Articles

Two Steps for Bike Finance in India

by Hero Fincorp Loans and Small Business Financing
An increasing purchasing power in the hands of consumers across the country has led to a rise in the demand of consumer durables and two wheelers. A large amount of population prefers to have their own two wheelers instead of using the public transport. The public transport system in the country is not very reliable and also not cheap anymore. This is one of the main reasons consumers prefer buying their own ride. Owning a two wheeler has become a necessity and numerous banks and financial institutions in the country offer loans at lucrative interest rates that make the purchase easier.

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Applying for bike finance in India is a simple and straightforward process. Any individual above the age of 18 can apply for a loan. You need to fill up the application form and submit the requisite documents. These include a proof of identity, a proof of income and an address proof. Once the documents are in place, the loan will be processed within 2 to 4 working days and you will be able to bring your dream ride home.

The interest rate and the loan tenure will vary according to the amount of loan you apply for. If you are purchasing a premium model, you might have to bear a higher interest rate due to the cost and risk associated with the loan. In case of an economical model, you will be able to enjoy a low interest rate. You need to begin with scouting the market to look for alternative models. Unless you have a model in mind, it will take a few days for you to narrow down on one. Visit different dealers in the city and look for various brands and the latest models. Understand the features offered by them only make a decision to buy if you are fully convinced about it. 

In order to apply for the loan, you will again need to scout the market and look for lenders. Understand their terms and conditions before signing on the dotted line. Bike finance in India is cheaper and convenient. The customer executives will explain the entire process to you and with a small EMI amount, you will be able to manage the repayment of the loan as well. Use the EMI calculator to estimate the amount of EMI you will be liable to pay. If you think that the amount is very high for you, speak to the lender and ask for a longer repayment period. You might end up paying a higher amount in the form of interest but it is better to be on the safer side. Individuals with a positive credit score will enjoy a quick application and approval procedure.

Bring home your dream ride without worrying about the finances and pay off the loan in equal monthly installments. You will no longer have to delay the purchase of the ride nor would you have to burn a hole in your pocket to buy a two wheeler.

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Created on Sep 28th 2018 02:51. Viewed 257 times.

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