A Step-By-Step Guide To Get A Bike Loan Easily

Having a two-wheeler is a necessity in every household in India. It serves multiple purposes from fetching groceries to bypassing traffic while saving a lot of parking space. Motorcycles and scooters offer a convenient mode to travel in both rural and urban areas. 

You can purchase a two-wheeler of your choice from your nearest dealership. Your dealer can help you understand the amount of bike loan you can avail according to your current monthly income and repaying capacity. However, by doing proper homework, you can ensure that your two wheeler loans application is easily approved.

Here’s a step-by-step guide that will get your bike loan approved

Step 1: Choosing the right loan option

After deciding the two-wheeler ride that is the best fit for your requirements, next is to pick the right loan option. It can help you manage EMI repayments without making it a burden on your monthly expenses. Consider the factors listed below to find the best loan option available to you.

  • Credit requirements
  • Current financial obligations
  • Deals and offers available
  • Interest rate offered
  • Monthly EMIs
  • Flexibility in repayment options
  • Loan disbursal time

The parameters mentioned above play a crucial role in determining the best-suited loan option. Grab a deal that helps you save interest. You can use a bike loan interest calculator on your lender’s website and compare with others to find the best fit.

Step 2: Check your bike loan eligibility

With the growing demand for two-wheelers in India, it has become possible for lenders to provide a bike loan with minimum requirements. Today, you can find a lot of banks, NBFCs and other financial institutions offering two-wheeler finance at affordable interest rates. The factors listed below impact your eligibility:

  • Monthly income
  • Credit history
  • Financial health
  • Applicant’s age
  • Income stability

Make sure that you fulfil the bike finance eligibility criteria of your lender before applying. You can use a bike loan eligibility calculator on your lender’s website to ensure the same.

Step 3: Calculate your bike loan EMI:

Once you have found a loan which fulfils all your requirements, you need to check the EMI you have to repay. You can adjust the EMI slightly by changing the tenure of the loan. It can help you ensure that the monthly repayment of the loan does not affect your budget. However, if you can pay a higher amount, then do not stretch your tenure unnecessarily.

Ensure that you save a little money along with paying the EMI each month for any emergency. After all, defaulting on your loan can damage your credit history and decrease your creditworthiness for future loans. So, make sure to use a bike loan EMI calculator before applying for the loan.

Step 4: Keep the required documents handy

Ensure that all the documents required for the loan application handy before applying. It can help you save time required in filling up the form. You can check out the list of the required documents specific to your lender on their website. Once collected, you can start the application process.

Step 5: Apply for loan

After completing all the three steps mentioned above, the final step is to apply online for the loan. You can visit your lender’s website to apply for two-wheeler finance. You will have to submit personal, financial, and vehicle details along with the bike loan application. Further, you can follow the steps mentioned on the website to complete the application process. 

Since the entire process is digital, you need not go to a bank or visit a lender. You can do it from the comfort of your home. Further, you can check your loan application status online and enquire through their online portal.

Conclusion

Nothing can compare to the pride, and joy one feels after owning your first two-wheeler. By availing a bike loan, you can quickly get your dream bike, and make monthly repayments for the same. It will reduce the burden to pay a large amount at once and allow you to make affordable EMIs. To get the best bike finance, check out the two wheeler loan interest rate of various lenders before submitting your application. Further, go through this guide to follow a step-by-step procedure.

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