Motorcycles in India sell more than cars. The reason is simple. The ownership costs of a bike are lower than a car. But the recent incessant increase in bike prices has compelled buyers to seek bike loans. Back in the day, people used to buy bikes with cash. Not anymore. The price of even an entry-level commuter bike is more than INR. 1 lakh. Hence, spending such a huge amount is similar to committing financial suicide.

Moreover, financing a bike allows one to buy the bike they want. And not settle for one that would just cover their needs. Then there is the benefit of boosting one’s credit score and credit history with every EMI. A loan also keeps one from emptying their savings or financial nest eggs like a fixed deposit on a bike.

Not all lenders are created equal. This section guides you through the process of researching and selecting the right lender for your bike loan, emphasizing the importance of interest rates and customer reviews.

But what about the time needed to get a bike loan?

Well, lenders, these days offer instant approval on bike loans when – 

• The borrower has a high credit score (above 750).
• The borrower has a stellar credit history stating they have never defaulted on a loan.
• The borrower has no currently running debts with other lenders.
• The borrower has a stable source of income.
• The borrower has submitted all pertinent documents.
• The borrower has not made any mistake while filling up the online loan application form.

Discover the positive effects of loan approval on your credit score and gain insights into maintaining a healthy credit profile for future financial endeavors.

What about the high-interest rates that lenders assign to bike loans?

Well, the days of assigning high-interest rates on bike loans are long gone. Lenders these days tend to lure clients by offering them bespoke conditions and low-interest rates. One can also rely on a two wheeler loan EMI calculator – a free-to-use tool one can find on the official website of a lender. Using this tool will allow one to ensure that they are selecting the right downpayment + tenure combination. The best downpayment + tenure combination for a bike loan leads to low-interest rates.

To learn more, please consult with a professional financial advisor.

In Conclusion

Obtaining instant approval for a bike loan is within reach when armed with the right knowledge. By understanding credit scores, researching lenders, and navigating the application process strategically, you pave the way for a swift approval. Remember, each step contributes to not just getting the loan but also maintaining a positive credit profile. So, gear up, hit the road, and enjoy the ride with the bike of your dreams.

 

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