{"id":9424,"date":"2023-08-28T16:35:59","date_gmt":"2023-08-28T16:35:59","guid":{"rendered":"\/blog\/?p=9424"},"modified":"2024-09-03T17:50:37","modified_gmt":"2024-09-03T12:20:37","slug":"the-ideal-tenure-for-your-two-wheeler-loan","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/the-ideal-tenure-for-your-two-wheeler-loan\/","title":{"rendered":"The Ideal Tenure For Your Two-Wheeler Loan"},"content":{"rendered":"\n

Getting\na loan is always a matter of priorities. A two-wheeler is a basic necessity;\nhowever, the cost of buying one must be justified. If you opt for a low EMI\nbased on your two wheeler loan eligibility, you invariably end up increasing\nthe tenure. This can be bad news given the extra amount you will end up paying\nby way of interest. If anything, going for a longer tenure should be an option\nof the last resort as it can impact other financial priorities and eat into\nyour living expenses.  <\/p>\n\n\n\n

Know More About Two Wheeler Loan<\/a><\/div>\n\n\n\n

Let\u2019s\ntake a quick look at how loan tenure can impact your finances:<\/p>\n\n\n\n

Why is loan tenure important?<\/strong><\/p>\n\n\n\n

A\nlender considers your age, repayment capacity, and tenure to determine the\ninterest rate on your two wheeler loan. Since\na longer tenure increases its risk exposure, the lender hikes the interest\nrate.<\/p>\n\n\n\n

In\ncase you opt for a zero down payment bike loan, you will be able to bring\nhome a two-wheeler at practically no cost. However, the interest component is\nconsiderably higher, owing to the increased risk factor. Hence, it makes sense\nto opt for the shortest possible tenure that is feasible for you. Let\u2019s\nillustrate this with an example:<\/p>\n\n\n\n

If\nyou opt for a bike loan worth Rs. 1 lakh @\n10% p.a: <\/p>\n\n\n\n

For\na tenure of 12 months, the EMI may be high. However, the interest component\nwill be considerably less as compared to a higher repayment period with a lower\nEMI. In case, your existing liabilities are high, or you have had a dip in your\nincome; opting for an extended loan tenure can be an alternative.<\/p>\n\n\n\n

Short-term and long-term loans compared<\/strong><\/p>\n\n\n\n

\"Short<\/figure>\n\n\n\n

Most\nNBFCs and banks approve short-term two-wheeler loans on an expedited basis. For\na tenure under one year, the risk exposure to the lender is minimal. As such,\nyou can get a two-wheeler loan without much documentation. On the other hand, a\nshorter tenure means a higher monthly outflow for you as the borrower. <\/p>\n\n\n\n

In\ncontrast, long-term loans are cheaper, and it is easier for applicants to get\napproval for higher amounts. The downside is that the compounded interest is\ngreater and prepayment charges are likely to be levied if you attempt to repay\nthe loan in advance.<\/p>\n\n\n\n

What is the ideal tenure for two-wheeler loan?<\/strong><\/p>\n\n\n\n

If\nyou have enough liquidity, it makes better sense to pay a higher EMI and repay\nthe loan quicker, provided there are no prepayment charges. If your existing\nfinancial obligations do not allow you to take on a higher EMI burden, it is\nwise to consider a long-term horizon. Your strategy must take into account\nyour short-term and long-term financial commitments.<\/p>\n\n\n\n

A bike loan EMI calculator<\/a>\u00a0can help you decide the best course of action when it comes to choosing the right two-wheeler loan. Another popular workaround is to approach your local dealer for advice on the best two wheeler loan for your needs.\u00a0<\/p>\n\n\n\n

Save money with an instant two wheeler loan<\/a> from Tata Capital. With quick disbursal and minimal documentation, your two-wheeler dream is now closer to realization than ever.<\/p>\n\n\n\n

Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Getting a loan is always a matter of priorities. A two-wheeler is a basic necessity; however, the cost of buying one must be justified. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":9425,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-9424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-vehicle"],"yoast_head":"\nWhat should be the ideal tenure for your Two Wheeler Loan - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"What should be tenure for your two wheeler loan? Here\u2019s all details that will help you to decide the tenure for your two wheeler loan. 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