5 Reasons to Apply for a Loan while Purchasing a Bike

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:

  1. Periodic Payments

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.

  1. 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. 

  1. 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.

  1. Financial Discipline

Recurring monthly payments ensure that you keep up with the financial cycle and learn about the importance of keeping adequate funds in the account.

  1.  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.  

Additionally, Read:- 

A Complete Guide to Understand Bike Loan Interest Calculation

Factors To Consider While Comparing Two Wheeler Loan

India is the largest market for two-wheeler automobiles. Recent trends have suggested that more and more people are buying bikes and scooters to commute to work. This is because of the ease of access and how efficient it is to travel on two-wheelers. 

The variety offered is also amazing as now there is a bike available at every price point for every segment and most of the financial institutions offer loans at the lowest interest rates to purchase a bike, that’s why Nowadays, most of the people prefer Two wheeler loan to buy a bike.

Gone are the days when your only choices were a Bajaj Pulsar or a Royal Enfield. Today the KTM and Triumph dominate the market with a stronghold. Despite the growing craze, these machines are costly investments in the future. 

If you want to avail a two-wheeler loan here are the factors that you should keep in mind – 

  • Principal Amount
  • Age
  • Tenure of the Loan
  • Credit Score
  • Financial Statement
  • Type of Employment
  • Current Income
  • Existing Liabilities
  • Repayment Schedule 

Use an online Two wheeler loan calculator to estimate how long your tenure will be with the EMIs you select. To calculate the loan amount you will need

  1. The loan amount that the bank approves. This is denoted by P
  2.  The interest rate that the bank or lender is charging. It is  denoted by a percentage and is compounded annually.
  3. The number of months or years that the loan will be granted for. This is also known as the tenure of the term. It is denoted by N

Bajaj Finance Two Wheeler loans will make your dreams come true with their easily approved and low-interest loans. 

A Guide to Choosing The Best Two Wheeler Loan

When one thinks of two-wheelers more often than not, they are thinking of either bikes or scooters. Newly purchased two-wheelers can last up to 1 lakh kilometers or even more depending on how you take care of them. With the right two-wheeler, you will have the added convenience of swerving through traffic at any time, whether it be to reach work or go out to any destination you feel like. With the independence that one gets with a vehicle, it is easy to have more adventures. 

But many times, these dreams are held back by monetary constraints. Whether it be a lack of funds or anything money related, companies like Bajaj are there to help you out. We provide an Online Two Wheeler Loan at the lowest-interest rates so that your dreams can come true too. Many companies have a long and complicated loan disbursal, but Bajaj has been rectified so that you can have a secure loan experience.

Important things to consider when choosing loan:-

  • Loan Amount
  • Interest Rates
  • EMI
  • Loan Tenure
  • Eligibility Criteria
  • Required Documents

Also, Read:-

5 Reasons To Avail A Bike Loan Instead Of Cash Payment

Things To Consider Before Availing A Two Wheeler Loan

The Two wheeler vehicle is the best mode of transportation. Nowadays, for Two wheeler vehicles purchase most of the people prefered Two wheeler loan instead of one time cash payment. Here are some important things to consider before availing a two-wheeler loan : –

  • Eligibility criteria
  • The maximum loan amount offered
  • Repayment Options
  • Check the loan disbursal time
  • Keep a note of the specialized schemes

Before applying a loan check loan amount, interest rates and loan tenure and keep your documents ready. With Bike EMI Calculator you can easily calculate your bike loan EMI , this is the most important thing for loan.

How Does a Motorcycle (Bike) Engine Works?

Internal combustion engines are a true wonder of the modern world. They have revolutionized the way goods and services are transported from one place to another, and this has resulted in people being able to travel from one location to another without undergoing long and arduous journeys. So before you take out a loan to buy a dream bike, it will do you a lot of good to understand how its engine works! For your dream bike you can get a instant approval on bike loan at the lowest interest rates.

We can find these engines just about everywhere. From the buses we use on our journey to work to the cars that help make our daily lives more comfortable, there is no escaping the power and comfort of an Internal Combustion engine. So before you take out a bike loan to purchase your new dream bike, it will do you a lot of good to understand how its driver works!

Additionally, Read:-

How Does a Motorcycle (Bike) Engine Works ?

What is the Process to Getting a Two Wheeler Loan Online?

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.  

Calculate Bike loan EMI – Bike 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.

Know Major Benefits of Buying Two Wheeler Vehicle

Easier to navigate – It is easy to navigate during traffic jams (congestion). It takes less space and reach your destination faster as compared to four vehicles.

Environmentally friendly  – It produces less pollution, less harmful impacts to the environment.

Lower maintenance – The service cost of a bike is very less as compared to cars. Also , It is an easy mode of transportation.

Affordable – These days purchasing a bike easy and affordable. The reason behind this the EMI system (Equated Monthly Installments), lower interest rates by various sources.

Best Loan policy- Best loan policies with lower Interest rates available for Two Wheeler Vehicles. You can take a Two Wheeler loan with Flexible timing and less documentation from various sources.

Savings-  In terms of Toll tax and good mileage which results in huge savings on fuel costs.

Ease of parking – Two Wheeler takes less space for parking. It is best for high-traffic areas. Many people prefer bikes in traffic areas.

Also, read :- Two-Wheeler Loan – Eligibility Criteria & Required Documents

Is Choosing Two Wheeler Loan is a Good Option?

Commuting through public transport such as bus, metro, auto and more has become such a task. People face various issues like delays, time taking, seat rarely available, crowds, unhygienic, high costs when suffering in public transport. 

In the market there are various kinds of bikes like adventure touring bikes, dirt bikes, commuter bikes, sports bikes, naked bikes that you can finance by taking a two wheeler loan.

Below we have listed some reasons why you should take a bike loan:

  1. Low Financial Burden – Such loans reduces the burden from your shoulder. Everything depends on the eligibility criteria and documentation requirements. One can purchase premium bikes also.
  2. Good Credit Score – To avail a two wheeler loan you don’t need to have a high CIBIL score that makes this loan is better from personal loan.
  3. Fast Process – Those days are gone when you have to wait for months for loan approval and stand outside the banks/NBFCs in long queue. Nowadays the loan gets approved within a day. Also, the repayment period varies around 12-48 months which makes it convenient for the borrowers to pay it in small amounts.
  4. Multiple Benefits – As per the Indian Motor Act, Banks and NBFCs approve loans with an accidental cover and an insurance cover.
  5. Interest Rates: The interest rates ranges between 12%-27%. The rate depends on your income, bike specifications, employment period etc. As per the information the rates have gone down in the last 2 years.

Before applying for a bike loan, you should also check bike loan interest rates. To apply for a two wheeler loan, visit the official website today.

5 Tips to Pay Off Two Wheeler Loan Faster

Paying the bike loan faster helps in lessening the financial burden of the borrower. The sooner you pay the two wheeler loan the better. One can go for prepay your loan option. To prepay your loan of banks or financial institutions will charge some amount of fee. It is possible to prepay your loan only when you have some surplus amount other than your fixed monthly income.

Below are the methods to pay your bike loan debts faster:

1. Make Use of Excess Money- 

Few times people get money which they didn’t expect. For example: Bonus by the employer, old debt settled by friend etc. People should use such amount instead of wasting it.

2. Choose Auto Payments-

Few banks and financial institutions offer discounts if borrowers choose auto payments as it saves a lot of paperwork and time. It will also help in saving some money.

Additional Read: Bajaj 100cc Bike

3. Make Prepayment- 

Though financial institutions may charge a penalty on prepayment, most lenders don’t mind a couple of extra installments per year. So, take advantage of that. Just in case, you’re capable to fully settle the loan, make ensure the savings you’re making via prepayment is somewhat more than penalty charged. 

4. Negotiate Repayment Terms- 

It is one of the most important step to negotiate bike loan interest rate, amount, tenure. One shouldn’t hesitate because any bank or financial institutions don’t want to let go of an eligible borrower. 

5. Focus on Other Sources of Income

If your monthly income is not enough to pay off the bike loan then generate some other sources of income. This will help you in paying your loan faster.

Useful Links:

Is It Possible for a Student to Get a Bike Loan?

How to Get Bike Loan without Down Payment?

Documents Required for Bike Loan