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Do's and Don'ts of Applying for a Bike Loan: Apply Online for a Two-Wheeler Loan

Applying for a loan is a key financial decision that can take a lot of time for you to get through. Because of this, you need to ensure that you consider many factors before taking on a two-wheeler loan. So what are these factors that you should know before you see how to apply for a two-wheeler loan?

1

Research

You must always ensure that you do your research well before you decide to go for bike loan apply online.

This can particularly help when you plan to take a loan for a small amount and can even help you save money. So always ensure that you have compared several lenders and their policies before taking on a bike loan.

2

Pick a convenient tenure

The loan tenure is how long you will be paying the 2 wheeler loan. This is of key importance when choosing to two-wheeler apply online because it can decide how much your EMI will be. Furthermore, it can also impact the total interest amount you end up paying towards the loan during the tenure.

3

Evaluate interest rates properly

While one lender might have high-interest rates with high principal amounts, others might have lower interest rates with a lower loan amount.

Typically, there are two types of interest, namely: fixed interest and floating interest rates. The fixed interest offers stability to the borrower as the EMI amount does not change until the end of the tenure. While floating interest offers variable interest rates that fluctuate with market conditions.

4

Read the terms and conditions properly

In order to not surprise yourself when you face any unexpected charges, you need to know everything about your bike loan. This is only possible when you know all the terms and conditions of the loan before signing up for bike loan apply online. Ensure that you carefully read every clause and enquire the lender if there are any hidden charges so you're fully aware of the terms and conditions.

5

Find out about specific charges

Lenders might have different charges for different purposes. While the terms vary from loan to loan, it is important to know what, and if, there are any specific charges. For example, certain loans may have prepayment penalties or foreclosure charges. So if you decide to go with a particular lender, ensure that the lender has any such charges and if you can afford to pay them.

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Ways to Apply

Ways to Apply

You can apply for a bike loan easily in any of the following ways- 

  • Branch

     If you don't want to apply for two wheeler loan online, visit any of our physical branches and have a one-on-one talk with our lending experts.

Ways to Apply

You can apply for bike loan easily in any of the following ways-

  • Online

    Apply for two wheeler loan online through our website for a quick and hassle-free application process.

  • Phone

    Call our relationship managers on our toll free number – 1860 267 6060.

  • Virtual Assistant

    Our virtual assistant TIA is available 24x7 to take care of your queries and requests.

  • Email

     Another way to avail a bike loan? Apply online via email. Drop an email to our customer care team who is eager to answer your queries regarding two wheeler loan.

Two Wheeler Loan Interest Rates and Charges

Two wheeler loan interest rate is the rate at which you need to pay interest on the loan principal for a fixed period. It is generally expressed as a percentage. Besides the bike loan interest rate, you also have to pay several other fees and charges– general and miscellaneous charges. 

Eligibility Criteria for a Two-Wheeler Loan

Eligibility Criteria for a Two-Wheeler Loan

The eligibility criteria for a 2 wheeler loan varies from lender to lender. With Tata Capital, however, the eligibility criteria are quite straightforward.

  • At least one year of residential stability 

  • At least a minimum of one year of work experience

Eligibility Criteria for a Two-Wheeler Loan

The eligibility criteria for a 2 wheeler loan varies from lender to lender. With Tata Capital, however, the eligibility criteria are quite straightforward.

  • The applicant must be between 21 to 60 years of age while applying for the loan. 

  • Have at least one year of residential stability 

  • Have at least a minimum of one year of work experience

How to Improve Your Chances of Getting a Two-Wheeler Loan?

There are a few things you can do to improve your chances of getting a two-wheeler loan. Let's check a few of them before you decide to go for 2 wheeler loan apply online.

Improve your credit score

Your credit score is one of the most important factors in deciding whether you get a loan or not. Generally, the higher your score, the more chances you have of availing of a bike loan. 

However, not all is lost if you have a lower credit score. You can slowly improve your score by making payments regularly on time. Or, if you happen to have a lower credit score and need a loan, you may get one with a higher interest rate. So, for these reasons, it is always advisable to have a good credit score at all times. 

Pay a higher down payment

When you decide to go for two-wheeler loan apply online, consider paying a higher down payment. This can significantly bring down the loan amount you need and make repayment easier, increasing your chances of getting a bike loan easily.

However, at Tata Capital, we make it easier for you to avail of a  2 wheeler loan. We offer you 100% of your bike's finance for up to Rs. 2.85 lakhs without any down payment at all. This can help you save and plan your finances better.

Try taking loans from existing lenders

If you have already taken loans from the same lender before, you may be at an advantage. Since this lender would know your payment history, you have a better chance of getting a two-wheeler loan. Furthermore, the process would be much easier as they would have all of your information so you can avail of a loan faster.

Choice of bike

Lenders may sometimes check the kind of bike that you want to purchase when you opt for bike loan apply online. This is to check the resale market value of the bike. Also, bikes that are quite rare or do not have a presence in the country can lead to rejection. So, choose a bike that is well-placed in the market before you approach a lender. 

Bike Loan EMI Calculator

A two wheeler loan EMI calculator is an easy-to-use and free online tool using which you can calculate your two wheeler loan monthly EMI value instantly. All you need to do is enter three basic inputs – Principal loan amount, Rate of Interest, and Loan Tenure – and the calculator will generate results within seconds. This tool helps you to determine your repayment capacity, plan your monthly budget, and avoid EMI defaults. Use our calculator to determine the potential EMIs of your bike loan. Apply for a plan that best fits your requirements.