If you are looking to avail of a two-wheeler loan but considering what is the next step. Check out the factors to consider before taking a bike loan.

Check Your Credit Score

The first step is learning your CIBIL score. Credit scores above 750 are considered high, and they play a significant role in your two-wheeler loan online approval. If you have a high credit score, you can score the best interest rates and deals from your lender on your bike loan.

Your Eligibility

Use an eligibility calculator to understand the maximum bike loan you can take from your lender. Applying based on your bike loan eligibility will increase the chances of loan approval. You should also check your eligibility criteria to furnish the required documents for the loan well in advance.

Know Your Monthly EMI

Calculate your monthly EMI using your bike loan EMI calculator. Adjust the values to arrive at an optimum monthly instalment. Knowing your bike loan, EMI will help you determine which lender offers lower interest rates while allowing you to plan your finances and avoid a sudden cash crunch.

Choose Your Loan Type

You can avail of a secured or an unsecured loan based on your comfort. A secured loan involves pledging collateral, while an unsecured loan involves no security. Therefore, secured loans offer lower interest rates and longer tenures. 

Knowing the factors to consider for a two-wheeler loan in advance can help you score the best deals and choose the best loan schemes wisely. Drive home your dream today with the best bike loan offers!

Must Read: Why You Should Choose a Two Wheeler Loan To Buy a Bike