R 500
R 125000
R 250000
REPRESENTATIVE EXAMPLE: ESTIMATED REPAYMENTS OF A LOAN OF R30,000 OVER 36 MONTHS AT A MAXIMUM INTEREST RATE INCLUDING FEES OF 27,5% APR WOULD BE R1,232.82 PER MONTH. REPAYMENT TERMS CAN RANGE FROM 2 - 72 MONTHS. CREDITUM IS AN ONLINE LOAN COMPARISON TOOL AND NOT A LENDER. INTEREST RATES CHARGED BY THE LENDERS FOUND IN OUR SERVICE CAN START AS LOW AS 20% APR, INCLUDING AN INITIATION AND SERVICE FEE DETERMINED BY THE LENDER. THE INTEREST RATE OFFERED DEPENDS ON THE APPLICANTS' CREDIT SCORE AND OTHER FACTORS AT THE LENDER'S DISCRETION.

Two Wheeler Loans

In order to find the best loan for your needs, it is important to compare loans online.

  • Apply in minutes
  • Get offers from multiple lenders
  • Choose the best loan option available

Note: If you are not satisfied with the loan offers, you don’t have to select any of them.

Applying for a loan online – How it works

About 5 minutes

1. Select loan amount

In the calculator, select the loan amount you need.

The minimum amount is R 500 and the maximum amount is R 250 000.

 

2. Fill out contact details

Fill out your email address and your cellphone number.

Keep in mind that you will receive the loan offers through these channels.

 

3. Fill in additional details

The applications are often processed automatically. To achieve this, banks and lenders need some additional details, like your employment status and monthly income.

 

4. Select the best loan offer

Compare the offers & select the best one! If you are not satisfied with the offers, you don't have to do anything. The application expires automatically.

 

Two Wheeler Loans in South Africa

Are you in the market for a new motorcycle or scooter in South Africa? If so, you might be wondering how you’re going to finance your purchase. That’s where two wheeler loans come in. With the right loan, you can get the transportation you need without breaking the bank. But how do you find the lowest loan rates and apply online? Look no further – we’ve got you covered. In this article, we’ll explore the ins and outs of two wheeler loans in South Africa, including what you need to know before you apply, how to find the best loan rates, and how to apply online. So whether you’re a first-time buyer or a seasoned rider, read on to learn everything you need to know about two wheeler loans in South Africa.

Benefits of taking out a two wheeler loan

Before we dive into the details of two wheeler loans in South Africa, let’s take a look at some of the benefits of taking out a loan to finance your purchase.

One of the biggest advantages of a two wheeler loan is that it allows you to buy the bike or scooter you want without having to pay for it all upfront. This can be especially helpful if you’re on a tight budget or don’t have the cash on hand to make the purchase outright.

Another benefit of a two wheeler loan is that it can help you build credit. As long as you make your payments on time and in full, your credit score will start to improve. This can be helpful if you plan to take out additional loans in the future, such as a car loan or a mortgage.

Finally, a two wheeler loan can offer you flexibility in terms of repayment. Depending on the lender you choose, you may be able to pay off your loan over a period of months or years, which can make it easier to manage your finances.

Eligibility criteria for two wheeler loans in South Africa

Before you apply for a two wheeler loan in South Africa, it’s important to understand the eligibility criteria.

In general, lenders will look at your credit score, income, and employment history to determine whether you’re a good candidate for a loan. You’ll typically need a credit score of at least 600 to qualify for a loan, although some lenders may require higher scores.

You’ll also need to provide proof of income, such as pay stubs or tax returns, to show that you can afford to make your loan payments. Finally, most lenders will require you to have a stable employment history, typically of at least one to two years.

Types of two wheeler loans

There are two main types of two wheeler loans in South Africa: secured loans and unsecured loans.

A secured loan is one that is backed by collateral, such as the bike or scooter you’re purchasing. If you default on your loan, the lender can seize the collateral to recoup their losses.

An unsecured loan, on the other hand, is not backed by collateral. This type of loan is typically more difficult to qualify for, as lenders are taking on a greater risk by lending you money without any security.

How to apply for a two wheeler loan online

Once you’ve determined that you meet the eligibility criteria and decided on the type of loan you want, it’s time to apply for the loan.

One of the easiest ways to apply for a two wheeler loan in South Africa is online. Many lenders now offer online applications, which can be completed in just a few minutes. To apply online, you’ll typically need to provide your personal information, such as your name, address, and contact details, as well as your employment and income information.

Documents required for a two wheeler loan application

When you apply for a two wheeler loan in South Africa, you’ll need to provide a number of documents to support your application. These may include:

  • Proof of identity, such as a passport or ID book
  • Proof of residence, such as a utility bill or lease agreement
  • Proof of income, such as pay stubs or tax returns
  • Bank statements

Make sure to check with your lender to find out exactly what documents they require.

Factors to consider when choosing a two wheeler loan

When choosing a two wheeler loan in South Africa, there are several factors to consider.

First and foremost, you’ll want to look for a loan with a low interest rate. The lower the interest rate, the less you’ll have to pay back over the life of the loan.

You’ll also want to look for a loan with flexible repayment options. Some lenders may offer the option to pay off your loan early without penalty, or to make extra payments to reduce your interest charges.

Finally, it’s important to choose a reputable lender with a track record of providing excellent customer service. Look for reviews and ratings online to get an idea of what other borrowers have experienced with a particular lender.

Top lenders offering two wheeler loans in South Africa

There are many lenders in South Africa that offer two wheeler loans. Some of the top lenders include:

  • Absa
  • Standard Bank
  • Nedbank
  • FNB
  • Capitec

Be sure to compare interest rates and terms from multiple lenders to find the best loan for your needs.

Comparison of two wheeler loan interest rates

To give you an idea of what to expect in terms of interest rates, let’s take a look at the current rates offered by some of the top lenders in South Africa:

  • Absa: starting from 10.25%
  • Standard Bank: starting from 10.5%
  • Nedbank: starting from 10.5%
  • FNB: starting from 10.5%
  • Capitec: starting from 12.9%

Note that these rates are subject to change and may vary depending on your individual circumstances.

Repayment options for two wheeler loans

When you take out a two wheeler loan in South Africa, you’ll typically have several repayment options to choose from.

The most common repayment option is a fixed monthly payment, where you’ll pay the same amount each month until the loan is paid off. This can make it easier to budget for your loan payments.

Some lenders may also offer the option to make bi-weekly or weekly payments, which can help you pay off your loan faster and save on interest charges.

Tips for getting the lowest loan rates

If you’re looking to get the lowest possible interest rate on your two wheeler loan, there are several things you can do.

First, make sure your credit score is in good shape. This means paying your bills on time, keeping your credit utilization low, and checking your credit report regularly for errors.

You can also shop around for the best loan rates. Don’t just accept the first loan offer you receive – compare rates and terms from multiple lenders to find the best deal.

Finally, consider putting down a larger down payment if you can. The more money you put down upfront, the less you’ll need to borrow and the less you’ll pay in interest charges.

Conclusion

In conclusion, if you’re in the market for a new motorcycle or scooter in South Africa, a two wheeler loan can be a great way to finance your purchase. By understanding the eligibility criteria, types of loans, and repayment options available, you can find the best loan for your needs and budget. So start shopping around for a loan today – and get ready to hit the open road.

You might also be interested in:

Lime
Loan amounts
R300
R5400
Payback period
5 days to 7 weeks
Interest rate
Daily interest rate of 0.1% to 0.16% depending on Tariff Group
Other fees
R69/month + opening cost 16,5% of first R1000 lent + 10% of loan amount over R1000 (+VAT). Limited to lesser of 15% of loan amount (+VAT).
Representative example: If you want to borrow R2000 for 30 days, you have to pay back R2428.78. The total cost includes interest, VAT, and a monthly service fee.
MyLoan
Loan amounts
R100
R250000
Payback period
7 days to 36 months
Interest rate
MyLoan is an online loan broker and not a lender. Interest rates of the loans in the comparison panel can start as low as 20% APR.
Other fees
MyLoan is an online loan broker and not a lender. Other fees depend on the brokered loan.
Representative example: a R50 000 loan at an interest rate of 24.5% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 103 155.57. The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months. MyLoan is an online loan broker and not a lender. T service is free and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants’ credit score and other factors at the lenders’ discretion.
Boodle
Loan amounts
R500
R8000
Payback period
16 days to 6 months
Interest rate
Daily interest rate of 0.17%
Other fees
Service fee R60 per month + Initiation fee R165 on the loan above R1000 + Insurance premium R4.50 per R1000 per month on the daily balance
Representative example: The payback time and total costs differ depending on the amounts. Final costs and fees are shown on the next page before agreeing to the loan.
Fasta
Loan amounts
R800
R8000
Payback period
1 month to 3 months
Interest rate
Monthly interest rate 3%
Other fees
Initiation fee R994 + Service fee R69 + Credit protection fee R48.76
Representative example: The payback time and total costs differ depending on the amounts. Final costs and fees are shown on the next page before agreeing to the loan.
MPowa
Loan amounts
R500
R8000
Payback period
16 days to 6 months
Interest rate
Interest of 5% per month, 3% on additional loans during the same calendar year
Other fees
Initiation fee of 16.5% of the capital amount on the 1st R1000 then 10% on each amount over R1000 plus VAT. A service fee of R60 per month plus VAT.
Representative example: The payback time and total costs differ depending on the amounts. Final costs and fees are shown on the next page before agreeing to the loan.