How 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 utilise 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.

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1. Pick a two-wheeler loan

Decide the type and brand of 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 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.

2. Check your eligibility

The eligibility criteria for the two wheeler loan is very simple. This makes it possible for large audiences to avail 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.

3. Calculate your EMI

You can calculate how much EMI you are likely to pay before availing 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.

4. Apply online

Once you select the lender, fill the online application form by filling in basic details like 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.

5. Verification

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

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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 instalments, your credit score increases. This builds your loan taking ability in future.

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