthly Instalments (EMIs) turn out to be pocket-friendly to suit your needs.

The two-wheeler loan comes with minimal documentation.

You are required to submit:

  • Identity and address proof (viz. Aadhaar, Passport, Voter Id, PAN Card, Driving License, etc.)
  • Age proof (viz. Aadhaar, Passport, PAN Card, Driving License, Birth Certificate, etc.)
  • Income proof (viz. latest salary slip, Form 16, latest ITR)
  • Office/business proof for self-employed individuals (viz. electricity bill, telephone bill, Shop & Establishment Certificate, SSI or MSME Registration Certificate, GST Registration Certificate, Current Account Statements, etc.)
  • Latest three months bank statements

You can apply for a two-wheeler loan from Axis Bank broadly in three ways:

  • Visiting any Axis Bank Branch or Loan centre in person;
  • By calling Axis Bank call centre numbers;
    Before granting the loan, the Bank will assess the type of two-wheeler––bike or scooter–– you wish to buy, scrutinise your loan application, and evaluate your loan tenure, the employment stability, and your credit history.

You see, even if you have the ready money to buy your favourite bike or scooter outright (without a loan), availing a two-wheeler loan has its own merits:

  • Provides quick access to financing and the loan application process is fairly simple;
  • Your existing finances are not exhausted;
  • Investments assigned to other financial goals are not exhausted;
  • You do not have to mortgage your existing assets, because the bike loan is a secured loan;
  • Paying via EMIs eases the burden of paying at one go, you got to make a down payment; and
  • The loan is sanctioned with an insurance cover

Do note that parents can also opt for a loan to gift a two-wheeler–– bike or scooter–– to their children for whatever the occasion: on passing board exams, graduation, entering the workforce, etc.

Happy and Safe Riding!

Disclaimer: This article has been authored by PersonalFN, a Mumbai based Financial Planning and Mutual Fund research firm. Axis Bank doesn't influence any views of the author in any way. Axis Bank & PersonalFN shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.