Tata Capital Two Wheeler Loan: Tata Capital Two Wheeler Loans offer low interest rate and long tenure. The minimum income required for a two wheeler loan should be Rs 50,000 per annum. You can apply for the loan either online or offline at a low processing fee.
Tata Capital Two Wheeler Loan Eligibility Criteria
There are certain criteria set by banks that need to be met before the loan application is approved. Those eligibility criteria are as follows –
|age||Minimum 21 years|
|type of employment||salaried or self-employed|
|employment status||In job or business for at least 1 year, and at least 6 months with current company or business|
|minimum income||50,000 per year|
|Maximum loan amount||An average financial institution pays up to 90% of the loan|
|tenure||Minimum 12 months to a |
maximum of 60 months
Tata Capital Two Wheeler Loan Eligibility
Tata Capital provides loans for purchase of new two wheeler vehicles of any model i.e. scooters, motorcycles, mopeds, battery operated scooters etc.
Government/Semi-Government Employees, Public Sector Employees, Employees of Private Companies or Reputed Establishments, Professionals or Self Employed Individuals/Businessmen/Pensioners receiving pension from Tata Capital.
Minimum age of applicant
The minimum age to apply for Tata Capital Two Wheeler Loan is 21 years.
Maximum age of the applicant at the time of loan maturity
Retirement age for salaried individuals and 65 years for others.
Resident Stability: 1 year in current residence
Minimum Employment: Must have worked in the current company for 1 year
Maximum Loan Amount: Loan up to 95% of the on-road value of any two wheeler costing less than Rs 1,50,000 can be availed.
Tenure: Up to 60 monthly installments
Security: Hypothecation of the two wheeler to be purchased.
Processing Fee: Nil
Tata Capital Two-Wheeler Loan Interest Rate: Interest rate starting from 10% p.a.
How to apply for Tata Capital Two Wheeler Loan? ( Tata Capital Two Wheeler Loan Kaise Le )
You can either apply online or visit the nearest Tata Capital branch for application. You can also download the two-wheeler loan application form from the official website of Tata Capital, complete the form and submit it to the bank representative.
How to pay off your Tata Capital Two-Wheeler Loan?
Tata Capital Two Wheeler Loan EMI can be repaid in the following three ways.
Standing Instruction (SI): If you are an existing account holder with Tata Capital, then standing instruction is the best mode of repayment. Your EMI amount will be automatically debited from the Tata Capital account specified by you at the end of the monthly cycle.
Post-dated Check (PDC): You can deposit a post-dated EMI check from a non-Tata Capital account at your nearest Tata Capital loan center. A fresh set of PDCs will have to be submitted in a time bound manner. Please note that post dated checks will be collected at non-ECS locations only.
Electronic Clearing Service (ECS): This mode can be used when you have a non-Tata Capital account and you want your capital to be automatically debited from this account at the end of the monthly cycle.
It is said that you opt for SI or ECS mode of payment for faster and less error probability as compared to using PDC.
India is one of the largest manufacturers and users of two wheelers in the world. India has everything from scooters to super bikes. Such an increase in motorcycle usage across the country is due to the availability of two wheeler loans.
Traveling by two wheeler is economical and fast. Due to the increasing traffic on the roads it is very easy to reach your destination quickly with a two wheeler.
While on the one hand, bikes have found a place in Indian homes, motorcycle makers like Royal Enfield and Harley Davidson are promoting their motor bikes as a lifestyle. The youth (between the age of 18 to 25 years) find it easier to buy a bike for their commute as the motor cycle has low fuel cost and is also affordable, with motor-bikes starting from Rs 40,000.
Let us now see how a two-wheeler loan can be financed?
Getting a two-wheeler loan is easy and their installments are not very high. Those who have the money to pay for the bike in a single payment also go for the two wheeler loan. They see that by paying off the loan in monthly installments, they can use the money they have in various investments that make them money.
Also, they continue to use the bike while paying for it, where once the payment is made the owner can sell the bike and go for a newer and better model as motorcycles cost more than cars. is less.
Two wheeler loan is also one of the way through which most of the people try to get their credit history, Two wheeler loan when repaid consistently will have a positive impact on your credit score and you will get better loan and credit in future. Getting the card will help.
Documents Required for Tata Capital Bike Two-Wheeler Application
- Well filled loan application form
- 3 passport size photographs
- Proof of Identity (Photocopy of Voter ID / Passport / Driving License / IT PAN Card)
- Proof of residence (photo copy of recent telephone bill / electricity bill)
- Bank account/passbook details for the last six months
- Form 16/IT Return for the last two financial years for salaried employees
- IT returns for three years for self-employed professionals
Frequently Asked Questions About Tata Capital Two Wheeler Loan
What is the age limit of Tata Capital applicant?
Minimum age should be 21 years and maximum 65 years at the time of loan maturity
What is the repayment tenure of Tata Capital Two-Wheeler Loan?
The maximum repayment period is 60 months.
Is there any processing fee for Tata Capital Two-Wheeler Loan?
No, there is no processing fee for Tata Capital Two-Wheeler Loan
Do self-employed individuals guarantee to get a two-wheeler loan for Tata Capital?
Yes, self-employed individuals need to provide a single guarantor with a good credit score.
What is the customer care number of Tata Capital Two-Wheeler Loan?
1860 267 6060
What is the minimum and maximum loan amount of Tata Capital Two-Wheeler Loan?
Tata Capital offer Two Wheeler Loans from a minimum of Rs 25,000 to a maximum of Rs 3,00,000 depending on your eligibility.
How long will it take for my loan approval?
Once Tata Capital has all the documents, it generally takes around 20 minutes to calculate the eligibility for the Two Wheeler Loan amount to be approved.
Where to apply for Tata Capital Two-Wheeler Loan online?
Click on the link for Tata Capital Two-Wheeler Apply Online .
What is the interest rate of Tata Capital Two-Wheeler Loan?
Tata Capital Two-Wheeler Loan interest starts from 10.75%