Owning a new bike can be a great moment for every family. It becomes even more impressive when it is the dream bike that you've spent months and maybe even years to save for. However, just because you are short on cash doesn't mean that you need to keep the whole amount to buy a new bike.
Online Two Wheeler Loans are a great offering given to us by financial companies. They allow owners to continue setting aside a fixed amount called an EMI ( or Equated Monthly Installment). Instead of saving the whole amount for the bike, something that would have earlier taken months, you can purchase the bike right away! Sounds like a deal that's too good to be true, but here's how you can avail two-wheeler loans too:
1.Head to the Lender's website and Check for Eligibility
Two-wheeler loans are similar to any other kind of debt that you can avail from a financial institution or Lender. These loans require you to have a credit score of at least 750 and a steady source of income. Generally, when you apply for a two-wheeler loan, the Lender does a credit history check on your profile. To be accepted for this loan, you should have a minimum of 1 year of continuous employment and be between the ages of 21 to 60. If you meet all of these criteria, then the Lender will fast track your application process and credit the loan amount to your bank account very quickly.
2. Find a loan that is suitable for your needs:
Considering that you are looking to buy your dream bike, your budget is probably going to remain fixed. What you can do with this information is to compare the Bike Loan Interest Rate that various lenders are offering you. Check their portals for details such as EMI costs and late payment fees. Once you are done with this also do a detailed study of customer reviews. Only pick a lender that you are confident will offer you a flexible loan repayment schedule.
3. Keep all the Important Documents Ready
For a two-wheeler loan, you will be expected to submit some documents for verification as well as loan disbursal. To make this a seamless process, it is essential to keep all your forms ready beforehand. Here is a list of documents that the Lender will ask you for:
● Standard KYC Documents: These are required as identity and address proof. A copy of your Aadhar Card will Suffice.
● Bank Statements: To complete their credit check the Lender will ask you for the last six months of your bank statements. The loan amount will also be credited to the same account.
● Income Tax Returns and Salary Slips: This is done to ensure that you have a reliable source of income.
4. Pick the best deal for yourself
A sports bike can be a costly purchase. Sometimes they cost even upwards of Rs 20 lakhs. This is why it is essential to ensure that you get a loan at a reasonable rate and consider if you can make the monthly EMI payments before taking the loan. This advice applies to those of you who aren't buying costly bikes as well. Only once you've factored in other expenses such as maintenance costs and loan tenure should you finally decide to buy your dream two-wheeler.
Two Wheeler Loans are a great way to get your dream bike of tomorrow, today. However, as is the case with anything involving a loan, you should be aware of the deal you are getting yourself into. Make sure that you take the loan only once you are certain of all the Lender's terms and conditions.