Bikes are loved by most people but due to heavy costs, people are unable to afford the same. This sometimes leads to sacrifice to your dream but there is a solution through which you can easily own a bike i.e., schemes of bike loans. These loans can be availed from various financial lenders. These days you get 100% finance without paying even a single penny. The tenure of these loans depends upon your wish what you want to opt for.
There is the tenure for 1 year,3 years, 5 years, and sometimes 7 years also. You can choose all this as per your repaying capacity. Now, the question arises how to get a bike loan. The answer to this question is simple you can avail bike loan by processing your application in an online format or by visiting the lender’s office and submitting the requisite documents. You can make calculations of tenure, amount, and repayment through a bike loan calculator.
Advantages of getting a bike loan:
- Hassle-free process.
- You get a 70-100% loan against the cost of the vehicle.
- Online application process.
- No heavy processing fees.
- Quick disbursal if documents are fully verified and completed.
Eligibility for bike loan:
The eligibility criteria totally depend upon the type of work you do to earn money. If you are having a business then the eligibility is different and if you are a salaried person then eligibility is completely different.
Below is the comparison table that will give you a crystal-clear idea about the eligibility.
|Criteria||For salaried person||For Businessmen’s/Self-employed|
|Age factor||21 to 60 years||21-65 years|
|The minimum income per annum||2.5L||2.5L|
|Employment status||You should be employed in the current job for at least 1 year or have 1 year of experience at least.||Minimum 1 year of experience in the business or industry.|
Documents required for Bike loan:
The documents requirement also varies on the type of work you do. For example, if you are a salaried person then the requirements for documents are different and if you are a businessman/self-employed then the requirements are different.
Below is the table chart comparison between the both:
|For salaried person||For businessmen’s / self-employed|
|Kyc documents like Aadhar card, PAN, Passport or voter id card||Kyc documents like Aadhar card, PAN, Passport or voter id card|
|Utility bills||Utility bills|
|Salary slips for last 6 months||ITR copy|
|Passport size photos||Passport size photos|
|GST no or VAT no or MSME registration, etc|
|Bank statement for last 6 months||Bank statement for last 6 months|
|id card||Firm/ company details|
The above chart clearly tells what all documents are required to apply for bike loan.
How to get bike loan:
- First of all, you need to choose the model of bike and ask for a quotation from the company.
- You need to submit the required documents, address proof, and quotation to the bank, financial institute, or the lender.
- Once the lender will check your eligibility, you will get loan approval.
- You can then submit the DD to the company from where you are buying the vehicle.
You may also read: Availing personal loan from the best banks
It can be concluded that you can get a bike loan by applying with relevant documents and a good previous track record. The rate of interest on bike loans can be calculated through the bike loan calculator but generally, it’s near about 7-12% depending upon your lender and your repayment history. You get either the full amount as a loan and need to pay zero down payment or the other side is you get a partial amount of loan and the rest you need to pay in the form of down payment.
Frequently asked questions:
Q1) How can we get a bike loan?
Ans 1) You can get a bike loan either by applying online through the lender’s website or by physically submitting the application to the office of the lender.
Q2) What is the tenure of a bike loan?
Ans2) The tenure of a bike loan can be up to 5-7 years depending upon your lender.
Q3) Can loan be repaid in EMI’s?
Ans 3) Yes you can pay loan in easy EMI’s Options.
Q4) How can EMI be known for my loan?
Ans4) You can calculate EMI through bike loan calculator.
Q5) How much cibil score is required for bike loan?
Ans5) You need a good cibil score and also the previous loans should have been repaid on time.
Q6) Can the loan be closed in the middle of tenure?
Ans 6) Yes you can close loan in the middle and this is called loan foreclosure. You need to pay a small amount of fee to for processing the file of foreclosure and your loans get disbursed in a single payment.