5 Steps to Get Bike Finance
Buying a two-wheeler is a chance for you to travel comfortably across the country. It gives a sense of pride and an opportunity to explore different parts of the country with ease. Availing bike finance is an ideal option if you have a limited budget and do not want to break your bank in order to own a ride. There are several lenders who offer loans at attractive interest rates and flexible repayment tenure. You can now own your favorite bike with a small down payment and the rest in the form of EMIs. You can make the EMI payment while you use the bike.
Eligibility for a two wheeler loan
The eligibility criteria for bike finance is basic and minimal. Applicants need to be minimum 18 years of age at the time of applying for the loan. Any salaried professional, or self employed individual can apply for the loan. The applicant should be employed for a minimum period of one year or should be running a business for the past two years. You need to posses the necessary documents to provide as proof.
Documents required
• Identity proof,
• Income proof,
• Address proof,
• Invoice of the bike to be purchased.
Steps to apply for finance
1. First and foremost, you need to check the eligibility criteria for the loan. Different lenders will have different requirements and you need to adhere to the same. You can make an online comparison of the loan products and then make a decision.
2. Once you are satisfied that you are eligible for the loan, you need to thoroughly understand the terms and conditions of repayment. Compare interest rates and learn about processing fees. Get information about the prepayment charges, if any.
3. After you are well aware of the terms and conditions of the loan, you can make an application by filling up the application form. You can do this online. Submit the relevant documents for processing of the loan. You can scan them and upload them with your application.
4. The loan will be processed with 24 to 48 hours and once it is approved, you need to make an initial down payment and take delivery of the bike.
5. The balance amount will be your loan and you can repay it in EMIs.
You can get access to hero bike finance with these five simple steps. Remember to compare the interest rates offered by different lenders so as to make the right decision. The loan will help you bring home your dream bike without worrying about the budget or using your savings. The loan has flexible repayment tenure and an opportunity to make a prepayment. You can save up on the amount of interest when you prepay the loan. The executives will help you make the right choice and will explain the terms and conditions of the loan to you. Applying for a bike loan is easy, convenient and hassle-free. It will only take a few minutes for you to make an application.
