Bring home a brand new bike without burning a hole in your pocket. If you want to purchase a new bike, stop worrying about financing the same. Your solution is right here. You no longer need to postpone the purchase nor do you need to break your investments for the purchase. Simply apply for a bike loan and bring home your dream ride. There are a number of banks and financial institutions that offer a bike loan at low interest rate and a flexible tenure.
Any individual above the age of 18 can apply for the loan. All you need to do is fill up the loan application form and submit the requisite documents for the same. The documentation includes identity proof, income proof and an address proof. If you are a salaried individual, you need to provide your salary statement. The entire process of loan application and approval is simple and convenient. Once you make the application, the lender will scan the documents and if all is in place, the loan will be approved within 48 hours. You can bring home your new two wheeler and repay the loan in due time. You can repay the loan amount while you use your bike.
Given the number of options in the market, you could be spoilt for choice. Hence, identify the purpose of purchase and then shortlist the bike you are keen on buying. You will have to decide if you want a bike for daily commute or for special adventures like mountaineering. The cubic capacity and the type of bike will vary accordingly. Scout the market for different bikes and choose the one that fits into your budget. Once you decide on the bike, you can look for reliable lenders in the market. You will be required to make a downpayment for the purchase of the bike. However, when you make a downpayment, ensure that you do not hamper your monthly cash cycle in order to make a higher downpayment. Instead, apply for a higher loan amount and make the repayment over the tenure. There are many lenders who allow you to prepay the loan and there is no penalty associated with it. Whenever you have excess funds, you can choose to make a prepayment for the loan.
Always compare the bike loan interest rate before making a decision. You need to ensure that you are getting the best deal from the lender. Choose a lender that offers a low interest rate for your loan. The interest rates vary from time to time and from one lender to another, this is why you need to scout the market and not apply for a loan to the first lender that you come across. Buying a new bike is an easy and hassle free procedure. All you need to do is make up your mind about the bike you intend to own and the type of lender you are willing to associate with.
