Getting a bike of your dreams is one of the best things to happen to a two-wheeler enthusiast. However, you might face some financial hurdles and put yourself under the extra burden of debts. Therefore, we have come up with five things you should remember while choosing the best bike loan.
Considering some crucial factors before applying for a two-wheeler loan will be best for you. If you have already made up your mind to apply for a loan and are confused about where to start, this post will help you with the process.
The eligibility criteria are different for every lender to apply for a two-wheeler loan. Therefore, the very first thing that you should consider is to check the eligibility. The most common criteria are that you must be aged 21 at least or 18 yr old with a Co applicant to apply for a loan.
Back in time, the process of applying for a two-wheeler loan and getting approval was a tedious thing and used to take a lot of time. However, now the conditions have changed, and the process is much more convenient and short now. With lenders like Bajaj, the procedure to apply for a two-wheeler loan online is more straightforward and convenient. Consider comparing the processing fee and foreclosure charges of different banks.
The Two wheeler loan interest is the most critical factor of all, as the entire amount you will be paying depends primarily on it. You can also consider comparing the rate of interest offered by different lenders.
A lender's rate of interest usually lies between 9.5% to 17%, which depends on the model of the two-wheeler, current employer, your credit score, and repayment capacity.
The amount you will receive depends on the amount you can borrow and your eligibility criteria for applying for the loan. At times, you can get the full amount for the bike purchase. You can calculate your EMI using the EMI calculator with the amount you will be borrowing, two-wheeler loan interest, and tenure of your loan.
Lenders often announce offers for their services. You can check multiple lenders to get the best offer possible. There are usually festive offers and deals on bike loans. Many lenders also release special schemes for existing customers.
Bajaj Auto Finance offers one of the best bike loan services. Calculating your EMI is one of the best ways to determine whether you will be able to pay the amount or not. You can use the online EMI calculator at Bajaj Auto Finance website.
Ensure that your documents are handy to make the procedure faster and less complicated for you. The documents usually required include ID proof, income proof, address proof, and passport size photographs. However, the eligibility documents might vary for each lender. A CIBIL score is also one of the most prerequisites that you should consider. It might be difficult for you to get the loan if you lack a credit score currently. There are several online services where you can check your credit score.
Hopefully, you have understood everything that is required to apply for a loan. Bajaj Auto Finance is one of the best lenders for two-wheelers, and you can apply for a loan at a Bajaj Showroom or online through the official website of Bajaj Auto Finance. It has one of the most impressive and flexible two-wheeler loan interests.
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