Are You Eligible for a Bike Loan? Find Out!

If you want to bring home the ride of your dreams, you are at the right place. Own your favorite bike without burning a hole in your wallet. Irrespective of the type of bike you want to own, you do not need to use your emergency funds. With a bike loan, you will be able to ride home your dream bike and enjoy the thrill and passion of it. Most of us dream about owning a bike as soon as we turn 18. This dream can now turn into a reality with the right lender by your side.

Once you make up your mind about the bike you want to own, you simply need to make a loan application from the comfort of your home. You can scout the lenders and compare terms and conditions offered by them. Different lenders have varying interest rates, eligibility criteria and terms of repayment. You need to be aware about the same before you make a decision. Most lenders have a minimum eligibility criteria where you need to be above the age of 21 and you need to hold a valid driving license. Additionally, you need to have consistent flow of income. Whether you are salaried or self employed, you will have to show that you are earning stable income. If you do not have adequate income to show as proof, you can ask for a guarantor to work with you for the purpose of the loan.

Choose a lender who offers the loan at low interest rate. If the interest rate is low, the EMI will be low and your monthly outflows will remain in control. You need to be very practical when it comes to the EMI amount. Consider your monthly inflows and then make a decision. Once you have chosen a lender, make a down payment for the bike and submit your application. No lender will offer 100% amount as loan; you will be required to make the minimum amount of down payment for the loan to be processed. You can also make a higher down payment if you have excess funds on hand. Once the down payment is made, your loan application can be filed and processed. Fill up the application form and submit documents of identity proof, address proof, income proof and proof of down payment. You will have to provide salary slips and bank statements as proof. If you have a good credit score, the loan will be approved in no time.

Bike loan applications are usually approved within 24 to 48 hours. You can drive your bike home in no time and repay the loan amount in EMIs over the flexible tenure. You can ask for a longer tenure if needed. The customer executives will be happy to help you understand the terms and conditions of the loan. You also need to get complete information about the processing fees, prepayment charges and any other costs associated with the loan. Bring home your dream ride and turn your dream into reality.