Whether you’re getting your first bike or looking forward to upgrading to the latest version, buying a motorcycle is always exciting. While deciding which bike to buy is challenging, it is even more challenging to determine whether to get your bike through cash or bike loan. Here is a list of advantages of using a loan for a bike loan instead of buying a bike by paying money.
Affordable Interest Rates
Highly affordable and low bike loan interest rates make buying bikes easy.
Quick loan approval and processing
Quick loan approval and processing that makes sure you’re able to take your bike home at the soonest.
You don’t have to empty your pockets and ruin your budget. Instead, you can transfer the burden on the banks and pay convenient EMIs.
You can avail of a loan on your two-wheeler’s on-road cost, which provides complete coverage of the loan amount.
Loans on all two-wheelers
Be it a scooter or a high-end bike, and loans are available on all types of two-wheelers. You can calculate loan EMI with Bike EMI calculator.
You can avail of a bike loan with various additional bonuses like gifts, free insurance, accessories, cashback offers, etc.
While there was a time when cash was the preferred mode of transactions. However, various benefits availing a two-wheeler loan have over getting it for cash makes the former a better option in many ways.
Are you interested in purchasing a new bike? If yes, it is advisable to apply for a two-wheeler loan from credible banks or NBFCs. Although you can take any preferred application route, going online is probably the fastest way of getting approved.
All things aside, here are some of the primary reasons for getting hold of a bike loan to purchase a new vehicle instead of extinguishing your savings:
A Two-wheeler loan is easy to pay off, courtesy of the systematic payment structure. This ensures that your short-term goals aren’t compromised while purchasing a new bike.
Better Credit Profile
While you might be tempted to pay off the entire amount at once, a loan helps build your credit profile for the future, thereby increasing your eligibility for personal, car, or even home loans.
Better Usage of Cash Reserves
If you are worried that a loan might cost you more in the long run, compare and opt for the lowest bike loan interest rates and invest the cash reserves someplace else to get the same or better rates. This approach takes care of the additional payment and helps you plan better in the long run.
Recurring monthly payments ensure that you keep up with the financial cycle and learn about the importance of keeping adequate funds in the account.
Better Buying Options
If you are on-board with a loan, you can always opt for a better bike as periodic payments wouldn’t overburden you financially.
Paying the bike value upfront is not a bad option at all. However, these reasons ensure that your finances are managed better.
Over the last few decades, two-wheelers in India has become an essential commodity. They are very fuel-efficient and nimble, making them perfect for the crowded streets of India. However, not everyone in our country can afford to buy a new bike or scooter with a cash down payment.
For them, a Two wheeler loan is a perfect solution. Applying for this loan is now made much more comfortable with online access that lets you get the loan within a matter of minutes. Before you apply, you should spend some time comparing different offers from lenders to find the one that suits you best. Interest rate, coverage, and repayment options can all vary wildly from one bank to the other.
Once you have compared the banks and checked your eligibility for the loan, you can apply online for it. You will need to scan the relevant documents and attach them with the form you fill-up. The application usually gets reviewed in a few minutes. If the bank approves the loan, they will credit the money almost instantly into your account. Now all you need to do is go pick up that bike you have been eyeing and enjoy the ride.
While the demand for bikes is constantly increasing, getting your hands on one of them for yourself isn’t really the easiest task. The most sensible option to go for is getting a bike loan to finance your purchase, while you pay the EMIs over time. However, finding the perfect bike loan isn’t as easy as finding a good bike.
While applying for a bike loan isn’t much difficult, the important parts are the details. You need to research and find a loan that offers the best EMI options to prevent yourself from being overloaded with expenses in the long run.
You also need to set limits. You cannot be breaking all the boundaries for the sole goal of getting your dream bike. You should use a bike EMI calculator to know the amount you would be paying each month. Doing this will help you decide if the load is too much and you need to decrease the amount per EMI and rather increase the number of EMIs.
Before you finalize a loan, go through the various offers that often come along. These might be presents, discount on charges, time-limited offers, etc. You need to be aware of when can you get the best deal on a bike loan.
Finally, you’ve got to pay back as well. So, don’t forget to plan that out. Find a bank that offers adaptable EMI options and look for ways to ease your load as soon as you can. Just keeping these things in mind before applying for a bike loan can help you a lot and save you from facing a lot of trouble in the future.
For most buyers, riding or purchasing a dream bike requires months, or in some cases, years of savings. These buyers may comprise of students, adults, and professionals who have to cut their expenses to save enough to buy a motorbike they are interested in.
For such buyers, Two wheeler loan is a great option to not just own a bike but also have the payments made in easy monthly instalments. This gives added flexibility when purchasing a dream bike, and relieves the stress of spending a large amount in one go.
If you are considering to go down this path, this article will help you understand the nuances of a Bike EMI, so you can drive home your dream bike without making a blunder.
What Is A Two Wheeler Loan?
A two-wheeler loan gives the buyer the benefit of availing easy monthly instalment (EMI) payment options with an additional interest rate to buy a two-wheeler that the buyer wants. This enables the buyer to pay the cost in smaller monthly payments rather than shelling out the entire amount in one go.
This facility can be availed through a motorbike dealership, bank, or a third-party institution.
How Much Do You Calculate Your Bike’s EMI?
The amount paid by the buyer after opting for a two-wheeler loan is determined by several factors. These factors include bike amount, EMI period, and the interest rate at which the loan is offered.
Before you opt for a two-wheeler loan, here are a few factors you should consider:
Know the interest rate:To calculate your monthly payment, it is optimal to know the interest rate and price of the bike you are looking to purchase. Since there are many options in the market, buyers can pick and choose and take the next step.
Calculate EMI using loan calculator: Calculate the amount you may need to repay online based on tenure, total amount and interest rate applicable. You can use the Bike EMI Calculator to understand it.
Loan duration: While it is enticing to go for a shorter loan tenure, it is smart to decide how much the impact of the EMI will be on your finances and choose the right option. Understand the tenures available for your bike and make the smart decision.
Fees and charges: With most loans, in addition to the principal amount and interest rate, there are other fees that the buyer has to pay upfront. Making sure to know this in advance will save you from last-minute hiccups!
What Determines Your Eligibility?
To make sure you are eligible for the loan, make sure to check the eligibility criteria. This will depend a lot on your credit score as that will determine your financial background. After you submit your application, the bank or the lender will consider your eligibility based on factors like:
Age: The minimum age for acquiring a loan is 21 years, but it could be relaxed to 18 years if other factors play out in your favour. Financiers are normally hesitant to give loans to young people as there is minimal credit history.
Employment: It is perhaps the most important factor to decide your eligibility for loan application. Having a stable job at the same company for a long duration works as a bonus. Freelancers and self-employed adults have a low ranking, but that can be discarded if the buyer can showcase excellent financial health using financial statements
Income: It is another crucial factor to determine eligibility for the loan. Income determines if you will have enough money to repay your monthly instalments. If you are opting for a bike that is way outside your income bracket, the likelihood of getting a loan is low.
The application will generally ask for more documents like:
Passport Size Photos
ID Proof: Government-approved ID proof like Voter ID card, driving license and Aadhar Card
Address proof: Documents like a utility bill, rent agreement, or Aadhar card
Employment proof: Although optional, some lenders may ask to see salary slips or letter from the employer to testify that you have been associated with the company.
How Do You Choose The Best Finance Options?
As a buyer, there are innumerable two-wheeler loans and EMI options available in the market today. While this makes it easy to own a bike, the buyer should make sure to do a thorough background check and opt for an option that best suits his/her requirements.
The youth in India are bonkers about bikes and the variant models they come in. Even the most expensive bikes are doing wonders in the market. The fact that the banks in India give loans for such motorcycles easily to the customers nowadays, the automobile business is reaching new heights. Bajaj Pulsar 150 has been doing rounds in the industry and has effectively managed to become one of the top-selling bikes in India.
The reasons for the unstoppable sale of this model are quite a few, as explained below: –
It offers excellent mileage: The system in this model makes sure that the rider gets the best mileage. In short, the bike gives a smooth ride.
Comfortable: The most intriguing factor of Bajaj Pulsar 150 is the level of comfort it offers. One can carry luggage and ride through rough roads and will still get a smooth ride.
Affordable spares: This model’s spare parts have always been pocket-friendly. One might buy repair parts for cost issues with little or no second thoughts.
Fantastic service options: Given the grasp of Bajaj to nearly every single corner in the country, it’s no trouble to get the bike inspected at any place.
Flexible: This model is one of the most flexible of them all.
Bike EMI Calculator is the best option to calculate bike loan EMI. By using this calculator you can get an idea of your bike loan EMI.
Best Offers Available for Bajaj Pulsar 150 – Apply for Two Wheeler Loan and Get 95% Finance.
Zero down payment loans are a revolution in the market. They help buyers acquire vehicles at minimum cost, making it easier and profitable for the companies as well. The various documentations required for being eligible for the loan are simple and easily available. Credit score is the primary criterion that needs to be met for availing the Two wheeler loan (Zero Down payment). You can easily check your credit score online and be informed about the same.
Your occupation and income will also play a vital role in passing the loan. You need to be up to date with every eligibility criteria and look through interest rates, tenure of the loan etc. Your residential proof is also a key factor for the two loan approval. Residential proof ensures that you’re an Indian citizen and are thus, eligible for the loan.
It’s necessary to carry out these documentations at the time of loan application and to get all of them attested by a government body. It’s not widely available however this scheme is highly beneficial in the long run. There are various other benefits of the scheme and are highly recommended for buying any vehicle. You can easily calculate bike loan EMI with Bike EMI Calculator.