Published on Mar 29, 2020Updated on Sept 29, 2023
Owning a bike can be very fulfilling – it helps you manage your daily commute without having to deal with the hassles of public transport. However, it may not be such a good idea to dip into your savings to purchase a bike – especially if you have other responsibilities. Yet, it is still possible to get the bike of your dreams on easy to manage EMIs so that you can easily manage your expenses. This is possible with availing a two wheeler loan.
Here are the ways in which you can get a bike on EMI:
1. Approach a lender for a two wheeler loan directly: You can do this online or offline. You can check the websites of reputed lenders to understand the various eligibility criteria for a bike loan. For instance, some lenders provide bike loans only for select locations. Others provide special offers on interest rates and other charges for select bikes. It would be a very good idea to check these offers or have a word with the customer care of lenders before applying. It is also advisable to go through the eligibility criteria listed on the websites of various lenders and the documentation requirements – thus, you will be able to reduce your chances of loan rejection.
2. Some two wheeler showrooms often offer on the spot financing. That said, you can walk into the showroom and upon selecting the bike, you can enquire if there are any financing options. Sometimes, reputed showrooms have representatives from multiple lenders – you can speak to them and select the financing option that best suits your needs. The only catch is that this is usually time consuming.
3. Apply with bike aggregators online: If you know the bike you want to purchase, you can look at the websites of online aggregators. Many of these sites also provide online financing options wherein you will need to fill in your details and upload your documents. The only catch is that you may have to wait for the verification process to be completed before you are informed if you are eligible for the loan and the offer which you get may not be the best one.
Hence, we recommend approaching lenders directly if you want a bike on EMI. In this way, you can have a detailed discussion to understand their criteria and offerings, thereby enabling you to make a more informed decision. Thus, once you have decided upon a lender, you can apply for a two wheeler loan. Many lenders also have tie-ups with two wheeler showrooms, and you will be able to get guidance on the showroom you need to visit to make the final purchase.
There are several benefits of purchasing a bike on EMI.Some of these are as follows:
Here are a few basic criteria for being eligible for this product:
Please note that this is not a definitive list. Your actual eligibility will depend on a lot of other factors as well, such as the lender’s policies, your CIBIL score, monthly income, etc.
When you take a two wheeler loan, the repayment terms will be communicated to you. You can choose a repayment tenure between 12 – 36 months as per your convenience. Based on your individual profile and eligibility, the rate of interest will be communicated to you.
Your monthly EMI will comprise of part of the principal amount, the interest component and processing fees. The interest and processing fee portion together constitute the overall cost of the loan.
SMFG India Credit understands your aspirations and values your time. We offer easy two wheeler loans with minimal paperwork. Loan repayment is easy via monthly EMIs on a flexible repayment tenure ranging between 12 and 36 months. We offer affordable two-wheeler loan interest rates starting from 8%. Thus, you can simply walk out of the showroom with the bike keys without having to pay anything out of your pocket. You can choose flexible repayment tenure between 12 &36 months as per your convenience.
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.