Having a bike can help you in many ways. It will make traveling convenient for you. At the same time, your bike will also add to your style statement. However, you might not have the liquid funds to buy your favorite two-wheeler. Don’t worry. A bike loan can help you get closer to your dreams.
The process of applying for a two-wheeler loan might get complicated if you are a first-time borrower. Let’s make it easy for you by breaking it down into steps.
1. Consider Your Budget Before Applying For Bike Loan
It is not a wise idea to go for any bike that you like. Keep your budget in mind. And, take the loan accordingly.
You have to consider your repayment ability too. After all, you cannot run away without repaying the loan. So, don’t borrow beyond your capability. That will make it hard to manage your finances.
2. Fill In The Application Form and Submit Your Documents
After you have considered your budget, it is time to fill-up the form. You will need to give your personal and professional details. Make sure you provide the correct information. Otherwise it might lead to the rejection of your application.
You will also have to submit your documents for the KYC process. Keep all your documents in place beforehand. It will save a lot of time. You have to ensure the information entered in the form matches the documents. That will lead to the smooth and hassle-free processing of your application.
3. Go Through The Terms and Conditions
People often don’t read the terms.Don’t be one of them.
After your loan gets approved, your lender will send you the agreement. It will contain all the details like interest rate, term of the loan, etc. Go through all of them and see if you are comfortable. Only then can you proceed to sign the agreement.
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4. Disbursal of the Loan
After you have signed the loan agreement, your lender will disburse the loan amount. You will receive it in your account. Congratulations! You can now buy your dream bike.
Now, how can you determine your EMI before taking the two-wheeler loan? Let’s take a look.
Use a Bike EMI Calculator
A bike EMI calculator is an online tool that helps you calculate your EMI amount. You need to enter the price of the bike, the loan amount, and other details. There you go. It will display your EMI amount.
You don’t have to put in the effort to calculate it manually. Moreover, getting to know the EMI beforehand will let you plan your finances accordingly. And, you will also be able to choose the loan that suits you.
The Bottom Line
You must do your research before applying for a two-wheeler loan. Consider various lenders and compare their interest rates. You should also check the additional charges. That would help you get a better loan.
Bajaj Auto Finance offers loans at affordable rates. Moreover, they take minimum time to process your documents. So, why are you waiting? Go and get your dream bike.
