Finance

Easy Bike Loans in 2021 – Important Things to Know Before Applying

Taking a bike loan in 2021 has become a lot easier. There are a lot of banks and NBFCs that provide motorbike loans in easy installments and attractive interest rates.

Why Take a Two Wheeler Loan?

There are many benefits to applying for a loan to purchase the bike you have always wanted.

Here are some of the benefits:

  • You can get the funds you need for the bike of your dreams.
  • You can get the money that you need by using a co-applicant, or guarantor.
  • Get affordable interest rates.
  • There are many loans repayment options.
  • You can repay your loan in affordable EMIs.
  • Your credit history will be built by paying all EMIs on time.

Important Documents to Avail Bike Loans:

  • Identity proof: PAN card, voter’s ID, passport, driving license
  • Proof of address: Voter’s ID, passport, driving license, utility bills, etc
  • Proof of income for salaried individuals: Last 3 moth salary slips, ITR of past 3 fiscal years, bank statements of at least 6 months
  • Proof of income for self-employed: Bank statements of at least 6 months, ITR of 3 fiscal years, audited financial statements

Some Points to Keep in Mind When Applying for a Bike Loan:

These tips will help you get the right loan for you and save you money.

  • Research is key: Before applying for a motorbike loan. Do your research. Compare the varied options offered by different lenders. Compare interest rates, processing charges, repayment options, as well as other terms. This will allow you to choose the most affordable option.
  • You should choose your tenure carefully: The term of your loan will affect how much you must repay each month. You must ensure that you have the funds to pay your EMI. You need to choose a tenure carefully. A shorter term will allow you to repay your loan more quickly. However, your EMIs may be higher. You should decide how much you can pay each month without running out of money.
  • Compare fixed and floating interest rates: Some lenders might offer both fixed and floating rates. Floating rates can change according to changes in market rates. Market rate changes do not affect fixed rates. Floating rates, however, are generally lower than fixed rates.
  • Calculate your Bike EMIs before you apply: Compare your loan options and make sure to compare the respective EMIs. You should choose a loan with an affordable EMI and a flexible repayment term.
  • Ask about pre-closure charges: If you are planning on prepaying or closing your two-wheeler loan at some point, inquire about the fees. While some lenders might charge a fee, others may not. You can save interest costs by prepaying your loan.

Tips to Help you Get a Two Wheeler Loan Application Approved

Lenders sometimes reject loan applications from a small number of applicants. This is not an enjoyable feeling, and it is bad for your credit score. This list contains tips that will help you successfully apply for a loan on a two-wheeler.

These are:

  • Determine the exact amount you need:

    Assess your needs and figure out how much money is needed to purchase the bike you want. Do not apply for a loan amount that is more than what you really need.

  • Find out if you’re eligible and compare your options:

    When you have determined how much money you want to borrow, look through all the loan options you may be eligible for. This is very important. Do not apply for a loan that you aren’t qualified for. This will lead to your application being rejected. Make sure to check your eligibility for a 2-wheeler loan.

  • Review your credit score:
    The most important factor that affects loan approval is credit score. Applications with poor credit ratings are usually rejected by lenders. Before applying for a loan, improve your credit rating.
  • You can apply for a loan with a guarantor:

    Check with the lender to see if your credit score is sufficient. You can get the loan you want by having a co-applicant, guarantor, or someone with good credit score.

  • Fill out your loan application accurately:

    Be sure to include all information required by your lender. Incomplete or inaccurate applications may result in rejection.

  • Send all necessary documents:

    Before you submit your loan application, be sure to include all documents required by the lender. You may lose your loan application if you do not submit the necessary papers.

  • Apply with your existing lender:

    If there is already a good relationship with the bank, you might be able to get a loan from them. You may be able to get a loan even though you don’t meet all their requirements due to your good standing.

Bike is fun to ride and comes in handy when immediate transportation is required. If above-mentioned points are followed accurately, then anyone can own a bike without any hassle with a simple bike loan.

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