How to buy a bike on EMI?
Owning a two-wheeler has become a necessity for many. This is especially true for those who travel frequently, and for those who do not wish or cannot commute using public transport. However, not everyone wishes to buy a bike with their savings. Instead of looking for an alternative, they give up on the idea completely.
There is another option that many tend to overlook: buying a bike with a vehicle loan that can be repaid in EMIs. The question that would arise right about now is how to buy a bike on EMI?
To buy a bike on EMI would mean availing a loan for a two-wheeler. You can easily apply for a vehicle loan online and, with the subsequent funds buy the bike of your choice.
- Check Eligibility Criteria: Before you apply for a bike loan, you will need to start by checking your eligibility. Most financial institutions have certain prerequisites when it comes to availing a loan for a two-wheeler.
You will need to be between 23-47 years of age, be employed in a reputed public, private or LLP organisation, have a stable income of more than Rs. 25000, which should be credited to a bank account.
- Required Documents: Unlike secured loans, you can apply for a loan for a two-wheeler with minimum documents. All you need is your PAN card, Aadhar card, salary slips, and bank statement.
- Loan Amount: Based on the choice of bike you wish to buy, you will need to decide on the loan amount. At Finnable, you can apply for a vehicle loan starting at Rs. 50,000. The maximum amount you can avail is Rs. 10 lakhs.
- Apply for an Online Loan: Now that you have decided on your bike loan amount, you must be wondering if you need to visit a branch or an office to apply for a bike loan. A two-wheeler loan can now be applied online. All you will need to do is visit the Finnable website or download the Finnable App, and fill in the requisite details. You will receive your two-wheeler loan approval online within 6 hours of verification of the provided documents.
Benefits of buying a bike on EMI
You now know how to buy a bike on EMI. There are certain advantages and benefits to buying a bike on EMI:
- Improve CIBIL Score: A CIBIL score is a summary of the history of your income, expenditure, borrowings, and repayments. When you avail a two wheeler vehicle loan, you will be borrowing funds to purchase the vehicle of your choice. If you repay the vehicle loan on time, this helps improve your CIBIL score as it increases your creditworthiness; making it easier for you to avail a loan in the future.
- Buy a Bike of Your Choice: One reason why many people avoid buying a bike is the cost. With a vehicle loan, you can buy any bike of your choice without worrying about the money.
- Financial Relief: When you choose to buy a bike from your savings, you will be taking out a considerable amount of money. This can put your financial budget out of sync. Availing a loan for a two-wheeler provides you with the relief of not having to dip into your savings.
- Competitive Interest Rates: You need to remember that the interest rate on vehicle financing depends on your age, employment status, income, etc. at the time of application. Finnable’s bike loan interest rate ranges between 16% to 26%.
- Easy Application Process: There was a time when you had to wait months to get the funds for your bike loan. However, with a 100% digital process in place, you can apply for a vehicle loan online.
How to calculate a Bike EMI?
Calculating the EMI is not as difficult as it sounds. You can use Finnable’s EMI calculator to find out how much the monthly outgo will come to.
Finnable’s online EMI calculator makes it easier to understand your EMI payments. To use the bike loan EMI calculator, you will need to know the principal loan amount, the tenure of the loan, and the interest rate on your vehicle loan.
The EMI calculation for the two-wheeler loan will then give you the exact EMI amount, which is calculated instantly on personal loan EMI calculator.
How to apply for a two-wheeler loan on Finnable?
Applying for a 2-wheeler loan is simple and easy. You can avail a two-wheeler loan from Finnable in 3 simple steps. Apply for a loan on a two-wheeler online, either through the website or Finnable’s app.
You will need to register yourself and add your personal and professional details. Choose the type of loan you wish to avail. Enter the amount, upload the documents and your vehicle loan amount will be credited to your bank account within 6 hours of document verification.
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