Get Loan for Used and New Two Wheelers
March 04, 2019
A two-wheeler adds a lot of convenience to your life. With public transport getting crowded with every passing day, a two-wheeler is now a must for every household. Apart from purchasing a new bike, a large number of buyers now prefer pre-owned options. A major reason for their popularity is the fact that used bikes are generally very pocket-friendly.
Moreover, a number of top lenders in India now offer two-wheeler finance even for used bikes. If you are planning to get a loan for a used or new two-wheeler, here are some of the most important things you should know before applying for a loan-
1. Selecting a lender
The first step is to pick a reputed lender. Majority of the lenders in India now offer loans for purchasing a two-wheeler. However, not every lender offers a loan for purchasing a used bike.
Search for the top options on the internet and compare them based on factors such as reputation, interest rate, processing charges and eligibility requirements. Some of them also offer facilities such as zero down payment two-wheeler loan. Read the terms and conditions of the loan carefully before using such facilities.
2. Check your credit score
When a lender gives a 2-wheeler loan or any other type of loan to a borrower, it wants to make sure that the borrower is a creditworthy individual who will repay the loan on time. Your CIBIL score or credit score is used by the lender to determine your creditworthiness.
Lenders generally prefer borrowers with a CIBIL score of at least 700. You can check your credit score by visiting the official website of CIBIL.
3. Pre-approved deals for existing customers
If you are looking for a bank loan for bike, prefer a bank with whom you already have an existing relationship. For instance, you might have a savings account in a bank or might have taken a loan in the past.
Banks do consider the existing relationship and it can help you get a better deal with faster processing. Some of the top lenders also have pre-approved deals for existing customers.
4. Applying for a two-wheeler loan
You can visit the nearest branch office of the selected lender to apply for a two-wheeler loan. Two-wheeler loan apply online facility is also offered by some of the lenders. Moreover, some lenders offer additional facilities such as apply for the loan through SMS.
To apply for the loan online or offline, you will be required to submit the loan application form along with the required documents. You’ll need documents such as ID proof, address proof and income proof.
5. Loan approval
If you meet the eligibility criteria of the lender and if your documents are in order, the lender will begin the approval process. Once the loan is approved, the loan amount would be disbursed directly into your bank account.
You can then go ahead with the purchase of your new or used two-wheeler.
Online two-wheeler loan with instant approval
New and used two-wheeler loan is the easiest way to achieve your dream of purchasing a bike. With banks now offering loans at attractive interest rates and flexible repayment options, borrowers are sure to experience utmost convenience.
If you want to save time and efforts of personally visiting the lender to apply for a loan, prefer lenders who offer online two-wheeler loan. The online facility comes with quick processing and instant approval to help you purchase your dream bike in the least amount of time.
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