Purchasing a bike begins with financial planning. With new models being launched every few weeks, it can be difficult to take a pick. If you do not start with a budget, you could end up spending much more than you had planned to. This is where a reliable lender can come to the rescue. If you are planning to buy a bike, consider applying for a loan for the purchase. It will make the entire process smooth and convenient. The current bike finance interest rates are low and competitive, thus making it an ideal choice for you.

Owning a bike is a matter of pride and you should not make any compromise. Shortlist the bikes you wish to purchase and then take a test drive. You need to choose a bike that fits your criteria in terms of usage, capacity and budget. When it comes to shortlisting the bikes, you will run out of options. There are economy models as well as premium sports models that are suitable for adventures. Irrespective of the type and brand of bike you choose to purchase, you will be eligible for the loan.

In order to apply for a loan, you need to be above the age of 21 and have a consistent source of income. You can make an online application for the loan. Simply fill up the application form and submit documents of identity proof, address proof, income proof, ITR and invoice of the bike you want to own. You will have to make a down payment for the purchase. You can make a minimum amount of down payment or make a higher down payment if you have excess funds on hand. Once the down payment is made, the loan application will be processed without any delay. You will get an approval in 24 to 48 hours and you will be able to drive your dream bike home.

Prepare a repayment schedule to ensure timely payment of the dues. You need to make the EMI payment on time to ensure a good credit score. If you think that the EMI amount is very high, you can speak to the lender before you sign on the loan documents. Use the EMI calculator to get an estimate of the amount payable on the loan. The calculator is accurate and is free to use. It will provide an EMI estimate within minutes.

Make the most of low bike finance interest rates and bring home your favorite bike. With low interest rate, the EMI amount will be less, and your monthly outflows will be in control. You will be able to make the EMI payments on time. The loan has flexible tenure and there is an option of prepayment which allows you to close the loan before time. Understand the terms and conditions of repayment before you make the final decision. The loan will help you get closer to your long-term goals without putting any stress on your finances.