Skip to main content

5 Simple Steps to Get a Two Wheeler Loan

 Having your own two-wheeler to travel across the city full of traffic congestions is a blessing. If you have been dreaming lately of owning your dream bike, there is no better time than now. You can save time, reach faster and utilize all the extra time you save. Getting a bike loan is hassle-free these days. Thanks to the online loan facility provided by many financial institutions. Some lenders also provide 100% financing on the bike’s on-road price. 


You can simply apply online and get your loan approved quickly. Below are the 5 steps to get a two-wheeler loan.


  1. Pick a two-wheeler loan

Decide the type and brand of the two-wheeler you wish to buy. You do not have to stand in long queues as lenders now have the process of online application. You can fill their online form; once done, the company executives will get in touch with you. You can avail of a bike loan at a competitive interest rate starting at 11.5% per annum. The repayment tenure is flexible too. You can choose from a span of 12 months to 36 months. 


  1. Check your eligibility

The eligibility criteria for the two-wheeler loan are very simple. This makes it possible for large audiences to avail themselves of one for themselves. Your minimum age at the time of loan application should be 21 years and the maximum age during loan maturity should be 59 years. Salaried, as well as self-employed people, can apply for a bike loan. 


  1. Calculate your EMI

You can calculate how much EMI you are likely to pay before availing of the loan through the online EMI calculator. This depends on your principal amount, rate of interest, and tenure of the loan. You can also decide to pay lower or higher EMI by altering the loan tenure. This way you can pre-determine your EMI amount which will help you in planning your finances and savings. 


  1. Apply online

Once you select the lender, fill the online application form by filling in basic details like the applicant’s name, mobile number, email ID, date of birth, gender, marital status, PAN number, and residence Pincode. Once duly filled and submitted, you have to upload the eligibility documents online. Your loan processing will begin. 


  1. Verification

The lender will verify your online application along with the documents. After successful verification, the amount will be disbursed into your bank account. 


5 benefits of applying for a bike loan


  1. It is affordable and safe - taking a loan from reputed banks and NBFCs is safe and affordable as they are regulated by the government and RBI.

  2. Own your dream bike easily - a two-wheeler that you wish to buy might be out of your budget. Bike finance lets you easily buy your dream bike without putting stress on your income.

  3. Keeps cash for emergencies - during these times of uncertainty, nobody can predict what emergency might require immediate cash. A bike loan keeps your cash for emergencies by providing money to buy your two-wheeler.

  4. Inculcate financial discipline - when you are aware that you have to pay EMIs every month, you tend to keep your bank balance updated with sufficient funds.

  5. Builds a positive credit profile - when you regularly repay the equated monthly installments, your credit score increases. This builds your loan-taking ability in the future. 

Comments

Post a Comment

Popular posts from this blog

A Beginner’s Guide to Business insurance

All businesses look for profit maximization and risk minimization and an insurance does the latter for you. It reduces your risk of paying for unexpected damages and offers risk management services to safeguard your company or business from threats, perils, tragedies, etc. An insured business can - Be safeguarded from potential risks - provide benefits to employees - Focus on business goals - Reduce unwanted stress. Business insurance provides coverage to your company against any damage or loss through theft, sickness, accidents, injuries or deaths. YOU NEED BUSINESS INSURANCE TO • To manage risk and safeguard from natural hazards • To adhere to the law • Protect your employees with insurance • To ensure lawsuit and settlement coverage • To share only risk, no profit. • To secure copyright • Gain new and retain old clients with credibility • To retain your employees • It is a pre-requisite in most business contracts • Its not one size fits all • Insurance offers BOP ( Business Opport
Post a Comment
Read more

All You Want to Know About Two Wheeler Loan Finance

With increasing demand in semi rural and urban places, 2 wheeler market is a high growth industry.  This implies there is ample chance for two wheeler finance businesses.  There has been limited awareness about funding for a two wheeler from the olden times but with the rising penetration of financial institutions throughout the nation, it is now possible to get 2 wheeler finance conveniently and quickly. Obtaining 2 wheeler loan finance is now simple. The qualification standards, documentation necessity and the procedure has been cited below: Eligibility: Individuals over Age 18. Salaried people who were employed for at least a year. Business owners that are conducting a company for more than a year. Documentation : Identity Proof Address Proof Income Proof Valid KYC documents Passport size photographs Process: So as to apply for two wheeler loan finance , the applicant should scout the market for a variety of Banks and financial institutions that offer the loan. Depending on the stip
Post a Comment
Read more

Important Facts About Business Loan

To begin with, business loans may barely be reversed from the lender or financial institution that delivers this debt. This is principal because of the simple truth that if applying this sort of financing, which can be used almost immediately after obtaining the funds. In this way, though you may pay a bigger amount of focus on a business loan, you might be able to gain by obtaining the whole debt funding you need in 1 shot. But, there might be a range of advantages of getting all the financing that you need in 1 lump sum rather than drawing a line of credit. As a result of recent changes in laws in addition to the ways that banks operate a business, you can anticipate a significant amount of being it small business loans or big business loan or business loans are not given directly to you. To the contrary, it is very likely to publish statements from providers that you are buying goods to be able to fulfil its business plan. The chief reason banks and financial institutions have creat
Post a Comment
Read more