What are the ways to shop for a bike on EMI?
The Indian economy has recently entered an era of transformation. Consumers are flooded with tempting loan offers every day. The lending industry has been quite aggressive in disbursing loans to them. It allows them the chance to improve their lifestyle by taking out a loan for cars. Now people can buy new bike on emi. And they can do it without using up all of their capital reserves. Demand for two-wheeler loans has skyrocketed due to the ability to purchase a scooter or bike without making a significant financial commitment.
Here are several options for financing a bike:
- Directly approach a lender for a loan for a two-wheeler- This can be done offline or online. Check out Bajaj Mall to learn more about the various offers and requirements for a bike loan. For instance, some lenders only offer bike loans in certain areas. Others provide unique deals on interest rates and other fees for particular motorcycles. Examining these offers or speaking with the lender’s customer service before applying would be wise. It is also essential to review the documentation needs and eligibility conditions published on the websites of various lenders. As an effect, you can lower your risk of loan rejection.
- On-the-spot financing- A few two-wheeler showrooms frequently provide on-site financing. You can enter the showroom and ask if there are any financing possibilities once you’ve decided on a bike. Reputable dealerships occasionally host representatives from various lenders. You can talk to them and choose the financing option most closely matches your requirements. The main drawback is that it frequently takes a lot of time.
- Apply with bike aggregators online- You can visit the websites of online aggregators if you already know the bike you want to buy. Many of these websites also provide online financing solutions. This requires you to enter your information and upload supporting documentation. The only drawback is that you might have to wait until the verification process is finished before knowing if you qualify.
Eligibility criteria to shop a bike on EMI:
The following are some requirements to shop bikes on EMI-
- Possess Indian citizenship and residence.
- You must be at least 18 years when applying, and a person must not be older than 65 years at loan maturity.
- Be a resident of the current city for at least a year.
- Possess gainful employment.
Benefits of purchasing a bike on EMI:
- Protection from financial emergencies and cash shortages- It is not a good idea to spend all of your money at once, even if you have enough on hand. You can never predict when a crisis will arise. Choosing a two-wheeler loan is wise because it prevents you from running out of money. You can divide the cost of your two-wheeler into manageable EMIs. You can lower the EMI amount by making a greater down payment if it seems to be on the higher side. You will benefit from a flexible tenure and the lower EMI because of this deal.
- Improves Credit Score- Any loan application must meet a minimum requirement of a good credit score. A vehicle loan for a two-wheeler can help you raise your credit score if it is low. Two-wheeler loan EMIs are often on the lower side. This lowers the risk of default. It will have a favourable impact on your credit history once the loan has been fully repaid. You can get loans approved more quickly and at greater interest rates with a higher credit score.
- Get Special Rewards and Offers- Most lenders can offer additional benefits like free insurance coverage, free registration, reduced prices on purchases, etc. They can do it because of their partnerships with bike dealers and showrooms. They can also offer cashback. Additionally, numerous lenders provide a variety of alluring deals during the holiday season. These deals include reduced interest rates, presents, and reward points.
It’s up to you to negotiate the best 2 wheeler bike price for your purchase despite all of its advantages. You might need to compare prices, confirm your eligibility, and conduct in-depth market research. It’s best to consider all of your options before making a choice.