Purchasing a two-wheeler is a significant investment, and for many, it requires some financial assistance. This is where a two-wheeler loan or two-wheeler finance comes in handy. With the rise of online platforms and loan apps, applying for a loan has become more convenient than ever. However, despite this ease, many people still make mistakes that could cost them in the long run. Here are four common mistakes to avoid when applying for a two-wheeler loan.

1. Not Comparing Interest Rates

One of the biggest mistakes people make is not comparing interest rates from different lenders. Just because a bank or a loan app offers you a loan doesn't mean you should accept it immediately. Interest rates can vary significantly between different lenders, and even a small difference can impact your overall repayment.

For instance, if you take out a loan of ₹1 lakh at a 10% interest rate, your total repayment will be much higher than if you secured a loan at 8%. Take the time to research different options for two-wheeler finance. Use loan comparison websites, visit multiple banks, and check various loan apps before making a final decision. By doing this, you ensure you're getting the best deal possible.