Bike Loans

1- Introduction about Bike Loans: 

Two wheeler’s are becoming a primary part of life. It provides a convenient way for the individuals for performing some specific tasks in the routine life. Everyone does not have a strong financial condition by which they can buy a bike on cash or making full payment.

For these types of individuals, the option of loan services is appearing as a boon. These specific services can provide them sufficient amount of currency without any kind of issue. The applicants are required to make sure that they have a good financial record.

In the bike loans, the individuals can get lots of relaxations and benefits as compared to other loan types. With it, the applicants are also able to get some options for availing the loan services. These options are based on the basis of the nature of the loan. For more details about the loan, you should focus on upcoming factors.

2- Popular Bike Loans in Hyderabad :

3- Bike Loan Features and Benefits

The Bike Loans are featured with different types of elements. All these things are also making it beneficial. In the upcoming factors, you can see some important features of the bike loan.

Good repayment

If we talk about the car loans then these ones are taking lots of time for getting repaid. Due to it, the value of a car is decreased a lot by the depreciation factor. In the case of two wheeler’s this particular thing does not affect any factor.

The resale of value of two wheeler or bikes is higher as compared to the cars. With it, the loan time period is also lower. All these factors are highly useful in selling a bike at a good price after paying the loan completely.

Interest rates

In the loans, the most important factor is the interest rate. The rate of interest is affecting lots of things such as – a cost of the loan. If we focus on the interest rates of the bike loans then these are lower as compared to some other types of loans.

No formalities

Mainly the process of applying for loan is consuming lots of time. The usage of time is increased due to the numerous formalities and some other things. If you are applying for a bike loan then you do not need to follow any kind of formalities. As a result, the applicants are able to save lots of time.

Repayment options

The bike loans are designed by adding different types of options and services for the individuals. Similarly, you can see lots of repayment options related to the loan installments. Mainly these ways are based on –

• ECS
• Post dated cheques
• Depositing cash monthly

The applicants are able to choose the payment options as per their comfort level.

Now I’m going to mention some key benefits of choosing the way of bike loan.

Complete finance

Mainly when you avail any kind of loan services then you do not get a complete amount of loan. It happens due to some specific policies or different types of risk factors. If you are choosing the bike loan then you can get the full amount as per the value of a bike.

Here, the buyers are not required to pay a single penny from own pocket at once. The fund providers are offering complete financing services.

Loan sanction

Getting loan sanction or approval is one of the most difficult tasks. It consumes lots of time and sometimes it turns into numerous days. In case of bike loan, you do not need to wait for the approval. The individuals are able to get loan sanction on the spot.

Easier payments

Availing loan services is also associated with the factor of repayments. For such a task, they need to pay a fixed amount of money on a monthly basis. The repayment policy of bike loans is highly relaxing as compared to other loans.

Due to it, the borrowers are able to repay the loan amount easily and they do not feel any kind of stress in all these things.

Suitable for lower income group

The bike loan facility is providing maximum benefits to the individuals those are belonging to the lower income group. These types of individuals cannot bear higher expensive. The loan services can assist them a lot in buying the desired two wheeler easily.

No additional charges

All types of loans are including different types of charges such as – processing fee. All these charges are increasing the cost of loan only. In the case of this particular loan type, these types of charges do not exist. It reduces the loan cost and provides several other benefits.

Flexible repayment time period

The time period of repaying the loan amount can be selected by the applicants. Tenure of bike loans is completely flexible by which the individuals can make lots of things easier.

Credit score

In most of the cases, the credit score is appearing as a big issued that’s why the individuals cannot avail the loan facility. The individuals those are applying for bike loan they do not need think about it. Credit score does not affect the bike loan terms & conditions.

6- Bike Loan Eligibility :

Salaried/ Self employed:

Age – Minimum- 21 Years and Maximum- 60 Years at loan maturity

Loan Amount – Minimum- Rs.10,000 and Maximum- Rs.40,00,000

Tenor – Minimum- 6 months and Maximum- 60 months

Residential Stability – Minimum 1 Year

Employment Stability – Minimum 1 Year

Income – Not mandatory

Loan To Value (LTV) – Up to 95%

7- Documents Required for Bike Loan:

ID Proof