Bike Financing to Help You Purchase Your Dream Bike
Most of us spend a large amount on public transport, the time as well as the money spent on the same leads to huge costs and inconvenience. In such situations, purchasing a two-wheeler of your own is an ideal decision. Bikes give you pleasure as well as the thrill of riding. Die hard bike lovers will vouch for their love of riding the bike and the pleasure that it brings into their lives. If you have made the decision to purchase a bike, you need to know more about the basics of bike finance. Purchasing a new bike should not necessarily require you to spend all your savings on the bike. Instead, you can opt for a two wheeler loan and ensure easy repayment of the same.
Bike loans are offered by Banks as well as various Financial Institutions, these loans are usually smaller in amount and easy to repay. The financing option allows you to choose from a wide range of bikes available in the market. Since you are opting for a loan to finance the purchase, all you need is regular EMI payments. You can purchase the bike you have been eyeing for a long time. An immediate purchase with a limited budget will cut down on your options, hence, financing the purchase will enable you to choose from a huge range of options and purchase your dream bike. For bike finance, you can approach a Bank or a financial institution. The financial institution provides bike finance with a quick approval and has a transparent process. An individual above the age of 18 can apply for the loan, in addition, there should be proof of income for the same. For the application, the applicant requires submitting income proof, address proof, identity proof, and photographs. The application process is quick and extremely simple. If all the documents are complete, the loan can be approved within a period of 24 to 48 hours.
Bike loan is a secured loan, which means that if you fail to repay the EMIs on time, the Bank or Financial Institution has the right to take legal action against you. In case of consecutive defaults in the payment of EMI, the financial institution can repossess the bike. In order to ensure a positive credit score and to enjoy the benefits of the loan, it is important to ensure timely payment of dues. The duration of the two wheeler loan is based on the EMIs, if you want to pay off the loan in six months, the EMIs will be higher and you will have to pay lower interest. In case you are willing to pay the interest, but maintain a low EMI amount, the duration can be longer. Thus, bike finance is flexible in terms of tenure. Financial Institutions offer competitive interest rates, hence it is advisable for the applicant to research about the rates offered by Banks and Financial Institutions before approaching for the loan.
Financial Institutions offer special schemes and discounts to existing customers in certain cases. The decision is based on the profile of the applicant as well as on the credit score. A positive credit score ensures offers and discounts for the applicant. Certain financial institutions also have an option for prepayment of the loan, this enables the borrower to prepay the loan and improve his credit score. Prepayment of the loan also reduces the amount of interest payable by the borrower. Bank finance has its own terms and conditions that the borrower needs to abide by. It is advisable to read the loan documents before deciding on the lender.
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