Although many people prefer different modes of transportation, two-wheelers are one of India’s most preferred ones. Two-wheelers have become necessary with the increasing traffic, rising fuel prices, and rising pollution levels. Two-wheelers are also a great way to commute to work and avoid dealing with heavy traffic.
However, not everyone can afford two-wheelers outright; thus, they opt for two-wheeler loans. Getting approved for a loan can be difficult if you have a low credit score. Here are some suggestions to assist you in obtaining a two-wheeler loan without CIBIL.
How to obtain a two-wheeler loan with a low CIBIL score?
Getting a two-wheeler loan without CIBIL can be challenging. The good news is that there are some ways to overcome it and get your dream bike.
1. Apply with a co-applicant
If applicants do not have the required CIBIL score for a two-wheeler loan, their next best option is to get a loan with a co-applicant. Their parents, relatives, or friends can act as guarantors and help them secure the loan.However, ensure checking the two-wheeler loan age eligibility for the co-applicant. The main advantage of using this option is that applicants can obtain a loan even if their credit score is low.
2. Higher down payment
If the applicant’s CIBIL credit score is poor, their required down payment for a two-wheeler loan would be more. If their CIBIL score is low, they may need to put more money down to obtain a two-wheeler loan. Additionally, since they will be making a larger down payment, the overall amount of the loan will be reduced, which will result in a reduction in the interest rates they will have to pay.
3. Compare lenders
It is often advisable to have various alternatives available when choosing and contrasting various lenders. By conducting appropriate research, one may successfully obtain a two-wheeler loan without a good CIBIL score from the best lender with the best interest rate, easy two-wheeler loan age eligibility, terms, and conditions.
4. Negotiate with the lender
Perhaps there are legitimate reasons why an applicant’s CIBIL score is poor. For instance, the non-payment of their previous loan contributed to their low CIBIL score, and they missed their repayment deadline for legitimate financial reasons. Ensure discussing these matters with the lender. Despite the borrower’s low CIBIL credit score, lenders can agree to grant them a two-wheeler loan with a reasonable interest rate.
Reliable and trustworthy lenders like Muthoot Capital make acquiring a two-wheeler loan convenient and hassle-free, and applicants can get the loan amount instantly. Borrowers can get their dream bike with affordable EMIs, fewer documents, finance schemes that suit their needs, competitive interest rates, easy-to-meet two-wheeler loan age eligibility and flexible repayment options.
Maintaining a good CIBIL score is crucial. Borrowers benefit from a solid CIBIL score since they can readily find several offers for two-wheeler loans with reasonable interest rates. Thus, before requesting a bike loan, attempt to raise your CIBIL credit score if it is low.