Inflation has become an intricate part of India. There are several factors that are contributing to the soaring prices of products and services in India. The primary factor is the incessant rise in the prices of fuels like petrol.
The common person is unable to find a balance in their income, savings, and expenditure. In such a situation, when one wants to buy a bike then they would need to apply for a bike loan.
What about the high-interest rates and hefty EMIs that come with a bike loan? Won’t a bike loan add to the financial burden of the loan applicant?
One can always keep the EMIs and interest rates of a bike loan affordable by following the tips to evaluate interest rates and EMI mentioned below –
Before one applies for a bike loan, they should consult with the loan officer at their preferred lender. The discussion should revolve around negotiating the interest rate and EMI of the bike loan.
One must use the bike loan EMI calculator tool available on the official website of all leading lenders. These nifty tools are free-to-use. These tools can help one gauge the tentative EMI as well as the rate of interest for a bike loan. One should experiment with the variables such as loan amount, EMI, and tenure to get the best loan.
Before applying for a bike loan, the would-be borrower should consult with finance experts like their preferred Chartered Accountant. CA’s have learned individuals and seeking their financial advisor can help a lot. Consulting with a CA can allow a borrower to get inside information about lenders who offer loans with the lowest interest rates.
Furthermore, CAs can also point out lenders who do not charge hefty processing fees or penalties for loan foreclosures.
Borrowers should have a strict financial plan in place. This would ensure that they always have money on their hands for the bike loan EMIs. It is the only way to avoid additional costs like penalties for delayed repayment of borrowed money.
One can also use the calendar feature on their smartphone to remind them about EMI payment dates. One can also set auto-payments for bike loan EMIs. This will keep the borrower safe from repayment failures. Proper financial planning can help borrowers to keep their credit scores high and credit history spotless.
Before settling for a lender or a bike loan, one must shop around. It is the only way to learn about the offers lenders are providing along with their bike loan schemes. It is best to apply for a bike when it is the festive season. The reason is simple – lenders reduce their rates of interest in a bid to compete with one another.
Interest rates tend to alter periodically. This applies to bike loans that come with floating interest rates. Borrowers can keep an eye on the interest rates charged by their lender and then contact their relationship manager. In this way, one can reduce the interest rate of their bike loan along with EMIs during the repayment period.
Another simple trick is to consult with the relationship manager of a bank or NBFC. Asking professional questions related to the bike loan can help clear all doubts. This allows the loan applicant to make informed decisions. For more details, consulting with a finance expert is strongly advised.Apply for Loan Calculate Your EMI