Bikes are not a mere means of transportation for the majority of the Indian population instead, owning a motorcycle is a dream of people irrespective of their age. But the bikes or scooters you may like the most might go over budget of someone in the early stages of their life. And it is tough to manage bike finances at a given time. Your savings are your emergency funds. You are often faced with this question: how would you fulfil the dream of owning a bike of your choice. The solution is simple – a bike loan.
Most bike buyers opt for a two-wheeler loan for buying their bikes. They have their own set of perks that include lower interest rates, quick approvals, and lesser & easier documentation. However, after knowing everything about such loans, a question may arise about how to choose the best loan option for buying your bike? Here are some tips for the same:
Check the loan amounts offered.
There are some upper as well as lower boundaries set by each lender for the loan amounts. Some lenders provide 80% of the bike finance, while some offer a total 100% loan where you have to make zero down payments. Thus, it is necessary to identify your requirements and choose the lender accordingly.
Check the flexibility of EMI options offered for two-wheeler loans.
Under the EMIs for bike loans, it is advisable to check for the repayment tenure. Identify your repayment capacity and verify the repayment tenure offered by different lenders. Check if the lender provides you with suitable repayment options. You can also calculate the EMIs and repayment tenures with bike loan EMI calculators, which are readily available on every lender’s websites.
Compare the interest rates of different lenders.
Do not apply for a bike loan and used car finance without ample research. During this research, keep a keen eye on the different interest rates of the lenders. However, do not choose the lender who offers lower interest rates with hidden fees. Check the guidelines, terms, and conditions set by the lenders thoroughly before opting for such loans.
Check out for the special offers for two-wheeler loans.
Apart from the research about the general services of the bike loan lenders, you should also go for checking the special offers on bike loans by different lenders. Sometimes, you may end up finding an offer that is genuine as well as profitable for you. Many lenders occasionally come up with customer-friendly offers. But you should go through the terms and conditions thoroughly before opting for such offers on the loans.
Check the loan processing time.
Choose the lenders who disburse the loan amounts quickly after the application. It is essential that you should have money at the time of purchasing the bike. If the processing time is more, your purchase will be delayed unnecessarily. Fortunately, today, all the lenders offer the loan application’s facility online with the least documentation. This saves your time of visiting the lender multiple times.
Although you dream of owning a bike, you should never rush making the decisions regarding the loans for meeting your bike’s finances. The above-mentioned tips will lead you to get the right bike loan for your dream bike or scooter.