Purchasing a used bike on EMI is a cost-effective approach to owning a two-wheeler without draining your bank balance. However, obtaining the required finances is important for both self-employed and salaried employees. An Instant Personal Loan offers a hassle-free option with benefits like quick approval and flexible repayment options.
This read explains the benefits of financing a used bike purchase with an Instant Personal Loan. Keep reading to know more!
Benefits of Buying Pre-Owned Two-Wheelers
Second-hand bikes are very cost-effective in terms of acquisition costs and also have less impact on your loan account. The following are the major characteristics that make used bike purchases appealing:
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Read Also: Why Opt for a Personal Loan for Two-Wheeler?
Understanding Personal Loans for Bike Purchase
Before applying, it’s important to understand how Personal Loans can help finance your bike purchase and what options are available.
Key Features of Personal Loans for Bike Purchase
• Instant Approval and Loan Disbursal: Personal Loans provide a fast approval system with same-day disbursal to your bank account on successful verification of basic details.
• Flexible Loan Amount: You can select the amount of the loan depending on your bike price and the eligibility requirements. This is to make sure that you do not over-borrow.
• Unsecured Loan with Minimal Documentation: Personal Loans do not require collateral for security. It may require just KYC documents for approval.
• Competitive Interest Rates: Personal Loans for bike purchases come with competitive interest rates. This helps you manage repayments comfortably without straining your budget.
• Flexible Repayment Tenure: You can choose a repayment period that fits your monthly EMI ability so that you can repay the loan comfortably.
Application Process for Online Personal Loan for Bike Purchase
The entire process of acquiring an Instant Personal Loan online or a two-wheeler loan is fully digital. Getting approved is simple and quick by following these steps:
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Step 1: Visit the website or app of your chosen lender and select Personal Loan or two-wheeler loan.
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Step 2: Enter your mobile number, basic details, and income information to check your loan eligibility instantly.
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Step 3: Submit the required documents, such as identity proof, including PAN Card and Aadhar Card.
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Step 4: Review the loan tenure, interest rate, and processing fees before accepting the offer.
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Step 5: Complete e-KYC authentication and have the loan amount disbursed directly to your bank account.
Using the Loan EMI Calculator for Financial Planning
A Personal Loan EMI Calculator can be utilised to plan your monthly payments. The Loan EMI Calculator will help you determine the repayment schedule depending on the loan amount, tenure of the loan, and the interest rate. This serves as a smart financial planning tool, showing the exact Personal Loan EMI you will need to pay each month.
Tips to Get the Best Used Two-Wheeler Loan Offer
Follow these practical tips to ensure you get the most suitable and cost-effective loan for your used two-wheeler:
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Verify your eligibility in advance, taking into account your credit score, age, and income.
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To find the best price, compare interest rates offered by several lenders.
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To prevent hidden expenses, examine processing fees and other charges.
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Select a flexible payback period that strikes a balance between total interest and EMI.
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To speed up loan approval, keep all necessary documents on hand.
To Conclude
Personal Loans from most lenders offer hassle-free application processes and flexible repayment options, making owning a used two-wheeler easier than ever. The entire process, from checking loan eligibility to disbursement, can be completed online with quick approval. Whether you are a salaried professional or self-employed, your dream bike can be yours without financial stress.
Looking for instant bike financing? Our Personal Loans come with competitive interest rates, minimal paperwork, and flexible tenures to suit your budget. Connect with us today for details!
FAQs
How can I use the loan EMI calculator to plan my monthly payments?
The Personal Loan EMI Calculator allows you to calculate your monthly EMI and total repayment amount. This can be done by entering your loan amount, interest rate, and loan tenure.
What credit score is required for instant approval of a Personal Loan Online?
A credit score of 750 or above and a solid credit history typically increase the likelihood of immediate approval and favourable interest rates.
Are there any processing fees or prepayment charges for the entire loan amount?
Prepayment and processing fees may or may not be applicable depending on the loan type and repayment stage. It also depends on the lender's policies and loan terms.
Can self-employed individuals apply for Personal Loans for a bike purchase?
Yes, self-employed individuals can apply for Personal Loans for bike purchases by submitting income proof. It can be bank statements and IT returns, subject to the lender’s eligibility criteria.
Can I obtain a loan for a used two-wheeler without having to make a large down payment?
Yes, depending on the bike's worth, your income, and credit history, some lenders do provide loans with flexible or low down payment alternatives.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply