Do you get excited at the thought of buying a brand new bike? Well, owning a two-wheeler can make your life smooth and hassle-free. You will be able to commute through busy streets with ease. Moreover, it will add to your style statement.
But, what if you do not have enough liquid money? A bike loan can help you out. However, there are several things you must know before applying for one. Let us walk you through the different stages of two-wheeler loan.
Before taking the loan, you need to choose your bike. Which model will you buy? You might want a hot and happening model or a simple one.
Your loan amount will depend on the bike you choose. So, make sure you pick up something within your budget. That will make it easier for you to repay the loan.
Checking your credit score is crucial before you apply for a loan. The rate of interest your lender offers will depend on your credit score.
If you have a decent score, you will get a lower interest rate. You will also have greater bargaining power.
To maintain a good credit score, make sure you repay all your loans on time.
Several banks and NBFCs can give you a two-wheeler loan. However, you must choose your lender after thorough research. Compare the interest rates offered by different lenders. Moreover, check the additional charges.
Before finalising the lending institution, go through their website. Do not settle for any random lender. That might put you in trouble.
Choose your loan tenure carefully. Your EMI amount will depend on the tenure. If you choose a longer tenure, your EMI will be less. However, if you go for a shorter tenure, you will have to pay a higher EMI.
If you want to repay your loan quickly, going for a shorter tenure is the best idea. It will also reduce your total interest outgo. But, if you cannot afford a high EMI, you can go for a longer tenure. Your total interest payments will be more in that case.
After you have finalised the lender and decided your tenure, you have to fill up the application form. Don’t worry. You will not have to go anywhere. You can apply online from the comforts of your home.
Make sure you submit all the necessary documents. That will help the lender to understand whether all the information you provided are correct. Moreover, your lender will verify your income and tax details.
Keeping all your docu,ants in place before applying will save a lot of time. O, check the website of your lender to get the list of documents you need to submit.
Read all the terms and conditions before signing the deal with your lender. Many people tend to ignore this step. However, it’s crucial to go through all the terms. You never know. There might be some unfavorable conditions. It might put you in trouble later.
You can use a two wheeler loan EMI calculator to help you calculate your EMI amount. That will help you in choosing the perfect loan for you.
Buying your dream bike becomes easy with a loan. Now, you don’t have to wait for days to get your bike loan. Your lender will process the application within a week.
Bajaj Auto Finance offers affordable loans and ensures fast processing. Also, go and bring your favourite bike home now.Apply for Loan Calculate Your EMI