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Tata Capital > Blog > Loan for Vehicle > Know how to buy a bike on EMI

Loan for Vehicle

Know how to buy a bike on EMI

Know how to buy a bike on EMI

India is the world’s biggest two-wheeler market with an estimated 20 million+ units being sold every year. Increasing government spend on rural programs, and large-scale road construction projects have helped push the volumes in small towns and villages too.

A rapidly growing economy and higher disposable income mean that not just the scale, but the diversity of motorbikes is increasing too. Whether you want the best mileage for your ride or to get an adrenaline rush with a sports bike, you can apply for bike loan and get zipping in no time.

Additional Read:-  What is a Zero Down Payment Two Wheeler Loan?

Once you have shortlisted your preferred machine,

Here is how you can get your bike in easy to pay EMIs:

Check eligibility

The first thing to do is to check your eligibility for a loan amount. The eligibility is assessed based on a lot of factors such as age, domicile, income proof, credit score, etc. For a two wheeler loan apply online and check your eligibility within minutes.

Applying for a loan within your eligibility makes it easier to get a quick disbursal.

Compare interest rates

It is essential to shop around for a good two wheeler loan interest rate as it will have a bearing on your overall cost of purchasing the vehicle. However, do not get swayed with just a low interest rate. The reputation of the company, transparency about fee and charges, and the customer service the lender offers are equally important factors to consider.

Structure your EMI

EMI structure for Bike Loan

Always think long-term. Look for an EMI amount that you will be able to comfortably service through the tenure of your loan. A two wheeler loan EMI calculator is available on the website of all financing companies. 

This bike loan EMI calculator allows you to adjust the tenure and amount to arrive at a monthly figure that is affordable.

Additional Read:- How to Calculate Two Wheeler Loan EMI ?

Apply online

Once you have done your research, assessed your eligibility, compared interest rates and worked out your monthly commitment with a bike loan calculator, you can go ahead and apply through the financing company’s website. 

The application process is quick and straightforward. You only need to upload digital copies of your personal details such as address proof, income proof, PAN details, tax returns, etc. You will be intimated about the approval in the least possible time, the details of which can be shared with your dealer.

Getting up close and personal

If you want to get a feel of what your ride will look like and pick it up from a dealership, you could make an instant application with the dealer as well. Tata Capital offers you the flexibility to apply for bike loan in a way that is most convenient to you. The process remains the same as enumerated above.

Tata Capital aims to simplify the process of availing a loan and bring in absolute transparency so that your two-wheeler buying experience is swift and free of hassles. Within no time, you could have the keys to your dream bike that will take you and your ambitions ahead.

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