4 Steps to Apply For Bike Loan Online

Turn your dreams into a reality and ride your favourite bike home. You can own any type of bike you want without worrying about the budget or the funds. Simply apply for bike loan online and drive your stylish, new bike in the city lanes. There is no joy like owning your two wheeler and exploring the city on it. Manufacturers introduce new models with the latest features every few months and it can become confusing to take your pick. However, you must not rush the decision. Consider your needs and take a test drive in the bike before you make a final decision. Let us go through the 4 steps to apply for bike loan online.

Bike Loan Online

1. Compare the available options

There are several options in the market and to choose the right one, you need to compare all the available models. Keep your preferences in mind and stick to the budget. Shortlist the bikes that you want to own and take a test drive in them. Always purchase a two wheeler after taking a test drive. If the bike does not feel comfortable to ride, it may not be a good choice for you. The test drive will give a clear idea on whether the bike is a good option or not.

2. Scout the market for lenders

If you have made up your mind about the bike you want to own, you need to compare the lenders in the market. Understand their eligibility criteria and downpayment requirement. Most lenders extend a loan to those aged above 18 and who own a valid driving license. You also need a constant source of income. Do not forget to compare the rate of interest offered by different lenders. Choose a lender who offers the loan at low interest so that the EMI amount is low and manageable.

3. Make downpayment

No lender offers a loan for the complete value of the bike. Hence, you will have to make the minimum amount of downpayment and the balance will be your loan. You can also make a higher downpayment if you have funds on hand. Once you make the downpayment, the loan application can be processed.

4. Apply for the loan

You are now ready to apply for bike loan online. Simply fill up the application form and submit the documents of identity proof, address proof, income proof, proof of downpayment and an invoice of the bike you want to own. If everything is in place, the loan application will be processed and approved in no time.

It has become easy and hassle free to own a bike and you can make an application from the comfort of your home. Do not worry about funding the purchase because you can easily get a high loan amount. You can repay the loan in EMIs over the tenure. Just choose the bike of your choice and apply for bike loan online, you will be able to bring home your new bike in 24 to 48 hours.

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