Whether it is navigating your way through the morning traffic to reach the office on time or experiencing the thrill of whooshing past the streets, a bike helps you achieve a sense of freedom and control in life. While owning a motorbike brings about a certain power and responsibility, it is your duty to perform an in-depth investigation into the various factors related to online bike loans before purchasing thetwo-wheeler.
Scroll down to know about buying your dream bike with the help of a two-wheeler loan.
1. Compare the different lenders
Before finalizing the lender, you must compare the interest rates and special two-wheeler loan deals offered by various financial institutions to reap maximum benefits. For example -While most lenders finance up to 80-85% of the bike cost, there are certain lenders which offer zero down payment schemes thereby financing the entire cost of the two-wheeler, without requiring any initial payment from your side.
2. Check the eligibility
Upon deciding on a lender, the next big thing to focus on is fulfilling the required eligibility to apply for a two-wheeler loan which consists of the following:
- The age of the candidate should be between 18 and 65 years at the time of applying for a loan and at the time of loan maturity, respectively.
- The applicant should be a salaried professional or a self-employed individual with a steady source of monthly income.
- The applicant should be of Indian nationality.
3. Finalize the loan amount
While applying for two wheeler vehicle loan, the loan amount is a key factor in predicting your financial stability over the next few years and can be easily computed through a bike loan calculator. Therefore, with the knowledge about your savings and the final on-road price of your dream bike, you should be able to finalize a loan amount that is easily repayable without any interruption.
4. Opt for small tenures
Another critical parameter to decide is the repayment tenure in which the borrower is expected to completely repay the loan amount along with the accumulated interest. You should perform an in-depth investigation regarding the same as some lenders offer flexible repayment options, ranging from 12 to 48 months, depending on your eligibility and requirements.
5. Documents Required
The candidate should keep the softcopy of the following documents ready at handwhile applying for an online bike loan:
- Recent passport size photo
- Valid identity proof
- Valid address proof
- Income proof
- Asset proof
6. Calculate our EMI and additional charges
You must calculate your equated monthly instalments (EMI) amount before opting for a two-wheeler loan through the two wheeler loan calculator online by entering your loan amount, tenure, and interest rate to avoid any misconduct in the future. Along with it, do make sure to enquire about other charges related to the loan such as processing fees, prepayment charges, or any hidden costs which may surprise you in the future.
7. Benefits of applying online
One can conveniently apply online for a bike loan through the concerned website of the financial institution and submit your application. Additionally, you should always ask about any discount on interest rates or special deals offered by the lender during the festive season to obtain extra benefits along with your two-wheeler.