How are Two-Wheeler Loans Different from Car Loans?

Two-wheeler loan aur car loan mein difference janiye, aur sahi decision lijiye.

By understanding the differences between two-wheeler loans and car loans, you will be more clear on kya purchase karna hai and how to fund it.

Two wheeler loans and car loans similar hain, because dono same category ke hain. That is: vehicles. Isiliye, confuse hona common hai. Lekin, they do have certain differences.

Differences ka reason yeh hai ke lenders see it as two alag alag investments. They are different in terms of eligibility, tenure, funding, and interest rates.

Let’s see them in more detail:

 

1. Eligibility Criteria –

Car Loan lene waale may need to present good credit scores. Iska matlab hai ki if you have taken a lot of udhaar from the bank, bank will check whether tumne timely payments kiye hain, credit lene ka total period kya tha, and if more payments possible hai.

 

2. Repayment Tenure –

Two wheeler loans usually 2-3 year ka tenure offer karte hain whereas max loan tenure in 5 year for new car. For used cars, maximum loan tenure is 5 years but, asset age at the time of the loan + tenure should be less than 10 years (for some vehicles it is 12 years).

 

Two-wheeler loan and car loan mein few differences hain, but similarities are even more.

• Documents required loan apply karne ke liye, are more or less the same. Applicants ko salary slips, bank statements, passport size photographs, proof of residence, and proof of identity dena hoga.
• Both the loans are “Secured” loans. Iska matlab hai ki unlike personal loan, you need to have a “collateral” which means that you get loan against an asset, jaise ki your home. In other words, jab tak you don’t make the final payment, your two-wheeler/car will be owned by the lender. Iska benefit yeh hai ki the interest rates will be lower.

Though two-wheeler loan interest rates kabhi kabhi are more than car loan interest rates, it is important to check with your two wheeler’s manufacturer or banks ki kya wo low interest rates offer karte hain. Here at AU Bank, hum quick approvals and low two-wheeler interest rates offer karte hain.

We recommend ki before you make a purchase, aap ache se income and repayment tally karein. Plus, you should do enough research about your lenders.

Here know more about vehicle loan 

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