Bike finance is the best option to buy your dream bike without touching your savings or investments. You can secure up to 100% of the vehicle’s on-road price as a loan, and avail of an interest rate as low as 1%. However, it is worth noting that the loan amount and the interest rate depend on the eligibility factors, such as age, income, credit score, and current financial obligations. Before opting for bike finance, you must follow the underlying things to get the best deal available: 

Things To Consider To Get The Best Two-wheeler Loan 

• Eligibility criteria

Before applying for a loan, you will find out your preferred lender’s eligibility criteria. The requirements are usually based on your age, income, employment type, credit history, current financial obligations, etc.  

• Loan amount

Assess your needs in advance and determine how much you can get as a loan on your repayment capacity. You can use a two-wheeler loan calculator to determine how much you can afford to pay in EMIs and apply for a loan accordingly. 

• Loan application process

 Not all lenders offer the same application process. So, while looking for a two-wheeler loan, you must choose a lender that offers a convenient loan application process. Your lender must offer an easy and quick loan with minimum documentation.  

• Repayment tenure

A two-wheeler loan tenure usually ranges between 12 to 48 months. However, it is worth noting that a higher loan tenure can cost you more in interest in the long run.   

• Down payment

If you make a higher down payment, your loan amount will decrease. A decreased loan amount always ensures a lower interest rate, therefore, reducing the burden from your shoulder.

Keep these points in mind when applying for your next two-wheeler loan to make it even more convenient.

Additional Read: What is the Ideal Tenure For Your Two Wheeler Loan?