All You Need to Know About 2 Wheeler Insurance Finance

With growing demand in semi-urban and rural areas, the two-wheeler industry is a high-growth sector. The size of the industry is estimated at Rs 6,000 crore. This means that there is a huge opportunity for two-wheeled finance companies. There was limited awareness about two wheeler financing in the old days but with the increasing penetration of financial institutions across the country, it has become possible to get two wheeler financing quickly and easily.

Getting two wheeler insurance financing made easy. The eligibility criteria, documentation requirements and process are mentioned below:

Eligibility – Eligibility:

Individuals over the age of 18.

Individuals who have been salaried for more than a year.

Business owners who have been running a company for more than a year.

documentation:

Identity proof

Address proof

income proof

Valid KYC documents

Passport size photos

Procedure:

In order to apply for a two-wheeled insurance financing, the applicant needs to explore the market for various banks and financial institutions that offer the insurance. Based on the terms and conditions of the respective financial institutions, the applicant must choose the one that best suits his requirements. The application process is fast and transparent. The applicant must meet the eligibility criteria in order to apply for the insurance. Furthermore, the applicant needs to submit the application form and submit the required documents to the financial institution. Client executives are friendly and will guide through the entire application process. The application will be processed within 48 to 72 hours and the insurance will be approved in no time.

It is advisable to request a insurance from a trustworthy financial institution. They offer flexible tenures and easy payment options. With a low interest rate and flexible repayment period, buying a two-wheeler is quick and easy. Individuals with a positive credit history can get insurance approval faster and are also eligible for special programs. Once the insurance amount has been disbursed, the term and amount cannot be changed, thus it is important to give the insurance application a good idea and settle for the repayment period which can be possible based on the applicant’s monthly income. Financial institutions offer customized solutions to applicants based on their requirements. Depending on the type of two wheels to be purchased, the insurance amount will be penalized.

The applicant will only be required to pay a small amount as a down payment and the balance can be converted into a two wheeler insurance to be repaid in easy monthly installments. Up to 95% of the car price on the road is available as a insurance to the applicant and the repayment period ranges from 12 months to 48 months. With the increasing demand for two wheels across the country, banks and financial institutions provide insurances that meet the requirements of consumers and also settle the terms accordingly.