The two-wheeler loan process has been dramatically streamlined, from online applications to simple documentation. However, despite these advancements, people often make certain mistakes that unfortunately result in loan delays or rejections.
If you want to get a bike, scooter, or EV on loan without making any two-wheeler financing errors, follow motorcycle loan advice provided by experts from Manba Finance in today’s interview.
What is the first thing one must do once they decide to get a two-wheeler loan?
One of the most common loan mistakes is not doing enough research on the potential lenders. So, first and foremost, conduct a thorough R&D online to determine the best financier out there. While you can opt for a loan from your bank, getting it from a non-banking financial corporation (NBFC), such as Manba Finance, ensures many advantages. It includes easy documentation, flexible eligibility criteria, customised loan solutions, faster processing, and personalised customer service.
However, with NBFCs, you must ensure they have a strong track record and a reputable position in the lending industry. For instance, Manba Finance has charted out its progress on its website. They have been around for over 15 years, have 64 locations across five states, and sanctioned loans to over 9 lakh happy customers!
How can people get the most cost-effective loan?
Another loan mistake is not comparing available loan options. If you go ahead with the first option you discover online, you might miss out on a better offer elsewhere. So, once you make a list of the trending two-wheeler lenders, you must compare different parameters, such as interest rates and special offers, to secure the best deal.
Can you discuss two-wheeler financing errors?
Applying for a loan with a low credit score can be a costly mistake. There are increased chances of loan rejection, and even if it gets approved, you will likely end up with hefty interest rates and EMIs, ultimately resulting in a higher total loan amount. Therefore, ensuring you have a high credit score is crucial to avoid loan rejection at Manba Finance or other financial institutions. If your score is low, take proactive steps to improve it before submitting your loan application.
Another crucial piece of motorcycle loan advice for first-time borrowers is to avoid opting for a zero-down payment loan. While it may seem like a money-saving option, it is a costly affair. How? Because the lenders will impose high interest rates and steep EMIs, resulting in a financial burden in the long run.
Do you have any strategies for borrowers to ensure timely loan repayment?
Firstly, avoid the loan mistake of borrowing more than you can afford. Before filling out the application form, calculate your monthly income and expenses. Using an EMI calculator, evaluate how much you can manage to pay monthly without affecting your budget. Secondly, have a loan repayment plan—decide a down payment amount, set aside money every month for the EMI, and make extra payments whenever possible.
Can you shed some light on the eligibility criteria at Manba Finance?
Manba Finance’s mission is ‘making loans easy for everyone’. So, the eligibility criteria are relatively simplified—you must be a resident of India aged between 18-59 years with an operative bank account. Ideally, being employed or running a business for at least six months is essential for a smoother loan application, but it’s not mandatory.
Manba Finance evaluates all applications and provides tailored solutions to ensure everyone enjoys the benefits of a two-wheeler loan. For instance, if an applicant earns less salary, they can apply with a co-applicant.
How to apply for a Manba Finance two-wheeler loan? What are some common application mistakes to avoid?
The step-by-step loan application process is explained in detail on the Manba Finance website. Submitting all the required documentation is crucial to avoiding loan rejection at Manba Finance. Also, remember to read the loan terms and conditions, such as prepayment penalties and processing fees. If you need clarification on anything, contact Manba Finance for assistance!
