Why Use A Bike EMI Calculator To Get A Bike Loan: All You Need To Know
If you are thinking of using two wheeler financing for a motorcycle any time soon, then you must be aware of a number of things associated with two wheeler loans. Getting a bike loan to purchase your dream motorcycle is indeed a very intelligent and sustainable decision. Although, it is not as simple as it may appear to be.
When it comes to loans of any kind, any borrower must make a wise and careful decision. This would depend upon the sum borrowed, the borrower’s repayment capabilities and a set of other factors. Two wheeler loans are no exception to that as well. In this blog, we will talk about two wheeler loans and how one can choose the best loan for themselves.
The loan suitable for you would depend upon your personal preferences, how quickly you can repay the loan and the amount you need as a bike loan. For this, you need to know about the basics of such loans as well as use a bike EMI calculator to make sure your decision is financially sustainable.
Let us now take a look at how you can get a loan to buy a bike and make the process seamless and easy for you.
The Basics of Bike Loans And Choosing The Right One For Yourself
There are a few important things that you must know about bike loans to know what is right for you. Let us take a look at them.
- Loan amount: The loan amount is the first thing that you need to decide upon when choosing a loan. You must make sure that the loan amount is suitable for you to buy a bike and matches your financial capabilities. For this, you must make use of a bike EMI calculator which will help you get an idea about the EMI you will have to pay and if it is suitable for your financial capabilities.
- Eligibility: Based on your income, credit score and the amount of loan you need, your eligibility for a loan would be decided.
- EMI: This is the amount that you will have to pay every month throughout the loan tenure.
- Interest Rate: There is an interest rate charged by lenders on the principal loan amount. The interest rates vary upon the lender and also the credit score of the borrower as well as the loan amount and repayment tenure.
- Tenure: The loan repayment tenure must be adequate to make sure that you get enough time to pay the loan back through affordable EMIs.
- Processing Fees: Every lender charges a fee to process your loan application. This would vary from lender to lender.
The Final Step To Getting A Bike Loan
Getting a bike loan is not just about applying for a loan and getting it approved. Along with that, any borrower must be aware of the terms and conditions of the lender, the eligibility and the necessary documents for bike loans.
While the necessary documents for bike loans vary from lender to lender, there are a few basic and common requirements in India. These are:
- A properly filled out loan application form.
- Identity proof (Voter ID, Aadhar Card, Passport, driver’s license, etc.)
- Residence proof (Voter ID, Aadhar Card, etc.)
- PAN Card
- Income proof (salary slip or IT returns)
- Passport size photographs
The application can be online or even physical. You can apply for such loans on the website of lenders (banks, financial corporations, etc.) or you can also apply by visiting the bank or finance company’s office. You can also apply for such loans at various bike dealerships where banks and finance companies have their representatives present.
Along with all that, you can easily find a bike EMI calculator on the Internet on any lender’s website. You can use it to calculate the EMI you will have to pay for a certain sum borrowed. Assess your repayment capabilities and then apply for such a loan!