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

5 Things To Know Before Availing A Bike Loan

Profile Picture
By Author: Neha Sharma
Total Articles: 241
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

"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: 41Word Count: 432See All articles From Author

Add Comment

Investing / Finance Articles

1. Hiring An Asset Management Company In India
Author: Avendus Group

2. What Is Derivatives Market
Author: AtishPatil

3. Why A Personal Loan Can Be Beneficial For Your Home Remodeling
Author: Diksha Sharma

4. Us Tax Returns Advantages For Reducing Tax Liabilities
Author: Berkley Josh

5. Notice U/s 148- Income Escaping Assessment
Author: AKT Associates

6. Roles Of Investment Banking Companies In India
Author: Avendus

7. The Use Of Margin Calculators In F&o Trading
Author: Maithili Pawar

8. Financial Management During Business Downfall
Author: EFL India

9. All You Need To Know About Credit Linked Subsidy Scheme
Author: Atish Nair

10. Important Things Everyone Should Know About Litecoin
Author: Ripple Coin News

11. Mutual Funds In India You Can Use To Make Money
Author: Shashank Pawar

12. Short-term Or Long-term Investment Plans - Which One Works Best For Me?
Author: Shashank Pawar

13. A Comprehensive Guide To Mutual Fund Investments
Author: Shashank Pawar

14. Everything You Need To Know About Equity Market
Author: Nirav Desai

15. Us Expat Tax Help Uk Is Now Offered To Clients By Professional Tax Advisors!
Author: Olga Ilyina

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