Features & Benefits of a Two Wheeler Loan
Competitive Interest Rates
Collateral-Free Loan
Paperless Loan Application
Flexible Repayment Option
Instant Disbursal
Get Bike Loan at Lower Interest Rates
Piramal Finance offers bike loans with highly competitive interest rates, beginning at 12.99% p.a. The interest rates are calculated according to various factors such as age, employment status, and credit score. Examining these factors closely is important to determine the best interest rate that suits your needs.
1. Age
To be eligible for a two wheeler loan, you must fall within the age bracket of 21 to 60. Younger applicants are often seen as more financially responsible and may be able to secure lower interest rates. In contrast, older adults aged 50 to 60 may be offered higher interest rates due to the perceived risk of being unable to make timely payments.
2. Employment Status
If you're considering applying for a bike loan, it's crucial to have a reliable and steady source of income. This not only enhances your chances of being approved for the loan but can also lead to lower interest rates. Generally, individuals employed in the government, private, or PSUs are more likely to receive loans faster and with better rates due to their consistent and timely incomes. This reduces the risk of defaulting on repayments and offers added security for both the borrower and the lender.
3. Credit Score
Your credit score is an important factor in getting a good interest rate on a loan. A higher score means you're more likely to be viewed as a reliable borrower, which can result in a lower interest rate. For example, you might get a better deal if your CIBIL score is 750 or higher. Nevertheless, it's important to remember that Piramal Finance provides competitive interest rates to everyone, regardless of their credit scores.
Types of Personal Loans
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Frequently Asked Questions
If you consider taking out a two wheeler loan from Piramal Finance, you'll be pleased to know that the processing time is quite quick. At Piramal Finance, it takes approximately 24 hours to process the loan after verifying the necessary documents. That means you can expect to receive your loan within 24 hours after verification.
You must choose Piramal Finance for a bike loan for various reasons. Some of these include:
To check your loan status and statement, log into the Piramal Finance website or app. Then, click on Application Status Tracker
A CIBIL score of 550 or below is considered a bad score, and a score above 700 is regarded as a good score to avail a personal finance. You can always improve a low credit score, as a good credit score will increase your chances of availing an easy loan from Piramal Finance.
