There have been times when financial advisors and experts have suggested two-wheeler buyers apply for a loan to purchase the dream bike of theirs. You need to think on your feet, whether it is a good idea or not. Many say that taking a personal loan to buy a two-wheeler is a significant financial step. Two-wheelers prove to be one of the most preferred modes of transport in the country as they are quick, light and helps customers save a lot of time to travel to and from one place to another.
In case you do not have the requisite funds to purchase a new bike, you might as well apply for a loan to make the purchase more convenient. You can go for a two-wheeler loan or a personal loan to buy a scooter. Non-banking financial institutions in India offer both kinds of loans to purchase the bike of your dreams.
It doesn’t matter whether you are interested in buying a premium bike, a daily-commuter scooter, a sports bike or an adventure bike, you can go for a personal loan to purchase it. Also, even if you want a brand new two-wheeler or a used two-wheeler, you can take a personal loan.
We take the liberty to share a few tips to choose the best two-wheeler loan in India.
1. Check whether you qualify the Eligibility Criteria
When you decide to take a bike loan in the market, you need to have an idea of the eligibility criteria. Each lender provides a customer with its own set of eligibility conditions. You must be able to fulfill the provided criteria to get eligible for the bike loan. Meeting all the eligibility criteria heightens the chances of loan approval from the lender.
2. Comfortable EMI option
The EMI option is very flexible and can be suited as per your requirements. It is one of the most important factors to consider. You repay the mentioned loan using the EMIs you set. You need to see how long can your tenure be and if the loan providers have the option for such a tenure to fulfill your EMIs. You
3. Loan procedure
When you are searching for the financial institutions that provide two-wheeler loans, you need to check the interest rate and loan processing time as well. In times of technological advancements, the loan-processing time has decreased. Few of the institutions provide personal loans to buy a two-wheeler in barely a few minutes. You can apply for a loan immediately on various portals such as online, and if all the documents are as per required, then you get approval on the spot for a few institutions. Once you receive the approval, the money is disbursed into your account in less than a few minutes.
4. Loan Amount
Each of the providers has a minimum and maximum loan, which decides the amount range. Some lenders only provide finance for 80% of the on-road price of the bike. With some lenders, you can also take a loan for a higher amount than the on-road price if you wish to cover other expenses such as accessories, gear, etc.
5. Special Offer
Some banks and NBFCs are able to have some special offers when providing two-wheeler loans. You can check on these online and be aware of the updates.
There are many bikes that you can buy on EMIs. These are Bajaj Avenger Street 220, KTM Duke 250, KTM 125, to name a few.
By taking a loan through the possible list of lenders, you do not need to hypothecate your bike. It is yours the moment you purchase. So, go ahead and fulfill that wish of yours.