Interest rate is one of the most important factors when it comes to borrowing. A high rate of interest increases the cost of borrowing and the EMI amount will be high. Hence, it helps to opt for a loan product that has low interest rate and flexible repayment tenure. If you intend to purchase a bike, the first thing you need to consider is the cost associated with it. At this stage, you do not need to worry about making the payment at one time. You can apply for the loan and make repayment in EMIs over the tenure.
A bike loan is available for individuals above the age of 18 with a valid driving license. You can get a loan for any type and brand of bike in the market today. Manufacturers introduce new models from time to time and these models have some of the latest features. It could become difficult for you to take a pick which is why you must take a test drive. Only when you ride the bike, you will be able to decide whether it is suitable for your needs. Consider your requirements and shortlist the models that you are keen on. If you are buying a bike only for commute within the city, you need to choose an economy model that is not high maintenance and is convenient for you to use. However, if you are looking to invest in a bike for adventures on rough terrain, you can invest in a premium model with high engine capacity. Always consider your needs and then take a test drive.
Once you decide on the bike you wish to own, you need to make a downpayment for the bike. All lenders will require you to make the downpayment and you can either make the minimum amount of payment or make a higher downpayment if you have excess funds on hand. In order to make the loan application, you need to fill the application form and submit documents of identity proof, address proof, proof of downpayment, invoice of the bike you wish to own, salary slip or bank statements and passport sized photographs.
Due to increasing competition in the market, lenders are offering the loan at low and competitive interest rates. This is a good opportunity to purchase the bike and turn your dreams into a reality. No matter the bike you want to own, you can get a loan for the same. All you need to do is scout the market for reliable lenders. Understand their terms of repayment and compare the interest rates offered. With low interest rate, you can make the EMI payment on time and ensure that it does not stretch your budget.
Use the EMI calculator to get an insight into the EMI payable on the loan. The calculator is available for free and it is easy to use. All you need to do is provide the loan amount and tenure. The calculator will give an estimate within minutes. You can also change the inputs until you reach an optimal output. Consider the monthly inflow and outflow of cash before you agree on an EMI amount. Prepare a repayment schedule to make the EMI payment on time.
Low and competitive bike loan interest rate has made it possible for all individuals to own the bike of their choice. You no longer need to worry about the budget and financing the same. The right lender will be your partner in growth and will ensure that your dreams turn into a reality. You can get the loan approval in 24 hours and ride your bike home with pride and joy.