Transportation In India: Two Wheeler Loan Versus Four Wheeler Loan

By Author: Neha Sharma
Total Articles: 170
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If you are travelling in any part of the country of India, you will always be greeted with long lines of traffic and congested highways. To overcome this problem, most travelers resort to travelling via their own vehicles. The best way to purchase one is through an automobile loan. In this article, we give you the difference between a two wheeler loan and a four wheeler loan.

Approval Time
The approval time for the car loan and the two wheeler loan are completely different. Normally the loan for the car takes around at least 2 to 4 days. The loan for a two wheeler will take anywhere around 4 hours in a day to get approved. Thus, getting a bike or scooty is much faster than getting a car.

Eligibility Criteria
The eligible criteria for both the loans are different. Some of the common criteria area:
o Salaried or self employed individuals
o The individual who is applying must be of the age of 21 and above and below 65 years
o The individual should be residing at the given residence address ...
... for at least a year.
o The individual should have a residential phone or an office phone

The other eligibility criteria that are different for the loans are as follows:

• Two wheeler loan: The individual should be working for at least 1 year and should earn at least 84 thousand annually for salaried profiles and 72 thousand annually for self employed individuals.

• Car loans: the individual should be working for at least 2 years, with a minimum of 1 year with the current employer. He should have at least an income of 1.8 lakh as his annual income which may or may not include the income of the spouse or co – applicant. Depending on the type of the car, the value of the income criteria changes.

Documents Submission
The documents submissions for both the loans are similar. The standard documents that are needed to be submitted are as follows:
o Proof of identity: which includes copy of passport, voters id, driving license, pan card or ration card
o Address proof: This includes a copy of the above mentioned documents or telephone bill, electricity bills, gas connection or credit card billing.
o Income proof: Latest salary slip for employed person and IT returns for self employed.

Features and Benefits
The features and benefits for both the loans are different, depending on the banking institute.
• Two wheeler loan: if you fulfill certain criteria you may be receive a tenure period of 48 months. You can also get a 100% loan approval on certain models and account holders of certain banks. Some of these benefits also extend to women and special occasions.

• Car Loan: certain offers and benefits are extended to brand new cars and second hand cars. Special plans are extended to selected car models.

Author Bio:- Neha Sharma is a finance student who loves to write. She is delighted to share beneficial information about two-wheeler loan to those who are interested in purchasing a two wheeler in the near future.