One of the easy ways to get a loan is by pledging. If the borrower is in dire need of some quick cash, a motorcycle pledge loan is the best choice. The borrower must place his/her motorcycle as a pledge to get loan. The best part of this type of loan is that the ownership, as well as the possession of the vehicle, remains with the borrower. A motorcycle pledge loan is generally provided for a short term period, i.e., between 6 months to 24 months.

Features of a motorcycle pledge loan

• Motorcycle Pledge [จำนำมอไซค์, which is the term in Thai] is used when the pledger needs a loan at a low rate of interest. It is one of the most common types of pledge in the financial market.
• The tenure of a motorcycle pledge loan is generally short term. It starts from 6 months and extends up to 24 months.
• A loan is given against a vehicle only if the vehicle is less than or up to 7 years old from its manufactured date.
• The borrower is not required to deposit the vehicle. The owner can enjoy the benefits of the vehicle.

Eligibility criteria for a motorcycle pledge loan

• If the vehicle which is being pledged is already used as a security for another loan, the borrower cannot take a loan on the same vehicle. The borrower has to close the previous loan in order to avail a new one.
• People who are eligible for a motorcycle pledged loan includes businessman, students, self-employed, etc.
• The financial institution lending a loan requires a residential proof of the borrower.
• In order to get a pledged loan, the borrower must have an active bank account.
• The bike should not be older than 7 years from the date of it’s manufacture.