Panipat, one of Haryana’s historical cities is a major contributor to the state’s economy. It has a well developed textile export economy and supports food-processing, telecom and real estate businesses as well. Living in this city while navigating it’s busy traffic on a daily basis can be both time consuming and stressful. Having a two wheeler to quickly get from one point to another can be a boon.
In addition, it provides a sense of freedom as dependency on public transport is greatly reduced. Taking out a two wheeler loan in Panipat is a convenient option to make this a reality specially when large funds are limited. Hero FinCorp is one of the leading finance providers for all Hero MotorCorp two wheelers proving affordable finance to all borrowers.
What are the advantages of a Two wheeler Loan?
Considerable loan amount – Loans can be sanctioned in the range of Rs. 10,000/- to Rs. 1,00,000/- for all Hero MotorCorp two wheelers. The borrower should finalize on the model that they wish to purchase and also the dealership that they want to buy from, so that they can choose the best loan option available to them. The Loan to Value (LTV) can go as high as 95%, which means that then can apply for finance up to 95 % of the value of the vehicle.
Attractive interest rates – The two wheeler finance interest rate offered by Hero FinCorp is very affordable as this is calculated after considering the borrower’s income, age and employment history, credit history, vehicle model, loan amount applied for, term of loan, etc. All parameters are checked before offering the best possible rate to the borrower.
Hypothecation – The Asset i.e. Scooter or Motor Cycle will be hypothecated or pledged to the lender as security. After the last installment is paid the borrower will receive a No Objection Certificate(NOC), which is required to remove the lien from the vehicle’s registration papers.
Easy Documentation – The paperwork required to get approved for a two wheeler loan in Panipat is clear cut and minimal. There are various channels through which these documents can be submitted to the lender to enable them to make a decision on granting the loan.
Tenure of the loan – The borrower can check as to what would be the best duration for them to repay the loan. Loan tenures are offered up to 48 months. It should be kept in mind that the term of the loan affects the loan EMI, longer the term, smaller will be the EMI amount and vice versa.
Quick approvals – The approval of a two wheeler loan can take takes only 15 minutes or less if the borrower is eligible and all the necessary documents are provided. There is also no guarantor required for the loan to be approved.
Various repayment options – Repaying the loan can be done through multiple methods like ECS, NACH, PDC and cash.
Who is Eligible to apply for a two wheeler loan?
All Indian nationals, above the age of 18 are eligible to apply.
Both salaried and self employed individuals can apply. If salaried then the individuals should be employed for at least 1 year, with at least 6 months being at their current job, self-employed professionals should be in their current business for a minimum of 1 year.
What is the Documentation required?
1.KYC documents along with Identity & address proofs 2.Income proof by way of Bank statement, salary slip, etc. and 3.One passport size photograph.
How to apply ?
Applications for a Two wheeler loan in Panipat can be made either offline or online modes.
To apply Online, visit the Hero FinCorp website two wheeler loan section. Enter the details and select the dealership from which the purchase will be made. Accept terms and conditions and submit the application. Once the application is received, a representative will contact the applicant to complete the formalities.
To apply Offline, visit the nearest Hero MotoCorp Two-Wheeler dealership. Talk to a representative at the dealership regarding the options and submit the relevant documents. Subject to the verification of the documents, the loan can be approved within 24 to 48 hours.