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In India, two-wheelers are a popular choice for commuters. Bikes are cheaper when compared to cars and are easier to move through traffic. Almost all banks and Non-Banking Financial Companies (NBFCs) offer two-wheeler loans at attractive interest rates.
The process to apply for a two-wheeler loan is simple and most lenders provide the option to apply for a loan online. However, it is important to have a good credit score to avail a two-wheeler loan at an attractive interest rate. In case your CIBIL score is low, the two-wheeler loan application may be rejected or the loan will be provided at high interest rates.
Some of the main reasons why your credit score may be low are mentioned below:
You will also need to meet the eligibility criteria to apply for a two-wheeler loan.
The different ways by which you can get a two-wheeler loan in case your CIBIL score is low are mentioned below:
There are several ways by which you can get a two-wheeler loan even if the CIBIL score is low. However, it is important that you maintain a good credit score as it can help in getting a bike loan with low interest rates and better terms and conditions.
The procedure to check the CIBIL score is mentioned below:
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