Planning To Buy A Bike? Here’s What You Need To Know

Everyone dreams to have their own two-wheeler. Now it is easy to avail the two-wheeler with the bike loan. But before applying must check some important things. Read this to know

You just got a raise and are looking to upgrade your commute. The smelly bus rides, the endless waiting for an auto and the envy of watching your colleague on a shiny motorbike may egg you on to look for your personal two-wheeler. It is easier to get a bike loan than you would think. The process is easy, the bike loan interest rate is low, and the time is right to splurge a little on yourself. So do your homework right. Look online for all the bike loan criteria to be met, get your documents in place, and go for it!

Steps To Get A Bike Loan Fast:

The process of getting a bike loan is straightforward. You can look at financial institutions offers online or look for an online lender who gives you a reasonable bike loan interest rate. The following are standard eligibility criteria, but some organizations may be a little different.

  • You need to be a resident Indian and above 21 years of age.
  • You need to be either salaried or self-employed. Proof of income is required in the form of salary slips of the last six months or the past two years of Income-tax Returns. If you are a student or have just been employed, you are free to make your parent a co-applicant. The addition of a co-borrower often fulfills the eligibility criteria.
  • You will be required to submit bank statements for the last six months.
  • Your “Know Your Customer “documents are any residence proof like an aadhar card or a passport or voter Id card and your pan card.
  • You can apply online and upload the documents. The process is fast, and many lenders can offer you up to 90% if the cost of the vehicle on the road. You will be the proud owner of a two-wheeler within the space of a few days.

Tips to get the best bike loan

Once you know that you are eligible for the credit, start finalizing the bike you want to buy. Stick to a budget. You can always upgrade to a bigger bike or a car when you can afford a more significant EMI. It is essential that you look for an affordable bike loan, and the EMI’s are comfortable. Your EMI should never be more than 25% of your income.

You can use your savings for a down payment. Your savings will save you a lot of money. Most financial institutions offer interest rates depend on your credit history and credit score. The next consideration for a favorable bike loan interest rate is the down payment you are ready to make. The higher the down payment, the lower your EMI will be.

Once you have settled on a comfortable EMI structure and you now the tentative interest rate, you can access the online EMI calculator and pay with it to fix tenure that makes repayment easy. Once that is done, your job is over. You just need to wait for the financial institution's approval, and once your loan is sanctioned and disbursed, you can get your bike home.

Before you commit to that EMI, do think things through. Do you really need that bike? Is your old one selling at a reasonable price? Is it time to buy your first bike? It is imperative that you do not make an impulse buy that will have you paying EMI’s for a few years. Once you think the decision through and find that it is a good one, wait no longer. Look for the best rates and conditions you see and get our mean machine home! After all, you worked hard for it.

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