How to Apply for Second-hand Bike Loans - Interest Rates, EMIs
Are you planning to buy a second-hand bike but find yourself a little tight on cash to make the purchase outright? You can always consider taking a quick Second-hand Bike Loan to finance your purchase. A popular financial product, Second-hand Bike Loans can provide you with the funds you need to get a bike without any hassle.
In this blog, we will give you a ride through the steps you need to follow to apply for a Second-hand Bike Loan, the interest rates and EMIs that you can expect to pay.
What is a Second hand Bike Loan?
A Second-hand Bike Loan is a type of loan that is provided to borrowers who are looking to buy a used bike. The loan from ICICI Bank can cover up to 100% of the cost of the bike.
Steps to apply for a Second hand Bike Loan
If you want to kick start your application for a Second-hand Bike Loan right now, here are some steps that you need to follow:
Step 1: Choose the bike you want to buy
The first step is to choose the bike that you want to buy. If you aren’t a pro when it comes to bikes, it’s advisable that you do your research, take a test-ride and find a bike that is in good condition and meets your expectations and requirements. You should also check the bike’s market value to ensure you are paying a fair price.
Step 2: Check your eligibility
The next step you should take before applying for any loan is to check your eligibility with the lender. ICICI Bank offers Second-hand Bike Loans to individuals who are above the age of 21 years. Applicants should also have a regular monthly income to be eligible for the loan.
Step 3: Submit the required documents
Once you have decided on the bike you want to buy, you will need to submit some documents to apply for the loan. With ICICI Bank you need to submit the following documents for processing a Second-hand Bike Loan application:
Identity proof (PAN card, Aadhaar card, passport, driving licence)
Address proof (Aadhaar card, passport, utility bill)
Income proof (salary slips, bank statements)
Proof of bike ownership (registration certificate, insurance)
Passport size photographs
Step 4: Get the loan approval
After you have submitted the required documents, we will review your application and verify your details. If you meet the eligibility criteria and your application is good to go, your application will get approved and funds disbursed soon after.
Interest rates for Second-hand Bike Loans
The Second-hand Bike Loan interest ratecan vary depending on the borrower's credit score. ICICI Bank offers Second-hand Bike Loans at competitive interest rates. The interest rate is decided basis factors such as credit score, the loan amount and loan tenure.
EMIs for Second-hand Bike Loans
When you take a Second-hand Bike Loan, you will need to repay the loan amount in EMIs. The EMI amount will depend on the loan amount, interest rate and tenure of repayment. You can use an online EMI calculator to determine the EMI amount for your loan. All you need to do is fill out the required particulars and you will get an estimated figure regarding your monthly EMIs.
For example, if you take a Second-hand Bike Loan of Rs 50,000 at an interest rate of 14.25% per annum for a tenure of 36 months, your EMI would be somewhere close to Rs 1,711 per month.
Tips to get the best interest rates and EMIs for Second-hand Bike Loans
Improve your credit score: A higher credit rating can indeed help you get a lower interest rate and better repayment tenures on your loan. You can improve your credit score by paying due bills on time, reducing your Credit Card balances and maintaining a good credit utilisation ratio.
Choose a shorter loan tenure: Going in for a shorter loan tenure can help you save on the total interest charged over the life of the loan.
Negotiate with the seller: If you are buying the bike from a private seller, you may try your hand at driving some negotiations to lower the price. If you succeed, it will help you reduce the loan amount which could also translate to lower EMIs and interest charges.
The convenience of owning a bike to get around is unmatched and if you need a set of wheels, a Second-hand Bike Loan can provide you with the funds you need. You can check out our Second-hand Bike Loans that come at competitive interest rates and offer flexible repayment terms.
Before you apply for a loan, make sure you are clear on your eligibility, choose the right bike after looking around a little and submit all required documents.
We’re hoping that with these tips, you are able to get the best interest rates and EMIs for your Second-hand Bike Loan and can ride away with your bike today. Feel free to reach out to us for further information.
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