Are you looking to buy a two-wheeler but suffering from a budget constraint? It is not really a good idea to negate the bike you actually want because of money. Easy loans are available out in the market where you can customize the EMI according to your convenience and also, the interest rate is quite affordable. This way, you neither hurt your dream nor your pocket.
This article will guide you to choose the best two-wheeler loan that you can avail of.
Look around and settle for the best interest rate- There are few things which are considered before you become eligible for the loan like- the city you reside in, your salary structure, type of residence and the credit score. In case you have a pretty good credit score, your chances of bargaining, and getting a cheaper interest rate for the Two wheeler loan increase. You also have to be aware of the EMI rate you have to pay every month so that it does not become a financial burden for you at the end of every month. Also, if you are buying during any of the festive seasons, watch out for additional offers like bonus gifts, free insurance policy or no processing fee of your loan.
Never borrow more than you can return- While buying the bike with a loan, always check with your financial status at first. Note down your monthly salary, calculate all your regular expenses, keep some money aside for emergencies and then see how much you can afford as the monthly EMI. It is always wise to think of a long-term scheme. It is the best way since not a hefty amount is deducted from your account at the end of every month and you can even pay more than the actual amount in a month if you have some spare cash to decrease the loan burden.
3. Have a chalked out repayment plan- Firstly, you can make a big down payment so that the loan burden is not that much on you. Secondly, find a policy that gives the prospect of flexible EMI payments. It will help you never to miss a date of paying the EMI since there will be a grace period and also, you can pay the half in advance, whichever suits you the best. You can calculate the bike loan with an EMI calculator for taking an informed decision.
4. Read the clause before signing an agreement- Go through every line of the agreement paper before you sign them finally. It may be so there are some conditions which have not been mentioned to you before by the representative and may prove fatal at your end. In case of any confusion, you may face, talk directly and ask for help. Have a quick scan of the reviews the customers have provided earlier to know about the services, whether getting the loan is a hassle-free process and also, reports of their customer care service post the loan operation.
Eligibility criteria for a loan application for two-wheelers-
- Minimum age limit is 18, and the maximum age limit for application is 65
- Stable job and a residence where the applicant must have lived for a year at least.
- The applicant must have a good credit score.
- You have to publish your voter card, adhaar card, driving licence or PAN card.
- As a residential proof, you can submit your last month electricity bill, phone bill or your latest passbook of the bank.
Do a market survey both for the price of the bike and as well as the loan rates and go with the affordable one!