Purchasing a new two-wheeler provides you with a sense of accomplishment and the ability to travel comfortably to various places. A two-wheeler loan is an attractive option if you have a limited budget and can’t afford to make the entire payment at once.
You can know the exact value of a two-wheeler loan EMI calculator using a bike loan calculator.
What are the documents for getting a bike loan?
These documents are required to get the best bike loan:
- Aadhaar, voter id, passport, or driver’s license are all acceptable forms of identification.
- For Address Proof, you can give Aadhaar, passport, driver’s card, or a utility bill.
- For Income Proof, you can give IT returns, bank account statements from the previous six months. When calculating your EMI, it’s a good idea to use the two-wheeler loan calculator.
EMI Calculation
The EMI comprises the loan’s principal, the interest component (decreasing interest), and any applicable taxes. There will be processing fees for some loans. You can calculate the amount left over after the down payment using the two-wheeler loan calculator.
What are the Ways to Get the Best Bike Loan with Easy EMI?
Ways to get an easy best bike loan
Types of Bike Loans
The lowest two-wheeler loan interest rate might help you save money each month. The type of bike loan will have a favourable impact on your funds.
- No income-based loan: Proof of income is not needed to get an income-based loan.
- Income-Based Loans: You are eligible for a loan under this plan if you can show documentation of your income. The sort of work also influences the interest rate on a two-wheeler loan. Compared to a non-working professional, a wage earner has a better chance of acquiring a loan because their income is consistent and reliable. A salaried individual’s interest rate is typically lower.
Vehicle Type
When applying for a loan, the sort of bike you want to get is the most crucial factor to consider. The interest rate varies based on the motorcycle or a scooter. Find a company that has the lowest bike finance interest rate.
Repayment Capacity
Before the loan is approved, the borrower’s repayment capacity is determined. You can check with the two-wheeler loan EMI calculator. Consider regular expenses, the loan amount is determined based on the individual’s capacity to repay. This capacity is also known as the Loan to Value (LTV) ratio calculation.
Long Term Tenure
You can choose longer-term results in a lower monthly payment, enhancing your eligibility and increasing your chances of getting a loan.
CIBIL score
Increasing your CIBIL score will improve your eligibility for a two-wheeler loan. Paying your EMIs on time, managing your obligations, and keeping a diverse credit mix are all steps you may take to improve your score.
Conclusion
In today’s internet-enabled world, applying for a two-wheeler loan is transparent and straightforward. It’s the monthly payment you make to the lender throughout the loan’s term. The factors that affect EMI are the principal, interest, and any applicable taxes. By remembering the ways mentioned above, get easy EMI bike loans.
