Turn your dream into a reality and ride home a brand new bike. You do not have to worry about your finances or about disrupting the monthly household budget. You can now bring home a bike of your choice with bike finance. Several financial institutions in the country offer finance for the purchase of a bike. It is available for all brands and bike models being sold in the market today. Irrespective of the purpose of purchase or the type of bike you choose, you will be able to get a loan for the same.
Scout the market for reliable lenders in the industry and compare the interest rates offered by them. Every lender will have a varying interest rate and you can compare the same online. Choose a lender with low interest rate. Lenders also offer a prepayment option. Hence, if you have excess funds on hand, you can prepay the loan. However, you might have to pay the prepayment charges, if any. Enquire about the same before you zero in on any lender in the market.
In order to apply for a bike loan, you need to be above the age of 21 and hold a valid driving license. You need to have a stable source of income and the necessary documents. Every lender has varying eligibility criteria and you can compare the same online. Once you make a decision, you can make an online loan application and submit the relevant documents. You need to fill up the application form, submit documents of identity proof, address proof, income proof and documents of the bike you wish to own. You need to remember that you will have to make a down payment for the purchase. It could be the minimum amount of down payment required or you can make a higher down payment, as per your ability. If you have excess funds on hand, you can make a higher down payment and reduce the amount of loan.
Once you submit an application, the loan will be processed without any delay. If you have a good credit score, the loan application will be approved in no time. You will be able to ride home your dream bike within 24 to 48 hours. The loan amount is to be repaid over the tenure in EMIs, which can be calculated using an EMI calculator. All you need to do is provide the loan amount and tenure to get a quick EMI estimate. The calculator is an ideal tool to estimate the monthly outflows you will have to manage. Have a practical approach when using the EMI calculator because if you default in the EMI payment, it could affect your credit score. Prepare a repayment schedule to ensure timely payment of dues. Regular payment of dues will help build a strong credit score.
The loan is offered for all bikes available in the market. You can start by shortlisting the bikes you like and then take a test drive on them. Once you decide on the type of bike you want to own, contact a lender for the loan. Bike finance is the best way of purchasing a bike of your choice. The loan has low interest rate and flexible repayment tenure. You will be able to turn your dream into a reality without using your emergency funds. Several consumers have become proud bike owners with a bike finance loan. Understand the terms and conditions of the loan thoroughly and then sign on the dotted line. Take your first flight to freedom with a new bike!