With the need to maintain social distancing norms during the COVID-19 era, there is nothing better than a scooter to avoid exposing yourself to the deadly virus. It is one of the best available options for daily commute as it makes traffic navigation easy, and there is always ample space for parking.
One of the main reasons for an increase in two-wheeler sales is due to the women commuters. A scooter for a woman means more than conveyance from public transport. It is more about the independence one can experience as it enables you to travel anywhere you wish without being dependent on a man.
Scooter loan for women
With the financial instability induced by the recent pandemic, not everyone can afford to buy a scooter, but that does not mean that you should give up your dream of owning a scooter. If you do not have the means to manage your finances, you can apply for a scooter loan and avail of a higher loan amount at affordable interest rates and flexible loan tenure.
Benefits of a scooter loan for women
Women tend to receive numerous benefits after applying for a scooter loan. Some of which are:
1. The higher loan amount and affordable interest rates
The benefit of applying for a two-wheeler loan is that you can get up to 100% of the scooter’s on-road price as a loan. Regardless of the scooter’s model, lenders offer the entire amount of the scooter as a loan, provided you have a stable source of income and have maintained a healthy credit score.
On the other hand, women tend to enjoy the most affordable two-wheeler interest rates. Keeping the scooter loan customer-centric, lenders tend to offer interest rates as low as 0.99%, giving women the flexibility to plan their monthly budget and repay the loan amount without defaulting on payments.
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2. Improve credit score
A credit score is one of the foremost parameters to check your creditworthiness. It enables lenders to establish whether you will be able to make payments without any default. Whether you can get a higher loan amount and lower interest rate depends on your credit score.
The best part about a scooter loan is that women get to enjoy low-interest rates. Lower interest rates enable them to make on-time repayments which in turn improves their credit score. An improved credit score also warrants approval of future loan applications.
3. Relaxed eligibility norms
Although you will have to check with your lender to know their requirements, the eligibility criteria for women to acquire a scooter loan are kept minimum.
The criteria that are common across all platforms are:
- You must either be an employee of an organization or a self-employed individual to get a scooter loan.
- The minimum age of loan application must be 18 years or 65 years at the end of the loan tenure.
- Salaried Person: A minimum income based on the lender’s policy.
- Self-employed individual: A minimum net profit based on the lender’s policy.
- It would help if you also had a minimum CIBIL score of 750.
The net income or net profit amount is dependent on your lender’s policy.
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4. Minimum documentation
Much of a scooter loan’s popularity stems from the minimum documentation process involved. You can be assured of getting an affordable 2-wheeler loan interest rate and repayment tenure to manage your finances without any burden on your pocket.
Make sure to prepare the following documents to get a scooter loan:
Identification proof: Aadhaar Card, Voter ID Card, Passport, Driving License, or Pan Card.
Address proof: Aadhaar Card, Ration Card, PAN Card, or Passport.
Income Proof: Bank statements, Income Tax Returns, Salary Slips, and FORM 16.
Recent passport-size photographs.
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Scooter loan sanction procedure for women
The standard procedure for women to get loan approval is:
- Receipt of Application: You will need to fill in a scooter loan application form and submit it to your lender along with the requisite documents.
- Scrutiny: Your lender checks your documents, your eligibility, and credibility. The loan proposal will get sanctioned if everything is in order.
- Approval: After passing the scrutiny stage in the loan sanction procedure, your application is forwarded to the sanctioning officer for approval.
- Processing: The bank will then inform you of the terms and conditions of the loan. The bank will prepare documentation as legal requirements.
- Monitoring: After processing the loan, the lender will continue monitoring the bike’s condition, repayments, EMIs, etc., until the loan amount is fully repaid.
If you are planning to buy a scooter, do not hold yourself from getting a two-wheeler loan. The affordable auto loan interest rates enable you to manage your finances without redeeming your savings.