A cash purchase of a bike in India might not be the best move these days. It is almost unimaginable how much they cost. One could quickly deplete their savings or emergency funds on a bike! Applying for a motorcycle loan is important before deciding which motorcycle to buy. A simple two-wheeler loan application can be completed online by following these steps:
- NBFCs and banks are both options.
- Next, one chooses the bike they want to buy.
- Using an EMI calculator is the next step. Use the free-to-use tool to determine the right tenure + principal amount combination. It is important to remember that long tenures and large principals are associated with high-interest rates.
- Applying for bike finance online is the next step.
- Scan copies of pertinent documents are submitted online as the final step.
You should go for an online bike loan application process if you want to buy a bike on loan. Due to the absence of hard copies or branch offices, online transactions are simple, cost-effective, and fast. We would find it helpful to know the EMI (Equal Monthly Instalment) amount in advance.
A fixed amount will be paid monthly as an EMI, which consists of the principal and interest. A free online tool called an EMI calculator allows you to calculate your monthly payoffs after you enter certain information.
Adjust the duration of payments to choose an amount that will not burden your bank account. It is important to compare loans offered by different lenders based on their interest rates, eligibility requirements, and terms and conditions.
The Indian automobile industry sells more than 500,000 bikes each year. Bikes are a popular mode of transportation in bigger metro cities, developing rapidly. Considering the popularity of two-wheeler loans, it is no surprise that consumers opt for these loans when buying new or used motorcycles or scooters. Two-wheeler loans can be obtained online by applying to the best lenders in the country
Steps to follow to get a two-wheeler loan online:
- The status of your two-wheeler loan will be emailed to you as soon as you complete the online application form.
- You can complete loan formalities at the dealership showroom, where friendly staff will assist you.
- Submit the necessary documents for your loan to be processed.
- Once the loan has been approved, you will need to make a down payment and take delivery of the bike of your choice from Bajaj/KTM.
You can apply online for a loan after selecting a lender by clicking the link and filling in the required information. The supporting documents should be uploaded in soft copy as instructed. The lender must approve your loan once you have submitted everything. If you meet the criteria and have submitted all the relevant documents, your application will take a few days to be approved. Your account will be credited immediately once the 2 wheeler bike finance is approved.
In addition to two-wheeler loans from major lenders, most bike retailers also offer two-wheeler financing. A bike review website or a bike aggregator may also have loan offers. However, you should research online, find a suitable two-wheeler loan provider, and apply online. There is no complicated process for online taking out a two-wheeler loan in India. You need to follow these steps:
- Finding the right lender requires research.
- Rates of interest should be taken into consideration
- Make sure you are eligible for loans from different lenders
- In case of doubt or questions, contact a customer service representative
- Find out all the documents you need to have ready by visiting the lender’s website
- Visit the two-wheeler loan section of the lender’s website
- Click on the Apply Now button
- Application for a Bajaj finance loan for a bike must be filled out
- Make sure all the necessary documents are uploaded
- Fill out the application and submit it
Choosing whether to take out a zero-down payment bike finance is another critical decision. The retailer of the two-wheeler will not require any down payment for this loan. Loans will be extended for the full amount by the lending institution. If you wish to borrow the rest of the amount, you can make a down payment and take a loan for the rest.
Since a loan for a two-wheeler is a secured loan, the bike ownership papers remain with the lending institution throughout the loan term. You must take a NOC and the bike ownership papers from your lender as soon as you have repaid the loan.