If you are having trouble buying your dream bike, then you should be relieved to know that there are easy ways to get a loan on your dream bike. Now, you can reclaim your freedom to move around your city freely, take your partner on long rides and enjoy all those bike ride photographs you always wanted. The best part is that you can avail up to 100 per cent easy repayment options and flexible tenures. There are also options on online banking where you can avail the two-wheeler loan online within five minutes. Here are a few simple steps to avail a bike loan as soon as possible.
Pick the Right Kind of two-Wheeler Loan
Once you choose the type and brand of bike, which is likely to serve your needs in the best way; all you need to do is start looking for the kind of loan you want to apply for. In case you are looking for a two-wheeler beyond just any regular bike, like a superbike then you can also avail for a Superbike Loans as well. The best part is that you need not take trouble and stand in long lines and queues. As there are options where the bank has the ability to send few staff to your doorstep and finish the initial documentation process, while you apply for the other steps online. This can help you save even up to Rs. 12,500 on basic bikes.
Check Whether You Have the Loan Eligibility
It is easy to check whether or not you are eligible to get a two-wheeler loan in less than just two minutes. All you need to know are few details like the age limit of the applicant, the minimum gross income and housing status among other loan parameters. You will also need few ID proofs for finalizing the two-wheeler loan.
Calculate the Two- Wheeler Loan on EMI
You can calculate the EMI based on the total loan principal amount, rate of interest and the total number of months or years you are availing it for. If you feel that it is too much math for you then the bank personnel or loan agent do the calculation for you. Just make sure you know the total amount of interest or the extra amount you will be paying at the end of the tenure of the loan. The EMI dates and number of periods of months is also a very important number to know.
After you know the above set of information, and you are comfortable with the loan amount there is only one step left – submitting the documents or applying online. You are now ready for your new two-wheeler!