Tips to Choose the Best Two Wheeler Loan (2020)
With the new year now in full swing, you might be thinking that this is the right time to dip into those hard-earned savings and buy yourself the bike you deserve. With traffic getting more and more hectic on our busy Indian roads a new bike can take a lot of the pain off your shoulders.
So let’s say you have your eyes on this fantastic new bike. How are you going to finance this dream? If you are thinking about taking out a Two Wheeler Loan, then things need to be just perfect. After all, you don’t buy a new bike every year, do you?
However taking a bike loan will raise a lot of questions, especially if you are a first-timer. Questions like Am I Eligible? How do I apply, and what documents are required? What is a bike EMI calculator? How much EMI do I need to pay? And so on will always be on your mind. Understanding the questions faced by potential bike buyers, we have specially curated a list of all the things that you need to consider while taking a Two Wheeler Loan.
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Get the bike you can afford:
Just because you have easy access to loan money does not mean that you should take it. Carefully weigh all your options out before making a purchase. Do not buy a bike on an unaffordable EMI.
Do not miss out on any loan payments:
Make sure that you will be able to make the monthly payments for your loan. Remember, missing out on even a single loan repayment can make the entire experience sour. Financial companies have a way of penalizing customers who default with sky-high fines.
Always try and get the best interest rates:
When taking out any loan, the one factor that determines if you’re getting a good deal is your credit score. Having a good credit score puts you in an advantageous position. This is because, with a good credit score, you can bargain for better interest rates as well as get additional perks that come along the way.
Try and increase your credit score before availing the loan:
Ensuring that your credit score is high before taking a two-wheeler loan is very important. If you have a poor credit score, consider putting off your purchase until you can afford better. This is because financial organizations offer high-interest rates to buyers with a low credit score. As a result, your monthly bike EMI will be high. Before applying for a bike loan you can easily calculate your bike loan EMI with Bike EMI Calculator.
Understand your repayment plan:
When selecting your loan, make sure that you have a repayment time frame in mind. It is never a good idea to drag out the loan for so long that you begin to lose money. Make sure that the plan you take offers you some grace periods in case you can’t make a monthly EMI payment.
Most bike owners prefer taking a two-wheeler loan rather than paying the lump sum in one go. This is because two-wheeler loans today come with low-interest rates, a flexible payment schedule, easy documentation as well as quick approval.
It is not a question of whether a new bike is worth it or not. Just the comfort given by those new seats when you’re stuck in bumper to bumper traffic will make the costs worth the pain. The real thing to look out for is to make sure that you aren’t digging a hole for yourself.
It is paramount that new buyers get the best deals for their Two Wheeler Loans. Getting the best deal would be to be offered rock bottom interest rates as well as have an effective repayment plan.