Nothing compares to riding your motorbike with a sense of freedom and accomplishment, without having to wait for a mode of public transport to help you commute across the city. While purchasing a bike brings immense joy and a certain set of responsibilities, it may result in a shortage of funds and take a toll on your savings if not planned carefully. An ideal solution to deal with the situation is opting for a two-wheeler loan upon comparing the offers of numerous financial institutions.
Offered with flexible repayment tenure and additional benefits, one could easily apply for a bike loan online upon evaluating their eligibility and requirements through a few clicks. Along with an affordable bike loan interest rate, applying online also includes fast and hassle-free processing, resulting in quick disbursal of funds to buy the bike of your dreams straight away.
Scroll down to know more about the benefits of applying for a bike loan online in India
- Obtaining an optimal interest rate
A key benefit of applying online for a bike loan is one can easily check and compare the interest rates offered by different lenders for the same loan amount to obtain the best deal. The rate of interest is the most crucial factor associated with a bike loan as it determines the total loan amount to be repaid by the borrower. Along with it, one should also be proactive in inquiring about the other loan-related charges such as the processing fees, documentation cost, foreclosure charges, etc. for minimizing the overall cost of the bike loan.
- Checking the eligibility
While many financial institutions offer up to 100% of the bike’s market value, the final loan amount depends upon the requirements and eligibility of the borrower. One can easily assess the various eligibility factors such as the candidate’s credit history, monthly income, nature of employment, etc. beforehand to ensure that the loan application is not rejected at a later stage due to non-fulfillment of eligibility criteria. Additionally, one can also check the list of relevant documents such as identity proof, address proof, salary slips, etc. which must be submitted along with the application form online for quick verification and approval of bike loan.
- Fast processing
Another key benefit of applying for a bike loan online is quick processing and instant transfer of funds within few days of approval. One can easily fill the loan application online with valid personal, work, and bank details through the official website of the lender. Upon successful submission of the application along with the relevant proofs, the candidate shall be provided a loan acceptance confirmation message and a tracking ID to check the status of your loan request. Subsequently, the application will undergo a verification process and upon approval by the concerned loan department, the funds will be disbursed to the borrower’s account.
- Flexible Tenure
A major advantage of applying online for a bike loan is the feature of getting a flexible repayment period, ranging between 12 to 48 months. While a loan can be easily repaid through equated monthly installments (EMIs), the EMI amount is determined based on the interest rate and repayment tenure. Hence, one can opt for a short or long tenure depending upon their financial condition and close the loan as per their convenience.
- The contactless process with minimum documentation
With the ongoing pandemic crisis around the world, applying for a bike loan online seems to be an efficient method to get the funds instantly without stepping outside which helps in avoiding physical contact with another person. A contactless procedure to obtain the desired capital for purchasing a bike, applying for a loan digitally also helps in reducing the paperwork as most of the supporting documents could be submitted and verified online without any hassle.
- Special offers
Last but not the least, one can avail of pre-approved loan schemes and reap maximum benefits offered by various financial institutions by applying online for a bike loan. The special deals could provide attractive interest rates, quick approval time, low down payment options, etc. to the borrowers, depending upon their loan requirements and credibility.
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