Applying for bike finance provides numerous benefits, making it an ideal option for new riders. From affordability to flexibility, let’s explore the key advantages that make bike financing the best choice for purchasing a two-wheeler.
- Affordable Initial Investment
One of the primary reasons why bike financing is an excellent option for new riders is the affordable initial investment. Unlike purchasing a bike outright, financing allows you to pay a small down payment, making it easier to manage your finances. This way, you can own a bike without depleting your savings or disrupting your budget.
- Flexible Repayment Options
The bike financing offers flexible repayment tenures ranging from 12 to 60 months. This flexibility ensures you can choose a repayment schedule that aligns with your financial situation. Whether you prefer shorter tenures with higher EMIs or longer tenures with lower EMIs, bike financing accommodates your preferences, making it easier to repay the loan without financial strain.
- Attractive Interest Rates
The interest rates for bike loans are often attractive and competitive. Financial institutions tailor these rates to suit your financial needs and repayment capacity. By securing a low interest rate, you can minimise the overall cost of the loan, making bike financing a cost-effective option for new riders.
- Minimal Documentation
The documentation process for bike financing is hassle-free and straightforward. With minimal paperwork required, the loan application process is quick and convenient. Many financial institutions now offer paperless documentation, allowing you to upload necessary documents online, further simplifying the process.
- Quick Approval and Disbursal
Bike financing features quick processing and speedy disbursal of loan amounts. Once your eligibility and documentation are verified, the loan approval is almost instantaneous. This swift approval and disbursal process means you can purchase your dream bike without unnecessary delays.
- High Loan Value
Many financial institutions offer bike finance for up to 95% of the on-road price of the two-wheeler. This high loan value significantly reduces the amount you need to pay upfront, making it easier to afford a new bike. This feature particularly benefits new riders who might need more substantial savings.
- 24×7 Roadside Assistance
An additional benefit of many bike financing plans is 24×7 roadside assistance at no extra cost. This service ensures you are never stranded in case of a breakdown or emergency, providing peace of mind and added security.
How to Apply for Bike Financing?
If you are choosing to go for bike finance, the steps to apply are simple:
- Online Application:
- Visit the lender’s website and navigate to the ‘Apply Now’ section.
- Fill in your personal details and verify your mobile number with an OTP.
- Provide your professional details.
- Submit the required documents online.
- Once your application is accepted, a representative will contact you for further processing.
- Mobile App:
- Download the lender’s mobile app.
- Verify your mobile number with an OTP.
- Click on ‘Apply for a New Loan’ and enter the necessary details.
- Complete the application by providing your address information and uploading the required documents.
- Branch Visit:
- Visit the nearest branch of the financial institution.
- Get in touch with a loan representative and fill out the application form.
- Submit the necessary documents and wait for approval.
- Customer Support:
- Call the customer support number of the financial institution.
- Provide your details over the phone and follow the instructions given by the representative.
Eligibility Criteria for Bike Financing
Most financial institutions have common eligibility criteria which says that:
- You must be a resident of India.
- Should have a minimum age of 21 years.
- Should be salaried or self-employed.
- For salaried individuals, the age should not exceed 58 years at the end of the loan tenure.
- For government-salaried individuals, the age should not exceed 60 years at the end of the loan tenure.
- Self-employed individuals should not exceed 65 years old at the end of the loan tenure.
- Minimum net take-home salary of ₹10,000 per month for salaried applicants.
- Minimum ITR of ₹1.20 lakhs annually for self-employed applicants.
Documents Required for Bike Financing
Applicants need to provide the following documents when applying for bike financing:
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- Proof of Identity and Address: Passport, Voter’s ID, Driving License, PAN Card, or Aadhaar Card.
- Utility Bill (within the last 3 months) or Registered Rental Agreement.
- Income Proof (for income proof program):
- Salaried: Latest salary slip, last 3 months’ bank statement reflecting salary credits, latest Form 16, or latest ITR.
- Self-Employed: Latest ITR, latest tax challan with ITS 2, latest sales tax return, latest audited, certified reports, or TDS certificate for the same financial year.
- Surrogate Proof (instead of income proof): Own house proof, agricultural land ownership proof, last 3 months’ bank statement, car proof, debit card, or credit card.
Bike financing is an excellent option for new riders looking to purchase their first two-wheeler. With benefits such as affordable initial investment, flexible repayment options, attractive interest rates, minimal documentation, quick approval, and high loan value, bike financing makes owning a bike accessible and hassle-free. Additionally, the added advantage of 24×7 roadside assistance ensures peace of mind for new riders. So, embrace the benefits of bike financing and experience the joy of riding your two-wheeler without the financial burden.
