Quick and Hassle-Free Bike Finance Application

Quick and Hassle-Free Bike Finance Application

There is no better time than now to invest in a two-wheeler of your choice. If you no longer wish to use the public transport, and are looking at different bikes in the market, you are at the right place. Make a wise decision of investing in a bike of your choice and enjoy the thrill and freedom that it provides. Your bike is the first flight to freedom and it is something that will give you immense joy and pride. There are many options available in the market for you to choose from. Manufacturers introduce new models from time to time with the latest technology and features. It is best to consider your needs and then make a decision. You are eligible to apply for bike finance for any type of bike you choose to purchase.

Identify the purpose of borrowing and set aside a budget. You need to shortlist the bikes you would like to own and keep the usage in mind. If you are looking to purchase a bike only for your commute, invest in an economy model that needs minimal maintenance. And if you are looking for a bike for your adventures and to ride on a hilly terrain, invest in a premium model that has high capacity. Choosing the right type of bike is the first task. Do not rush the decision and take a test drive of the bike you shortlist. You will be able to understand the performance of the bike only when you take a ride in it.

Once you choose the bike you want to own, scout the market for reliable lenders in the industry and compare the interest rates offered by them. Every lender will have varying eligibility criteria you need to be aware of. You can compare the same online. The basic eligibility criteria require the applicant to be above the age of 21, and have a valid driving license. You need to show proof of income. If you do not have stable income, you can ask for a guarantor for the loan. You will also have to make a down payment. It can be the minimum amount of down payment or a higher amount. It is important to know that different lenders have varying down payment requirement. If you have excess funds on hand, make a higher down payment and reduce the amount of loan.

In order to make a loan application, you need to fill the application form online and submit documents of identity proof, address proof, income proof and invoice of the bike you want to own. The loan application will be processed and approved in 48 hours and you will be able to drive your new bike home.

Do not postpone the purchase of a bike due to lack of funds. You can now own any bike of your choice with the right lender at your side. Simply apply for bike finance and bring home the stylish, new two-wheeler. If you have a strong credit score, the loan application will be approved in no time. You can also use the EMI calculator to get an insight into the EMI payable on the loan. The calculator is available online and is easy to use. You only need to provide the loan amount and tenure to get a quick estimate. You will be able to decide on the tenure if you are aware of the EMI amount you need to meet each month. Consider the monthly inflows and outflows before agreeing on an EMI amount, and understand the terms and conditions of the loan thoroughly before you sign on the dotted line.

Pooja is affiliated with Hero FinCorp, a finance company, and writes on topics related to loans and small business financing.
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