What everyone best ought to know about bike loan
It is undeniable that getting your bike brings a sense of freedom. The experience of owning a two-wheeler is terrific, and besides being cost-efficient, a motorcycle is one of the best ways of transport for everyone. The global pandemic has affected the way people travel.
Due to lack of local transportation like buses and trains after the pandemic, bike sales have shot up. So, you can now easily avail the advantages of a bike loan for heavy demand. You can apply for a loan whether you are employed or self-employed. With the help of a motorcycle loan, you can buy your dream vehicle without paying the whole amount of money upfront. But before applying for a bike loan, there are few things That “What everyone best ought to know about bike loan”:
1. Check your eligibility:
The first thing that one should do is to check the eligibility. To apply for a loan, you should be a minimum of 21 years old and a maximum of 65 years when the tenure ends. The applicant should have a minimum earring per annum depending upon the city they live in.
2. Amount of loan:
The amount of loan that you will be getting will depend upon the price of the bike you choose and your eligibility. Some lenders give up to 100% of the value of the two-wheeler as a bike loan. In these types of loans, you do not have to make a downpayment.
3. Compare and research:
Many lenders in India extend a bike loan to eligible customers. Due to this, it becomes challenging to choose the right provider. You should always understand the benefits and additional eligibility criteria given by the lenders. Always compare different offers and choose the one that fulfills your needs.
4. Know your EMIs:
Before finalizing on loan, one should know how much they will have to pay monthly to pay it off. By determining the EMI, you would be able to manage your budget correctly, and it can also help you come up with a better repayment plan. You can use a bike loan calculator to check the whole amount. You only have to fill your amount, the bike loan interest rate, and the tenure of the loan.
5. Interest rates:
The interest rate you will be getting depends on your previous credit records and your annual income. If your CIBIL Score is above average, then you can ask your lender to reduce your bike loan interest rate and offer you a better deal. However, there are some NBFCs that do not take the credit score into account.
In this article, ” What everyone best ought to know about bike loan”. Other than these, always look at what other people are saying about the lender by reading reviews online or getting first-hand information from other customers. Lenders periodically announce many offers across various products. Make sure that you have researched so that you know about all the offers. It is advised to go through all the terms and conditions properly before signing upon any contact. By considering the above factors, you could secure the best bike loan in the market.