Things to consider before going for a bike loan

A dream bike or scooter is an integral part of the bucket list of most of the Indians. Almost all two-wheeler enthusiasts do not want to compromise on their preferences and would not mind paying extra and exhausting their savings to acquire their dream bike or scooter. The real problem arises while arranging the funds to purchase it. The rising prices and additional charges while buying two-wheelers are some of the challenges that the buyers need to tackle. The financial companies fulfill the requirements of bike enthusiasts by providing various options. However, it would help if you are aware of the possibilities since the lending market is quite competitive, and you do not want to end up with financial options that are heavy on your pocket. If you have finalized your dream two-wheeler and would like to pursue the financial opportunities, read on.

Things to remember while opting for 2 Wheeler finances in the market:

  1. Eligibility: Each financial institution retains its eligibility requirements. Hence the primary prerequisite should be to check your eligibility for the bike loan. This will ensure that you would not have to worry about the delay in processing. You can check your eligibility through a two-wheeler loan EMI calculator, which would provide you details like interest rate, tenure, monthly EMI amount, amortization chart, etc. in a few clicks.
  2. Loan amount: The loan amount is also one of the most critical factors you need to consider during your purchase decision. You can either choose to make a down payment or go for a 100% finance option. If you maintain a healthy relationship with your lender, there are high possibilities of better interest rates and 100% finance.
  3. EMI: EMI or equated monthly payments are what you pay every month before the loan is repaid. The primary determinants of EMI are loan tenure, credit amount, and interest rate. If the loan amount and the interest rate are not adjustable, you need to tweak your tenure until you arrive at a secure EMI which suits your budget.
  4. Loan process: The lending process’s digitization has made things easier for both the borrowers and the lending institution. You can quickly check your loan application online or through a dedicated mobile app. The lenders would assess the income capabilities, and the credit score of the applicant before approving the application. If your credit score is above the prescribed limit, you can get quick loan approval. Mostly, lenders offer doorstep services and minimal paperwork and processing for the borrowers’ ease.
  5. Seasonal and special offers: Most of the lenders come up with exclusive and seasonal offers for the consumers to tackle the competition in the market. Hence making the best use of such deals can be beneficial for you. You need to keep an eye for the best offers in the market.

 

Conclusion: 

Owning your dream two-wheeler is no more complicated. Due to multiple players in the market, lenders are ready to provide better offers and exceptional service to the borrowers, and hence this is the right time to get your bike or scooter.

 

 

By Russell Crowe

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