For many people, owning a two-wheeler has become essential. This is particularly true for people who travel frequently as well as those who either don’t want to or are unable to commute by public transportation. But not everyone wants to use their savings to purchase a bike. Rather than looking for an option, they give up on the idea entirely.
Another choice that many people prefer to ignore is getting a bike with a car loan that may be repaid in EMIs. How to buy a bike on EMI would be the question that would come up right about now.
Hence, a two-wheeler loan in Lucknow can be taken to purchase a bike on EMI. Applying for a vehicle loan online is simple, and the money you receive can be used to purchase the bike of your dreams.
So, What Do You Need to Do?
Check Your Eligibility: You must first determine your eligibility before applying for a bike loan. When applying for a loan to buy bike on EMI, the majority of financial institutions have specific requirements.
You must be between the ages of 23 and 47, employed by a reputable public, private, or LLP organisation, and earn a steady income of at least INR 25000 per month that is credited to a bank account.
Documentation Requirements: Unlike secured loans, you only need a few documents to apply for a loan for a two-wheeler. Your PAN card, Aadhar card, pay stubs, and bank statement are all you need.
Loan Amount: You must choose the loan amount based on the type of bike you want to purchase. You can apply for a two wheeler loan in Lucknow for as little as INR 50,000.
Apply for a Loan Online: Now that you know how much you want to borrow for a bike, you probably want to know if you need to go to a branch or office to apply. You can now apply for a two-wheeler loan online. Simply go to the finance company’s website or download its loan app, and then enter the necessary information. After the submitted information has been verified, you will receive online approval for a two-wheeler loan within a few hours.
Benefits of Buying a Bike on EMI
You now understand how to finance a bike purchase. Below are some of the benefits and advantages of purchasing a bike on EMI:
Improve CIBIL Score: Your income, expenses, borrowings, and repayments are summarised in your CIBIL score. When you apply for a two-wheeler loan, you are borrowing money to buy the car of your choice. When you repay the car loan on time, your CIBIL score rises because you become more creditworthy, which makes it simpler for you to get a loan in the future.
Purchase the Bike of Your Choice: The price is one factor that prevents many individuals from purchasing bikes. You can purchase any bike of your choice without worrying about the cost of a car loan.
Financial Relief: You will be withdrawing a substantial sum of money from your savings when you decide to buy a bike. Your financial plan may become out of balance as a result. You will feel relieved knowing that you won’t need to use any of your funds if you take out a loan for a two-wheeler.
Competitive Interest Rates: Keep in mind that your age, employment status, income, and other factors at the time of application will affect the interest rate on a bike loan. The interest rate on bike loans usually ranges from 16% to 26%.
How Do I Calculate a Bike’s EMI?
It’s not as difficult as it sounds to figure out the EMI. To determine how much the monthly outlay will be, use an EMI calculator.
Your EMI payments are simpler to comprehend thanks to Finnable’s online EMI calculator. You will need to know the principal loan amount, the loan term, and the interest rate on your car loan to use the bike loan EMI calculator.
In a time of financial difficulty, the EMI calculation for the two-wheeler loan will then provide you with the precise EMI amount, which is computed instantly on the personal loan EMI calculator.
Conclusion
Once you have a general understanding of the EMI plans, you can now apply online for a two-wheeler loan in Lucknow by going to the application page. Nowadays, the majority of people choose to purchase things using simple instalment plans, which are typically offered by financial institutions or online.
You can own a lot of things with this technique without having to invest a lot of money. Purchasing a bike on EMI is one such instance. Simply choose the EMI option when purchasing a two-wheeler online. You can choose from flexible options lasting from three to twenty-four months.
