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A Handy And Easy Guide To Getting A Two-Wheeler Loan As A Woman
- Published on: 16 Sep 2024
Owning a two-wheeler is more than a mode of commuting for many women. It can help you live more independently and navigate life with freedom. Whether you want to buy a new bike or a used model, opting for a two-wheeler loan is a wise option.
Fortunately, you can apply right from your home or anywhere without much hassle. Some financial institutions also have special offers on a two-wheeler loan for women, which can help you buy the model you want at a discount.
If you are planning to purchase a bike or a scooter, you have two financing options: a traditional two-wheeler loan or a personal loan. Both give you funds depending on your financial requirements and repayment eligibility. However, there are a few differences between them.
| Traditional Two-Wheeler Loan | Personal Loan for Buying a Two-Wheeler |
|---|---|
| This is a secured loan, so you have to pledge your bike as collateralYou get full ownership of the bike once you pay the complete loan amountLenders require you to have a good credit score and income to get fundsYou usually have to pay a down payment on your purchase from your own savings | As it’s unsecured, you don’t have to pledge any asset or the vehicle to get the fundsWhile this option may have a higher interest rate, it has more lenient eligibility criteriaYou can easily get funds even if you don’t meet the high-income criteria for a traditional loanYou can get complete financing without any restrictions |
As such, a personal loan may be a better option for a ladies’ two-wheeler loan. Make the decision based on your eligibility and finances.
The eligibility requirements are subject to lenders’ policies and vary for all financial institutions. Nevertheless, here are general eligibility criteria you can refer to.
Following these steps, you can easily apply for a two-wheeler loan online with most lenders:
Here are some pros of choosing a two-wheeler personal loan to purchase your bike.
The process for this loan doesn’t require any lengthy paperwork and you can submit a soft copy online.
There are many lenders offering personal loans at affordable rates, with some offering lower rates to women.
With this loan, you can get a complete loan amount for your vehicle, so you do not have to pay out of pocket.
You can choose from repayment options of up to 36 months or more to decide on a budget-friendly EMI amount.
You can use your funds without any questions asked.
With timely repayment, you can improve your credit score and build a healthy history.
The Fibe Instant cash Loan is one such option that gives you a quick loan for your two-wheeler purchase or any other requirement. We have an easy-to-meet eligibility criteria and a straightforward application process. This allows you to save time and get quick approval for your emergency needs as well.
No hidden fees, zero foreclosure charges, and a flexible repayment tenure of up to 36 months are some other benefits you can enjoy. Just download our Personal Loan App or register on our website to start your two-wheeler journey!
Yes, you can easily apply for a two-wheeler loan for women from your preferred lender. Simply meet the eligibility criteria to qualify for financing.
There are many two-wheelers loan offers for women, including government-backed programs. You can choose from any of the options based on your eligibility and your state of residence.
It is an exclusive two-wheeler loan scheme for working women in Tamil Nadu by the Department of Social Welfare and Women Empowerment. It aims to provide working women between 18 and 40 years of age with a comfortable commute. To enjoy the benefits of this scheme, your annual income should not exceed ₹2.5 lakhs.
