Money crunch cannot be an excuse to drop or postpone your purchase decision of a bike or any two-wheeler. If you are really highlighting this cause to cancel your purchase, then you are fooling yourself. Standing in 2020-21, having a personal two-wheeler is necessary and owning it with the help of a two-wheeler loan is the smartest decision.
How important is the role of bike loan in the pandemic situation?
You must be wondering about the question, how come a loan be helpful in such situation. When we are talking about 2020-21, it is evident that we all are thinking about contagion and fearing every moment about getting infected. We all are aware of the current pandemic situation when it is not at all safe to travel through public transport. To avoid any kind of contagion, it is always safe to avail your own vehicle.
Just like car loan, bike loan too is equally important and relevant in such situation. Anyone and everyone who is dreaming to own a bike, loan is absolutely a blessing for them.
How to apply for a bike loan?
Any two-wheeler, be it bike or scooter, the loan application process is identical. The smooth process to get any two-wheeler loan includes following steps:
- Select online mode of loan application
- Fill the online form with your personal and professional details
- Get loan decision within 30 seconds
- Upload required documents
- Get loan disbursed at your bank account without physical signature or documentation
Obviously before applying for a loan, you must choose your favourite bike (type, make, model, colour), check your credit score (must be above 750) and calculate bike loan EMI with bike loan EMI Calculator to check your affordability.
The major mistake that you can commit is applying for a bike loan blindly, without checking the interest rate levied on the loan.
How to get the lowest bike loan interest rates?
The interest rate is the most vital factor in case of any loan. Depending on the interest rate levied by the banks or NBFCs, your EMI will be determined and even your bike’s affordability will become judged. You do not have the permission to fix the interest rate, you can only select an appropriate financial institution that offers the lowest interest rate. So, it is essential to go through the detailed list of all bank loans interest rate and do a comparative study to find the best offer. You can even check the NBFCs as they tend to offer lesser interest rates as compared to banks.
Some financial institutions even regularize the interest rates of a bike loan depending on the type of bike you choose. So, you can choose certain type of bike, which will incur lesser interest rate.
You may further negotiate on the bike loan interest rates if you have an excellent credit score, if you over qualify on loan eligibility or documentation part. Once, your interest rate will be low, your EMI will be will also reduce automatically. You can reduce your loan tenor, increase the principal amount and minimize the down payment. Basically, you can play around your bike loan elements when interest rate is low.
The best way to get the lowest interest rate of a bike loan is by applying for a loan through Droom Credit. You must have verified n number of lenders’ interest rates and their offerings, then why not check one more. Here, you will get the lowest interest rate with several additional benefits.