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Amidst the uncertainty of the COVID-19 pandemic and social distancing, the thought of availing of public transport is a nightmare. Even though rental or ride-sharing companies are propagating that they maintain all the safety protocols necessary, there’s still a cause of distress regarding the previous passengers who might be asymptotic COVID carriers.
Thus, to ensure your safety, it is preferable to own a bike instead of choosing public transport. Moreover, with the advent of easy-maintenance bikes, you don’t need to worry about frequent servicing or repair. Here’s what you need to know about ‘how to buy a bike in COVID times’ and the documentation required for the same.
If you cannot manage funds to purchase your dream bike due to a financial crunch, you need not worry. Bajaj Auto Finance provides financial solutions like a Two wheeler loan and online EMI calculators, ensuring a hassle-free purchase of your favourite two-wheeler.
You must meet the lender’s eligibility conditions to avail of a loan. Given below is the essential eligibility criteria all lenders expect:
Bajaj Auto Finance offers an affordable interest rate for two-wheeler loans starting from 7.25% with a maximum repayment period of around 36 months. There is also a processing fee of about 1-3%. You can calculate your EMI using Bike EMI calculators that provide an accurate result based on the chosen loan amount.
Apart from online calculation tools, you can also calculate the monthly EMI manually. The formula to calculate EMI is:
[P * R *(1+R)^N] / [(1+R)^N-1],
P is the principal loan amount, R is the interest rate, and N stands for tenure.
To gain a substantial understanding of how to buy a bike in COVID times, it is crucial to know about the paperwork and documents required.
Here’s a list of all the vital documentation required:
Voter Identity Card, Aadhar Card, Pan Card, Passport/Driving Licence
Above identification documents and recent electricity bill, bank passbook reflecting current evidence of address.
Payslips, Form 16, or bank statements up to at least six months
Sales tax returns, income tax returns of the past three years, along with the details of the company
A two-wheeler loan offers a lower interest rate than other options like a personal loan, etc. The flexible tenure offered by Bajaj Auto Finance to their customers makes it a comfortable option to purchase a two-wheeler without any worry. Ensure to pay your EMIs regularly.
Even during the COVID-19 crisis, you can apply online for loans conveniently from any smartphone or laptop while maintaining all the safety regulations. Keep your spirits alive during this unprecedented period and purchase your dream bike easily.Apply for Loan Calculate Your EMI