A few years ago, owning a two-wheeler was a luxury. Now, having your own vehicle has become more of a necessity than as extravagance. Given that in a highly populated country like India, the public transportation means are insufficient and is still under development, having your own two-wheeler would spell utter comfort and convenience. But, buying a two-wheeler without proper savings and budget plan is an arduous task. If you are financially unprepared to manage the expense, you can avail a two-wheeler loan and repay in affordable monthly instalments.
An industry leader in automobile financing, Mahindra Financing two wheeler loan come with an array of benefits that will make your two-wheeler purchase process easy and hassle-free.
Also Read: Two Wheeler Insurance.
Features and Benefits of Mahindra Finance Two Wheeler Loans:
The following advantages that come with Mahindra Finance 2 Wheeler Loans makes it the best choice for people who are looking to purchase a two-wheeler without any hassles.
- Fast loan approval and minimal documentation requirements
- For women customers, a rebate of 0.5% is offered.
- Customers can choose a suitable repayment tenure varying from 12 months to 36 months.
- Mahindra Finance offers a high funding of up to 80% of the Loan to Value (LTV) as loan quantum.
- Mahindra Finance also offers loan insurance for two wheelers.
Eligibility for Mahindra Finance Two Wheeler Loans:
All individuals aged between 21 to 58 years are eligible to apply for this source.
Documentation for Mahindra Finance Two Wheeler Loans:
The following documents are to be ssubmitted while applying for Mahindra Finance Bike Loans.
- KYC Documents:
Any one of Passport, PAN card, driving license, Voter ID and Aadhar card.
- Income Documents:
Latest copy of salary slips, income tax return statement, bank statement showing salary credit, proof of employment etc.,
Mahindra Finance Bike Loans Interest Rate:
The interest rate for two-wheeler loans offered by Mahindra Finance generally varies between 10% to 14%. Since interest rates are subject to frequent change, do contact Mahindra Finance before applying for a two-wheeler loan.
FAQs on Mahindra Finance Two Wheeler Loans:
- How many days does it usually take to process the loan?
The loan process will be usually completed in two days.
- Will I incur any penalty if I chose to prepay the loan?
Yes, a nominal prepayment penalty will be charged if the customer decides to prepay the loan.
- What is the maximum loan quantum that I can get?
Customers are offered a maximum financing of up to 85% of the on-road, invoice price of the vehicle.
- I do not have any proof of income. Will I be able to get a loan for two wheeler?
Yes. With all other required documents in place, you will be able to get the loan without any hassles.
- Can I opt to repay the loan in 2 years time?
Yes, customers are offered flexible repayment tenures of up to 36 months.
News about Mahindra Finance Two Wheeler Loan
Peugoet Scooters to Be Launched In India By Mahindra
Mahindra Two-Wheelers Limited is expected to bring Peugoet scooters to India by next year. The company is targeting the premium two-wheeler market after acquiring 51 percent stake in Peugoet scooters last year.
It displayed 3 Peugoets - Django, Speed fight and Metropolis - at the 2016 Delhi Auto Expo. India does not have many premium two-wheelers, and is likely to meet with some competition only from Piaggio's Vespa.
The Peugoets are expected to be the costliest scooter in the country, and a person wishing to buy it would have to opt for a two-wheeler loan. Pricing the scooters will be a dilemma for Mahindra as acceptance will be the key here.
Mahindra Offers Cash Discounts after Reaching 1 Million Sales Mark
Mahindra Two Wheelers are offering customers attractive cash discounts to celebrate the company crossing the one million sales figure mark. To commemorate this milestone, the company has announced that it will be introducing cash back incentives on the Centuro motorcycle as well as the Gusto scooter. Customers looking to purchase the Centuro 110cc commuter motorcycle will be eligible to claim a cashback of Rs 5,000, while those customers looking to go in for the Gusto will be eligible to claim cashbacks of Rs 3,000. However, these cash back offers are only available to the public for a limited duration of time, so customers are urged to hurry and take advantage of these schemes before the time limit runs out. The base price of the Mahindra Centuro motorcycle has been priced at Rs 43,250 while the base price of the Gusto DX scooter stands at Rs 45,410 at the moment. The cash back incentives, however, do not apply to the Mahindra Mojo, which is the company's flagship offering.