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How To Buy Bike in COVID Times? All Paperwork and Other Details

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.

Availing A Two-Wheeler Loan

 

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.

Eligibility Criteria

 

You must meet the lender’s eligibility conditions to avail of a loan. Given below is the essential eligibility criteria all lenders expect:

  1. Your age should be between 18-65 years.
  2. Stable employment status and residential address of at least a year are essential.
  3. You must present a healthy repayment capacity along with possession of KYC documents.

Bajaj Auto Finance Loan Highlights

 

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.

Documents Required to apply for a bike loan

 

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:

1. Identification Proofs

Voter Identity Card, Aadhar Card, Pan Card, Passport/Driving Licence

2. Proof Of Address

Above identification documents and recent electricity bill, bank passbook reflecting current evidence of address.

3. Documents For Salaried Individuals

Payslips, Form 16, or bank statements up to at least six months

4. Documents For Self-Employed Candidates

Sales tax returns, income tax returns of the past three years, along with the details of the company

Conclusion

 

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