Know How to Get Bike Loan by Following these 5 Simple Steps

A bike gives you the freedom to move around and cut through the traffic on the Indian roads. If you are planning to get your dream bike, you should consider getting a loan at an affordable interest rate. Here are five easy steps to get a two-wheeler vehicle loan. 

Pick the Right Loan

The bike that best meets your requirement and loan plan that gives you the flexibility to repay the loan as per your current finances. By researching thoroughly, you can reach out to a lender who would offer the best two-wheeler loans in India. You can get a loan for up to 100% of the bike value at attractive interest rates. The loan tenure can vary from 12 months to 60 months. Additionally, you have the option of pre-paying the entire two wheeler vehicle loan amount at any time before the tenure is complete. You will have to pay a nominal fee to close the loan account.

Check Your Eligibility

Once you have selected the loan product you would like to buy, check your eligibility for the same. You are likely to secure bike finance if you are:

  1. Either a salaried employed or self-employed. Some NBFCs also offer no income-proof based loans.
  2. Between the ages of 18 years (at the time of application) and 65 years (at the end of loan tenure).
  3. Drawing a net income of at least ₹96,000 per annum as a salaried employee or record a net profit of ₹1,20,000 per annum as a self-employed individual.

Estimate the EMI

Getting an estimate of the monthly EMI is important. Ensure that the EMI amount is within your budget and something you can pay without stress. Use an EMI calculator available online for getting an accurate estimate. Just fill in the loan amount, loan tenure and applicable interest rate to generate the monthly EMI you will have to pay.

Apply Online

Apply for a two-wheeler vehicle loan, visit the website of your preferred lender. Fill in and submit the appropriate details and a representative would give you a ring to take you through the application process. Otherwise, you can visit a branch of the preferred lender close by to your home or office and apply for the same. You can also reach out over the phone to talk to a representative for any clarifications. 

Submit the required documents

With the application, you will have to provide the below documents as well: 

A. Proof of Identity, Which can be one Among:

  1. Passport
  2. Aadhaar
  3. Voter’s ID
  4. Driving license
  5. PAN card

B. A proof of residence, which can be one among:

  1. Passport
  2. Aadhaar
  3. Voter’s ID
  4. Driving license
  5. LIC policy
  6. Ration card
  7. Utility bill

C. Proof of income:

  1. ITR
  2. Form 16
  3. Payslip
  4. Salary credit in the bank

D. A recent passport size photo.

With these simple steps, you will be a proud owner of the bike of your choice.