Here Is The Complete Guide To Getting A Two Wheeler Loan Within Minutes
Indians are pretty strict when it comes to spending their hard-earned money. This is why the majority of Indians still prefer to buy a motorcycle and not a car.
Well, a motorcycle runs more kilometres per litre of petrol. On the other hand, the showroom price and maintenance costs of a bike are lower than a car. Furthermore, registration charges, road tax, and insurance costs of a motorcycle are also low compared to a car or you can buy with the help of two wheeler loan.
In this context, one cannot ignore the fact that the sticker price of bikes in India is increasing periodically. Hence, one cannot even dream of buying a bike with cash. Most (if not all) Indians now, apply for a Two wheeler loan when they want to buy a motorcycle.
Applying For A Two Wheeler Loan
There are many benefits associated with financing a motorcycle from a reputed lender.
Some of those benefits are as follows –
- A person who wants to buy a bike would not need to arrange for cash. The payout from the loan will cover the upfront costs.
- Bike loans are approved by leading lenders almost instantly. Hence, one would not have to wait for several days to ride their dream bike home.
- Buying a bike with cash is a stupid decision, to be honest. Most of the time, a person who buys a bike with cash will use up their savings or emergency funds. This leaves them financially vulnerable. If they find themselves in a financial pickle, they won’t be able to make ends meet. Instead, they might end up applying for a personal loan. This decision will only make their financial situation worse. All of this can be avoided when one decides to buy a bike via a motorcycle loan.
- By financing their dream bike, the loan applicant is automatically boosting their credit score and credit history. With every EMI paid to the lender, the borrower’s credit score gets a boost. At the same time, if the borrower keeps paying the EMIs on time, their credit history will also get a boost. Consult with a professional financial advisor for more details on this matter.
How To Get A Two Wheeler Loan Within Minutes?
Bike loans these days are approved within the same business day if not within a few minutes. But there could be instances when the application might get rejected. To keep such instances at bay, one must follow the tips mentioned below –
One Should Use An EMI Calculator Tool Before Applying For A Bike Loan
The loan applicant should only proceed to apply for a bike loan after using a bike EMI calculator.
An EMI calculator is an online tool. It allows one to learn about the tentative EMIs that they would need to pay for a bike loan.
Learning about the tentative EMI for a bike loan allows the borrower to find the right combination of tenure and downpayment. Furthermore, using the tool will also reveal whether the bike loan will become a financial burden or not.
Using the EMI calculator tool is essential as defaulting on EMI payments entails hefty penalties. Furthermore, defaulting on EMIs will reduce the credit score of the loan applicant. It will also leave them with red flags in their credit history.
All of the above can be avoided. One would just need to do is use an EMI calculator tool before applying for a motorcycle loan.
All Details Provided In The Loan Application Should Be Accurate
The excitement of buying a new bike should not rub into the borrower’s mind. If that happens then chances are high that the borrower might submit inaccurate details in the loan application form.
The best step forward is to remain calm while filling up the application form. Before submitting the form, one should double-check the details. In case one is unable to understand a particular parameter in the form then they should consult the experts.
A High Credit Score And A Spotless Credit History Are Required
The borrower should have a spotless credit history. In simple words, the borrower should have never defaulted on a loan. Furthermore, the borrower should have a credit score of more than 750. If that is not the case then their loan application might get rejected.
Another tip to keep in mind is that the borrower should not have any outstanding debts with other lenders. Consulting with the experts in this matter is strongly advised.