How To Get Instant Approvals On Bike Loan?

Applying for a motorcycle loan is a necessity these days. The reason is simple – the prices of bikes in India have been increasing steadily. Hence, one can’t buy a bike with cash.

Bike loans can help one to buy their dream bike. But if they fail to follow certain tips, their loan application might get rejected.

What are those tips?

They are as follows –

Before applying for a two-wheeler loan, the borrower should use a bike loan EMI calculator. An EMI calculator is a free-to-use tool that is available on the websites of leading two-wheeler portals. One can also find these nifty tools on the official websites of their preferred lenders. Why use these tools?
Well, by using an EMI calculator, one can get an idea of the EMIs they would have to bear for the motorcycle loan. Learning about the EMI before applying for the loan will allow one to ensure that one can afford the loan. Failing to pay EMIs on time entails hefty penalties. Furthermore, defaulting on EMIs will also reduce the credit score of the borrower. EMI defaults will also place red flags in the credit history of the borrower. To keep all of these at bay, using an EMI calculator tool is the way of the wise.
The borrower should double-check the KYC details they have offered to their lender. Inaccurate KYC details will result in loan application rejections.
Borrowers should apply for motorcycle loans if and only if their credit score is above 750.

For more details, consulting with a reputed financial advisor is strongly advised i.e Bajaj Auto Finance.

Must read: What is Bike Loan EMI Calculator and How Does it Work?

How to Get Instant Approval on Two Wheeler Loan?

Two Wheeler Loan

To enjoy quick bike loan approvals, a borrower needs to follow certain tips.

Some of the most easy-to-implement tips for quick bike loan approvals are as follows –

Always ensure that one is choosing a revered lender

The primary factor that dictates whether one will get instant bike loan approval is the overall reputation of the lender.

A reputed lender will have the latest infrastructure and skilled workforce. These two aspects are crucial when it comes to paperless loan approvals. Secondly, reputed lenders will try to offer the best services. The reason is simple; it will ensure that they can hold on to their market share. It also allows them to remain at the top of the minds of their clients.

When one chooses to apply for a Two wheeler loan, they should choose a reputed lender. This will allow the borrower to have access to quality-assured customer services. This is an important consideration. One will be able to refer to the customer service cell when they face difficulties with their bike loan.

One should never forget to use an EMI calculator tool

One should use the bike loan EMI calculator tool available on the official website of their preferred lender. This would allow them to choose the best combination of tenure and downpayment. The tool would also allow them to make sure that the rate of interest for the borrowed amount remains affordable.

Using the tool will also reveal the tentative EMIs the borrower would have to bear. This will ensure that the bike loan and its EMIs won’t add to the financial burden of the borrower.

One must make sure that they are meeting the generic eligibility criteria for bike loans

It is best to ensure that the borrower is meeting the eligibility criteria set for a bike loan.

The eligibility criteria for a bike loan offered by NBFCs and banks in India generally consist of –

Age of the borrower
Monthly income of the borrower
Financial stability of the borrower
Residential address of the borrower. The borrower should reside in the same city as the lender’s office.
The credit history and credit score of the borrower. The credit history of the borrower should be spotless. The credit score of the borrower should be above 750.

For more details, feel free to consult with the spokesperson of a revered lender today!

Must read: How To Calculate EMI On Bike Loans With EMI Calculator

How To Choose The Best Two Wheeler Loan ?

Uncategorised

Are you planning to buy a new bike? If so then make sure that you are applying for a bike loan. Financing your bike is one of the best ways to steer clear of additional financial burdens. Furthermore, applying for a bike loan will also allow you to boost your credit score. With every EMI, your credit score and credit history will get a boost.

Countless lenders in India offer a myriad of bike loans.

So how can you tell which lender and which bike loan is right for you?

Well, that is pretty easy!

All you would need to do is follow the tips mentioned below while you apply for a two wheeler loan –

First of all, always remember to research the lender you are about to choose. Make sure that the lender has a stellar online and offline reputation.
Secondly, talk to people you know who have had previous dealings with the lender. If their experience was a positive one then choose the lender. If that is not the case then look for other options.
Make sure that you are comparing the different bike loans offered by different lenders. Comparing bike loans will reveal the one that comes with terms that are on par with your unique requirements.
Choose a lender that offers online bike loan application facilities.
Make sure that the lender you are choosing is transparent with its terms and conditions.
Always ensure that your credit history and credit score is excellent before you apply for a bike loan.
Finally, always use the online bike loan EMI calculator tool available on the official website of the lender. Using this tool will give you an idea about the EMIs you would need to bear for the bike loan.

Must read:

How We Can Calculate Bike Loan EMI Online / Offline?

Here Is The Complete Guide To Getting A Two Wheeler Loan

Two Wheeler Loan

Have you ever considered owning a two-wheeler? A bike loan allows you to purchase a bike of your desire at cheap interest rates and manageable monthly EMI’s. With low-interest rates and a longer loan term, you may budget your repayments according to your circumstances.

Loan Eligibility:

Minimum age: 18+
Stable Job for at least one year
Good CIBIL score
Permanent contact number
Permanent home address

Documents Required for a Two-Wheeler Loan:

Identity proof like PAN card, Aadhar card, passport, etc.
Address proof like Aadhar card, PAN card driving license, etc.
Salaried Individuals:

Bank Statements (6 months)
Employment letter
Salary slips
Self-Employed

Business details
STR (sales tax returns)
Three years ITR (income tax returns)

How to Calculate EMI?

You can calculate EMI’s using the bike EMI calculator. Utilize the calculator to evaluate interest rates and EMIs offered by several banks before making a final decision on the purchase of your chosen two-wheeler.

How to Apply?

To apply online, go to the website of your desired bank, fill out the essential information on the application form. Share the required details asked by the bank. Check if you are eligible using the eligibility criteria to get your loan approval.

To apply offline, contact the bank or visit the nearest branch. The customer care will guide you further with the procedures.

Utilize the bike loan function, which enables you to finance up to 95%* of the bike’s worth with our Two wheeler loan. It is the most effective method of managing your money when you lack other resources.

Must Read:

How To Get The Best Bike Loan Rates?

How Much Minimum Down Payment is Required for Bike Loan?

Two Wheeler Loan

Bike loans are customised loans to buy a bike conveniently without collateral. When you take out a loan to acquire a high-value item such as a vehicle or a two-wheeler, you are often asked to pay between 5 to 30% of the purchase price upfront, referred to as the down payment. The lender gives the remaining 70–95% of the value as a loan. That said, many lender’s offer bike loans at zero down-payments too.

**What is Zero Down Payment?**

Several lenders offer zero down payment bike loans to simplify and optimise the loan application process. If you match the qualifying requirements, the bank will pay the total amount of the bike or scooter without requiring you to make any payments.

**Factors Affecting Zero Down Payment Amount**

Determining an appropriate down payment amount while ensuring that your EMI is as low as feasible is necessary. However, you need to understand the elements that influence the down payment amount before you do so.

The two-wheeler price

Bike model

Your ability to repay

Credit score – the better your credit score, the more money you may borrow.

You can use a bike EMI Calculator to determine the monthly payment required for an EMI. This sum should be easily manageable for you financially.

**Two-wheeler Loan Processing Fees**

Getting a bike loan involves paying a processing fee from your bike’s price—requests for loans process at a cost. In addition, they are often in the form of a percentage of the overall loan. There are no exceptions to the non-refundable processing charge.
Take advantage of this facility and apply for two-wheeler loans and fulfil your needs.

Must Read:
How To Calculate Two Wheeler Loan EMI?

Tips For Getting The Best Bike Loan Interest Rates

Bikes Gyan

So you are planning to take out a loan to buy your dream bike? Well, that’s great news! When applying for a loan from Bajaj Auto Finance, your goal should be to acquire the best rate possible. That’s why we have developed these pointers to assist you to get a cheaper interest rate:

Credit score

Because your credit score is so important in deciding the bike loan interest rate you’re provided, you should start by cleaning up your credit history. If your credit score is not good enough, work on improving it before you apply for the loan.

Taking a loan from an existing lender

If you have an existing lender, try to apply for a bike loan there. This can help you get better rates if you have maintained a strong relationship with them.

Debt-to-income ratio

This depicts how much of your current salary will go towards loan repayments and credit card bill payments. Reduce your debt-to-income ratio by paying off previous loans. The lower the ratio, the more likely you are to get decent interest rates.

Negotiation

You may be able to acquire better rates by negotiating with your loan company when you apply for a bike loan. This is especially useful if you don’t meet all of the eligibility requirements mentioned by Bajaj Auto Finance.

Always compare

The primary reason for comparing the interest rates of the various loan alternatives available to you is to determine how much each option is going to cost you. This will help you figure out how much each of these options will cost you each month.

The above-mentioned factors will help you get the best bike loan interest rate on the basis of your needs. I hope this article will be of great help to you!

Must Read:

How We Calculate Two Wheeler Loan EMI?

How to Choose the Best Bike Loan in India

Bikes Gyan, Two Wheeler Loan

Indian youngsters fancy driving a bike of their dreams to feel the adrenalin rush and make it their style statement. To make their dream come true, they either make a cash down payment to purchase their preferred bike or avail a bike loan to give wings to their dream.

It requires a bit of effort to choose the best bike loan in India as one needs to do an extensive online search for banks and private lenders who offer two-wheeler loans. Bike loan interest rates vary from bank to bank, and one needs to research extensively to get the best rate with comfortable Equated Monthly Installments (EMIs).

Several factors influence the bike loan interest rate, such as customer profile, income, and repayment capacity. In addition, the amount of loan you are availing of and its tenure are the other two crucial aspects of a bike loan.

It is advisable always to take a loan that you can comfortably pay every month in EMIs. You can finalize the tenure of the bike loan after considering your repayment capacity. Moreover, you can try to foreclose the loan if you have surplus funds.

A longer tenure often attracts a higher interest rate. Therefore, choose the best bike loan after considering the above factors and enjoy riding your dream bike with peace of mind.

How To Choose The Best Two Wheeler Loan Rates?

Two Wheeler Loan

Two wheels are better than four especially in a nation like India where traffic conditions almost make it impossible for a car owner to reach point A to point B in time. Hence, lenders are always on the hunt for more customers by offering loan interest rates that are competitive.

So how can one choose the bike loan interest rate that is ideal for them especially when there are countless lenders out there!?

Well, that is simple.

Bike loan interest rates are decided by a lender after the loan officer considers –

The financial capabilities and
The financial history of the applicant.

In recent years, lenders are, however, offering more leniencies towards loan applicants in a bid to attract more customers.

In this context, it is best to state that the loan interest rate, however, largely depends on the CIBIL score of the applicant. Even if the repayment habits and past financial history of the applicant are stellar but the CIBIL score of the same is poor, the applicant will end up getting awarded with a high interest rate.

Bike finance interest rates will be less for applicants who –

Have a stable source of income
Pay their taxes on time and
Have a healthy habit of returning what they owe to their lender(s) on time.

It also largely depends on the down payment for a bike along with the ex-showroom price of the bike. It can also vary depending on the requirements set by the bike dealer.

Hence, it is best to sit down with a loan officer at a bike dealer and have a detailed discussion regarding financing your bike. It is one of the many ways you can keep your dream bike from becoming a financial burden for you, in the long run!

Also, Read:

How To Choose The Best Two Wheeler Loan?

How To Calculate Two Wheeler Loan EMI? Know All Process

Two Wheeler Loan

Back in the day, EMIs were calculated using the traditional pen and paper approach but not anymore. Irrespective of the lender you choose, it is likely that when you open the official website of the lender, you will be welcomed with an online EMI calculator tool that will allow you to know your EMI against the loan you applied to buy your dream bike.

How does it work?

As soon as you have chosen your preferred two wheeler finance service provider, you would need to head on over to the official website of the same and look for the online two wheeler loan emi calculator tool.

After that, you would need to put in the principal amount that you are applying for along with the rate of interest your loan officer is offering you and the tenure of the loan.

After you have provided the tool with the aforementioned details, you would have to press the ‘calculate’ button on the tool and wait for a few seconds. The result will be shown on your screen in no time.

In this context, it is best for you to keep in mind that irrespective of the principal amount if you choose a longer tenure period for the loan then your EMI will be very low and in case you want to reduce the tenure period for the loan then the EMI you would need to bear will be a substantial amount.

Apply for – Bike Loan

Hence, it is crucial that you choose a tenure that is right in the middle so that your two wheeler loan does not become a financial burden for you in the long run.

Must Read:

How To Choose The Best Two Wheeler Loan?

How We Can Calculate Bike Loan EMI Online?

Bike EMI Calculator

The prices of bikes these days are pretty high but if you play your cards right, you can easily buy your dream bike in no time by seeking financial assistance from leading lenders in India.

In this context, before signing the dotted line, you would need to make sure that you will be able to bear the EMI of the bike loan you have applied for.

How can you do that?

Well, most lenders these days have a special tool programmed into their official website. The name of this tool is a bike loan emi calculator.

How does it work?

Well, an online emi calculator will be using the all-too-familiar balance reducing mathematical method which will allow the tool to calculate the emi of your loan amount in no time.

What are the parameters that you would need to provide the tool with?

Well, before the emi calculator can spit out the correct EMI figure which you would need to bear for the tenure of your loan, you would need to provide the tool with the following parameters –

The principal or loan amount you have applied or are planning to apply for
The interest rate that the lender has agreed or has advertised to offer and
The tenure or the number of years allotted to you to pay off the debt.