You can feel a sense of freedom when you ride a two-wheeler. You can travel to work or anywhere at your convenience. Moreover, you can travel affordably and beat the traffic. You can also go on long rides with your special one. Indeed, buying a bike is a good investment. If you have been eyeing your dream bike for a while, you should not delay the purchase.
As for finances, apply for a Bike Loan. You can apply for a significant Loan amount at a fair interest rate. You can also repay the Loan amount in equated monthly instalments spread across your repayment tenure. Bike Loans are a standard financial product offered by every bank. Make sure to compare different bank deals and find the best one. You can consider the following pointers to determine the best Two-Wheeler Loan:
- Simple Loan process
Every bank follows a different Loan process. Opt for a bank with the simplest Loan process. The bank should extend the online Loan application facility. This makes the Loan application process easy for you. You should also consider the after-Loan process. Banks let you manage your Loan repayments online. Most banks allow you to automate Loan repayments. This ensures you never miss a due date and are on track with the Loan repayment.
- Eligibility
Every Bike Loan has different eligibility criteria. Go for the Bike Loan whose eligibility criteria you can meet. This way, you can avoid Loan rejections and get the necessary Loan amount. Generally, most banks consider your age, income, and credit score for Loan eligibility. You should be within the age bracket of 21 years to 65 years. You need to earn a decent income and hold an excellent credit score for Loan approval.
- Interest rates
Make a note of the Two-Wheeler Loan interest rate before applying for the Loan. The lower the interest rate, the better. The interest rates offered vary from one bank to another. Check the market and compare various interest rates to find the most affordable one. Also, note that the bank’s offering depends on your financial profile.
If you have a solid financial profile, you can get a higher Loan amount at a better interest rate. Most banks extend pre-approved Loan offers to applicants with a solid financial profile. The bank may doubt your repayment capacity if your financial profile is unstable. They may either reject your Loan application or offer you a Loan at a higher interest rate.