Hello friends, I welcome you all to today’s article. Friends, I will give you information about how to take a bike loan. Friends, if you have limited budget to buy a new two wheeler and cannot take the risk of making the full payment in one go, then taking a two wheeler loan is a right option. You can buy your favourite bike by taking a two wheeler loan from commercial banks. Today, taking a two wheeler loan has become much easier and you can get a loan of upto 85 percent of the bike’s cost.
After taking a two wheeler loan, you can repay your loan by paying installments every month. In today’s article, we will tell you all the details about it so that you can easily take a bike loan. For this, you will have to read this article carefully till the end.
What is a bike loan?
Bike loan is a way through which you get a bike on installments, that is, if you do not have money to purchase the bike, then you can easily pay the full amount of the bike in installments and you do not even need to pay the money upfront. Many companies also offer bike loans and that is not all, if you want, you can also go to your nearest bank and submit your application for a bike loan, apart from this bike agencies also provide bikes in installments.
documents for getting bike loan
- Aadhar card
- Pan card
- driving license
- address proof
- income certificate
- passport size photo
Eligibility for Bike Loan
- The companies providing bike loans can provide bike loans only to Indian citizens.
- Most of the loan giving companies give bike loans to people between the age of 18 to 60 years.
- Bike loan lending companies generally ask for your income proof or salary slip to make sure whether you will be able to pay the EMI on time or not.
- Most of the companies giving loans require down payment, generally the down payment is 10 to 20%, here 10 to 20% down payment has to be given.
- The better your credit score, the sooner you will get a loan for a bike and the interest rate will also be less and the period for repaying the interest will be longer.
How to take a bike loan?
- To get bike insurance you can go to your nearest bank, any financial company or even directly to a bike agency.
- Wherever you want to take a loan from, you will first have to obtain the application form to take a loan from there.
- After that you will have to fill all the information asked in the application form one by one carefully and also attach the copies of all the necessary documents.
- After that you will have to submit your bike loan application form to the concerned officer and there you will be asked to make some down payment and you will have to submit the down payment bill along with the application form for as much amount as you can.
- In this way your application for bike loan is fulfilled very easily and you also get the bike loan.
In this way, by following all the steps mentioned above, you can easily apply for bike loan and avail its benefits.
conclusion –
Friends, in today’s article I have given you information about how to take a bike loan. I have told you the complete information in detail so that you can easily take a bike loan while sitting at home and can also avail its benefits. Friends, if you all liked today’s article then please share this article.