Why You Should Choose Two Wheeler Loan to Buy a New Bike?

Gone are the times when loans were a stressful and time-consuming process. Today, there exist a hundred types of loans, and most of these are super easy to avail. All thanks to the increased digitization of financial application processes.

With the modified eligibility criteria and quicker approval process, going for a Two wheeler loan is a more advantageous option than spending all your savings to buy your desired vehicle.

There are many benefits of taking a two wheeler loan –

  • Easy eligibility and Quick approval
  • Increased CIBIL score
  • Freedom to bring home your dream bike
  • Balanced expenditure
  • The lesser burden on the pocket

The article talks about various reasons which make the loan a reliable option if you are planning to switch to personal transport. It discusses in detail the advantages of a two-wheeler loan. From increased CIBIL scores to insurance benefits, a loan is a superb way to buy your favourite bike. And that too, without any associated downsides. You can easily calculate bike loan EMI with Bike Loan EMI Calculator.

5 Advantages of Availing A Bike Loan

India is home to maximum number of two-wheelers in the world. The roads, utility and the type of traffic make two wheelers perfect for daily commutations. Apart from it, there are many bike enthusiasts who love to stroll on the roads on muscular two-wheelers. Due to these reasons, the financial institutions offer attractive deals on bike loans.

There are several benefits of availing a bike loan in India. First among them are the interests rates, the interest rates on bike loans are comparatively lower than the other types of loans. In addition to it, they are quickly approved and a majority of the dealership agencies have the facility to get your two-wheeler financed if you desire so. Taking a bike loan is a good option if you want to reduce the burden on your budget or if you want to avoid a sudden investment of money. Also, the bike dealerships are ready to accept less down payments and rest you can pay back through the EMIs and you can calculate bike loan EMI with Bike Loan EMI Calculator. There are several other benefits too like insurance and accident covers which come with bike loan packages.

What are the Documents Required to Get a Bike Loan?

If you are planning to buy a bike with a loan from a private institution or a bank, you must first know which documents will be required to take a loan. Due to the absence of documentary, it may be time to get an exposure of your loan. This will waste your time. Therefore it is necessary to collect all the necessary documents before applying for a bike loan. To get approved loan, lender seeks different types of documents from the applicant.

Required Documents For Bike Loan

Applicant must have Income Proof, Identity Card, Resident Proof, Income Tax Return or Form-16, latest salary slip, bank statement, passport and driving license. Also, decide how long you can repay the loan. If you have taken any loan in the previous years, the bank or a private institution also checks the rebate of its payment. 

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Representative’s Visit and Loan Acceptance

After giving all the documents in the bank or a private institution, the Investigator comes to your home or office and again checks the papers you have made available to the bank or a private institution. The applicant is required to meet the bank or a private institution representative’s visit. If he/she asks for some information, then you need to provide information to them.

Check bike loan interest rate and ride your dream bike.

How to Get Bike Loan without Down Payment?

From the last two decades, two-wheelers are in high demand in India. One can get a bike loan without down payment if you fulfill certain criteria. The norms can vary from lender to lender but there are some common criteria like:

1) Age: It Should be under 21 and 65 years of age.

2) Credit History: Lenders check your credit history to determine how you have managed your credit in the past. A good credit history will help you to get cheap finance.

3) Residential Status: One must be residing at the address for a minimum of 1 year. Document proof is needed in case of a change in the place.

Must Read: KTM Bike vs TVS Apache

4) Income: Gross income of a salaried person minimum should be Rs. 84,000 a year and for self-employed, it should be Rs.72,000.

5) Existing Customer: One can get loan at low-interest rate if you already have an account in the bank/financial institution. Existing customers gets preferred before anyone else.

6) Working Status: Minimum 1 year of work experience required.

Check- KTM bike price in India

For documentation address proof, identity proof, income proof among other documents are required. To apply for loan all you have to do is fill an application form online and get funds transferred to your account instantly. It is necessary to compare bike offers of various lenders before opting for one.

You can check your Two Wheeler Loan Eligibility online.

Is Taking a Two Wheeler Loan is Easy Process or Not?

Two wheelers are highly popular kind of vehicle in India because everyone can afford it. But, many people don’t have the required amount of money to make payment in a lump sum for a bike. Taking bike finance help from a lender can make the whole process a lot easier.

Online Two Wheeler Loan offers a low rate of interest. Some lenders are also offering upto 90% bike finance as per customer profile. Find and compare best budget bike in India before availing a loan. See how you can apply for a two wheeler loan:

1. Know your Budget – One should plan their repayment before availing a loan.

2. Fill out Loan Application – After making plan for yourself fill correct details in the application form that will help the lender to evaluate your creditworthiness.

3. Submit Application Form – The next step after filling the details is to submit the application form online or offline.

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4. Understand Loan Requirements- It is necessary to know about the loan requirements like interest rate, tenor and charges  etc. You should follow guidelines to avoid loan application rejection.

5. Agree to the Terms and Conditions – The last step is to agree to the terms & condition applied by the lender. After that, you will get the required amount for your dream bike.

Conclusion:

In the digital  world, It is very easy to get 2 Wheeler Loan in India. Minimal eligibility criteria makes easy approval of loan.