123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

5 Things To Know Before Availing A Bike Loan

By Author: Neha Sharma
Total Articles: 243

"A two wheeler loan is a loan given to buy a bike or a scooter. It is a very popular loan to avail since the installments work out to be affordable. Getting a bike loan is very simple and a lot of lenders offer quick and easy two wheeler loans.

Here are 5 things to know before availing a bike loan:

1. Bike model:
This is the most important decision that has to be made. The amount of the bike loan depends on the bike brand and the model of the bike. The bike loan also depends on whether the bike is a new purchase or a second hand vehicle. The lender does not give out the entire cost of the bike. Usually around 65% to 80% of the bike’s ex-showroom costs are given to the borrower. The rest of the money has to be put in by the borrower.

2. Bike loan interest rate:
The rate of interest on bike loans ranges from 9% to 20% depending on the model of the bike and the repayment capability of the borrower. Having disposable income to repay the bike loan is an important element that determines the bike loan interest rate. A higher credit score will also help you negotiate with the lender for a lower two wheeler loan interest rate.

3. Repayment tenure:
The repayment tenure for bike loans generally ranges between 3 to 5 years. However, if you have a strong credit score, you can negotiate with the bank for a longer or a shorter repayment tenure. It is important to remember that the longer the repayment tenure, the higher is the amount of interest paid on the loan.

4. Bike loan EMI calculator:
To find out the amount that will be disbursed on a bike loan, you can use a bike loan EMI calculator. By using a bike loan EMI calculator, you can find out the monthly installment amount for different rates of interest and repayment tenures. This can help you make the best decision based on your financial capability.

5. Bike loan application procedure:
Applying for a bike loan is very simple and can be done online as well. If you’re a long time customer of a bank, you can get a pre-approved bike loan as well. You can apply for a bike loan offline by filling up a form and submitting it to the lender.


Author Bio:- Neha Sharma is an aspiring student in the field of finance. She spends her free time reviewing the latest apps introduced into the market. Check out her work as she lists down tips to consider before taking a recharge offers

Total Views: 15Word Count: 432See All articles From Author

Investing / Finance Articles

1. 3 Ways To Finance Things Right
Author: Patrick Zazueta

2. Trade On Payday Loans In Spite Of Disability
Author: Philip Kolakaluri

3. Free Income Tax E Filing Agency In India | Simplify Tax
Author: Abhishek Sahu

4. Mutual Funds And Elss Funds
Author: Shashank Pawar

5. Smart Money Investing In The Financial Services Industry, Q1 2019 Overview
Author: Aarkstore Enterprise

6. Focal Concentrations And Insufficiencies Of Stock Brokerage
Author: balaji venkat

7. A Glance At The Audit Procedure Followed By Audit Firms In Dubai
Author: Alkhadim LLC

8. Are You Ready For Tomorrow With Your Financial Planning?
Author: Investing Capital

9. Sip Investments: A Simple Way To Achieve Your Personal Goals
Author: Raghav Mehera

10. Everything You Need To Know About Equity Funds
Author: Shashank Pawar

11. How To Do Intraday Investment In Equity Market
Author: the grs solution

12. The Brighter Side Of The Cryptocurrency Regulations In Hong Kong
Author: Sanchit

13. Finding The Best Oregon Credit Union
Author: Sarah Addyson

14. Are Banks In Portland Oregon Worth Your While?
Author: Sarah Addyson

15. Sainsburys Bank Plc Strategy, Swot And Corporate Finance Report
Author: Aarkstore Market Research

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: