Indians and their love for motorcycles is not news. Indians prefer to buy a bike and not a car because a bike’s ownership cost is low. Furthermore, bikes consume less fuel, are ideal to navigate Indian traffic and are easy to park.
Why finance a bike?
India is a nation yet to achieve the status of a developed nation. It means that although the common person has money to spend, they cannot empty their savings on an expensive bike. If they did then at uncertain times, one will not have a financial cushion to fall back on.
Then there is the problem of making ends meet. Everyone in India relies on a monthly expense budget. If one makes an expensive purchase using the cash they have at hand then their monthly budget will fail. The outcome will be that they will not have any money left to meet their monthly expenses thus leading to a personal financial crisis.
Furthermore, a bike loan allows one to boost their credit score. At the same time, a bike loan can also build their credit history. A high credit score and a stellar credit history allow one to become eligible for hefty loans. Life is uncertain and one can need a substantial loan in the future. A high credit score and a stellar credit history can help in this matter.
Hence, in a nutshell, the best way to buy a bike is to apply for an instant approval bike loan!
One can get their bike loan application instantly approved if one follows the simple tips mentioned below diligently.
One must use an EMI calculator before applying for the loan online or offline
It is best that one uses a two-wheeler loan EMI calculator before they finalise a lender or a bike loan scheme. By using an EMI calculator, one will be able to make sure that the loan entails low EMIs and a low-interest rate.
An EMI calculator tool is a free-to-use tool available on the official websites of lenders. Using this tool is simple. All one has to do is provide the tool with the particulars of the loan scheme one is interested in. After that one has to click on the ‘calculate’ button. The tool then shows the tentative interest rate and the tentative EMIs for the loan scheme.
Using the EMI calculator allows one to understand whether or not they will be able to afford the interest rate offered by the lender. The borrower can also understand whether or not the bike loan EMIs will become a financial burden on them.
An EMI calculator tool keeps one from failing to pay EMIs on time and subsequent penalties. EMI calculator tools also allow one to financially prepare for the bike loan EMIs.
Using the EMI calculator also allows one to come prepared to the lender. One would not spend time haggling over the particulars of the bike loan. As they have already done their research, they will cover all the basics and the loan will be sanctioned instantly.
How convenient is that!?
All KYC details need to be error-free
It is best to double-check that all KYC details provided on the loan application form are accurate. Inaccurate KYC details may lead to delays. At the same time, inaccurate KYC details can even increase the chances of the application being rejected!
One must have a spotless credit history and a high credit score
It is best to make sure that at the time of applying for the loan, one’s credit score is above 750. Furthermore, one should also have a stellar credit history. A stellar credit history means that the borrower has never defaulted on an EMI or a loan.
Follow the tips mentioned above and one will get their bike loan application approved instantly!