One of the first purchases we make after we start earning is a two wheeler. Many of us already have our heart and eyes set on a bike before we decide to make the purchase. However, there goes a lot of planning and budgeting before making the final decision. Whether this is your first bike or you already own a bike, you can make the purchase easier on your pocket with a bike loan. Specially designed to help make the buying process easier, the loan has low interest and friendly terms of repayment. If you are thinking about applying for a loan, here are a few steps you need to keep in mind.
- Do your research
It is important to always do your research before you zero in on a bike. Head to the dealerships and take a look at the available models. You may want to check out different brands and consider the options. A lot of brands introduce new models every few months and you must take a look at them before you make the final call. Shortlist all the models you like and compare their specifications. You also need to keep the budget in mind and consider the ones that fall within your budget.
2. Take a test drive
You must not purchase a bike without taking a test drive on it. No matter the brand or type of bike you choose to own, remember to take a test drive before making a final decision. You can also ask an auto enthusiast friend to come along with you on the drive. See how you like to ride it and whether it is comfortable or not. Take a good look at the features and understand if they work for you. If you enjoy the bike in the test drive, you can proceed with the purchase.
3. Compare lenders
In order to apply for a bike loan, you need to compare different lenders. Do not make an application with the first lender you come across and do not just choose the lender that the dealer recommends. You must do your research and compare what the lenders are offering. It is important to compare the rate of interest offered by different lenders and choose one that offers the loan at low interest. Besides the interest rate, understand the other costs associated with the loan including the processing fees and prepayment penalties.
4. Make down payment
Before your loan application is approved, it is important to make a down payment and you will have to attach proof of the same. The lender will have a minimum down payment requirement and you will have to meet the same. Once you make the down payment, the balance amount will be the loan.
5. Proceed with the loan application
At the final step, you may proceed with your loan application. If you are older than 21 and own a driving license, you are eligible to apply for the loan. Additionally, you will have to show proof of income. If you do not have adequate income, you can have a guarantor for the loan. The lender may also consider your credit score when processing the loan. So, check the credit report before you make an application and if you have a strong score, the loan application will be approved without any delay and you will also enjoy low rate of interest.
To make the loan application, simply fill the application form online and submit the documents of identity proof, residence proof, proof of income, down payment proof, and invoice of your bike. Once everything is verified, the loan application will be approved and you can bring your new bike home in 24 to 48 hours.
Remember to pay the loan in EMIs over the tenure. The EMI will be based on the loan amount and tenure. You can make use of the bike loan calculator to get an insight into the EMI amount and then make a decision. The calculator is available online for free and only requires you to fill the tenure and loan amount. You will get an estimate within minutes. Based on the same, you will be able to budget for the EMI and decide if it is within your financial means or not. If you want a lower EMI, you can increase the tenure or reduce the loan amount. The customer executives will also be happy to help you make the right decision. You will be able to bring home your dream bike in 2-4 working days and without worrying about the funds. Enjoy a high loan amount and low interest on the loan. It is now possible to give wings to your dreams with the right bike at your disposal. Start your search for the bike right away and bring it home with a reliable lender at your side!