It is common to purchase a bike on a loan that can be repaid in monthly installments. You can easily turn your dream into a reality and bring home your favorite ride. Scout the market for the best two wheeler and shortlist the same based on your preference and purpose. If you are purchasing a bike for daily commute, you might want to invest in a low maintenance economy model. However, if you are purchasing the bike for mountaineering and adventures, you need to invest into a quality premium bike. You can avail a bike loan for any type of bike you plan to purchase. Various banks and financial institutions offer loans for the same.
Here is everything you need to know about the bike loan
• You will have to make a down payment for the purchase of the bike and the balance will be converted into a loan.
• The bike loan interest rate will vary from one financial institution to another and it also varies according to the type of bike you intend to purchase.
• It is advisable to compare the interest rates offered by different lenders before making a decision to take the loan.
• The loan will have to be repaid in equal monthly installments over the tenure.
• Any individual above the age of 18 can apply for the loan.
• The documents required include identity proof, income proof and address proof.
• You can adjust the EMI according to your ability to repay the loan.
A bike loan is an ideal method of purchasing your dream ride. You can apply for the loan once you have made up your mind about the bike you wish to purchase. It is advisable to scout the market for lenders and to choose the one that meets your needs. Consider the terms and conditions offered by the lender and weigh your options before you sign on the documents. Choose a lender that offers the a low interest rate as it will save you money in the long term. You can use the EMI calculator to determine the amount of monthly installment you will be required to pay. If you think that you might not be able to make the payment on time, you need to ask for a longer tenure for the same. Do not make a hasty decision which you might regret later on.
The process of loan application and approval is very simple and straightforward. Once you have the documents in hand, you only need to fill the application form and submit the same. Compare the bike loan interest rate and choose the one with the lowest rate. Understand the terms and conditions of the loan and make a decision after you are satisfied with everything that the lender has to offer. Timely repayment of the dues mean a strong credit history for your future. Ride your dream bike home without worrying about the finances and make the most of your favorite ride.
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I am a bike lover and passionate motorcycle blogger.
When I was a child my father ride a motorcycle for his job.
Bike revs my heart from there.
I also love to travel anywhere by bike.
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