Two-wheelers are convenient vehicles that give you the freedom to commute across narrow streets and traffic jams.
If you dream of owning your ideal off-road electric bike, it is highly recommended not to dip into your savings or compromise your investments. Two-wheeler loans or bike loans can be a true blessing in this scenario, offering you the opportunity to invest in your desired off-road electric bike without the need for immediate substantial funds. These loans often come with low-interest rates, flexible repayment schedules, and quick disbursals, making it a convenient way to acquire your off road electric bikes.
Here is an overview of the various benefits of acquiring a loan for bikes and the simple procedure of how you can apply for one.
Read on!
Advantages of Getting Two-Wheeler Loans
Here are some key benefits that you must consider:
Low-Interest Rates
The best financial institutions will offer you a reasonable interest rate on two-wheeler loans starting from 9%-10%, depending on your eligibility, credit history, and financial health.
You can take advantage of zero interest bike loans that are offered by elite loan providers, allowing you to pay low EMIs and enjoy the benefits of owning a two-wheeler without the burden of high-interest costs.
Minimum Disbursal Time
Gone are the days when it would take weeks, sometimes months, to procure a vehicle loan. Thanks to technology and digitalised system of loan applications, your loan for a bike can now be approved, verified, and disbursed within 48 hours.
Paperless Documentation
You don’t have to carry your file of documents from one place to another. When applying for the loan online, you can simply upload a soft copy of the required documents.
For additional documents required, you will get doorstep service to fulfil the requirements.
Flexible Tenures
One of the best features of applying for bike loans is the flexibility in loan repayment schedules. You can apply for the loan for up to 48 months.
Also, remember, that a long repayment tenure can bring you additional benefits like low-interest rates, lower EMIs, and better eligibility options.
In the long run, you also have the chance to build a strong relationship with the financial organisation and show your credibility as a responsible borrower.
High Loan-to-Value Ratio
Loan-To-Value Ratio is the percentage of the value of the vehicle that can be approved as a loan amount. The best financial institutions offer 95% of LTV or bike’s market value as a loan amount, with a minimum of Rs. 10000 and a maximum of Rs. 150000.
Some credible loan providers offer zero down payment bike loans to fulfil your dream of owning a two-wheeler.
Eligibility Criteria to Get Instant Bike Loans
The eligibility requirements vary from one lender to the other. However, there are a few common factors that every lender takes into consideration.
Check some of the common requirements before you apply for a two-wheeler loan:
- You should be an Indian resident.
- You should be 18 years or above.
- Salaried and self-employed people can apply after gaining a minimum of 1-year experience of work (salaried and business) and a minimum 6 months experience of working with the same employer (salaried)
- You should have a stable income of INR 8000 or above.
- Your credit rating should ideally be between 700-900; however, you can avail of bike loans with low credit scores at a little higher rate of interest.
Approval of a loan for bikes and interest rate also depends on various other factors like sources of income, employment stability, area of residence, the credibility of the employer, outstanding debt, bike model, and existing relationship with the financial institution.
How to Apply for Two-Wheeler Loans?
Before you fill out the application for bike loans, you must improve your credit score, keep a vigilant check on the report and get errors or omissions corrected, arrange for a down payment, and apply for a credible source or existing financial institution to get the best deals.
Besides eligibility, you must also use the two-wheeler loan EMI calculator so that you can estimate your monthly obligation towards your loan. Here are some simple steps that you can follow to apply for bike loans:
Step 1 – Visit the website or mobile app for your financial institution and fill out the application form for bike loans
Step 2 – Fulfill all necessary details, and submit the necessary documents online
Step 3 – After verification and approval of your application, a representative will contact you and work on the loan amount, tenure, and other terms and conditions, before the loan is disbursed to you.
Conclusion
Bike loans are a great way to invest in the two-wheeler of your choice. All it takes is 48 hours to process your bike loan application and disburse the loan amount. So why wait? Compare different loans, choose the right lender, and ride towards your goals with the speed and convenience of a two-wheeler loan.
