[2024] How to get Loan for Bike
How to get Loan for Bike online | How to get Loan for Bike in India | How to apply for Bike Loan | Zero Down Payment Bike Loan
How to get Loan for Bike, Zero Down Payment Bike Loan, How to Check Bike Loan?: Friends, are you thinking of buying a Bike. Buying a Bike is not an easy task in times of inflation. Often there is not enough money at home to buy a Bike, in such a situation your dream of owning a Bike does not come true. In such a situation, if you are thinking about Bike Loan, then today we are going to talk about Bike Loan.
In this post, we will give you information about all the aspects related to Bike Loan and will tell you how you can easily buy your own Bike. To buy a Bike, you just have to go through some necessary documents and you are provided a Bike Loan on easy installments by the bank. So friends, let us know how you can buy your own Bike.
Friends, you must have heard that a Bike, scooter or other vehicle can be purchased on down payment. Have you ever thought that you can buy the vehicle of your choice with down payment? Come friends, let us know about Down Payment.
How to get Loan for Bike
Down Payment Bike Loan
It is often seen that the price of the vehicle we have to buy is very high. In such a situation, people take a Loan against the vehicle by paying some percentage of the total amount and thus buy the vehicle. Many times this is possible due to down payment.
In most cases, when you take a Loan to make a high-value purchase like a car or a two-wheeler, you have to pay between 5% to 15% of the total price, called “Down Payment“. The bank provides 85%-90% of the balance amount as Loan. You need some liquidity at the time of vehicle purchase to make the down payment.
Zero Down Payment Bike Loan | How to take Loan for Zero Down Payment Bike
To make the process of obtaining a Loan easier and more hassle-free, the bank offers Zero Down Payment on Two Wheeler Loans. If you meet the eligibility criteria, then Bank will pay you the entire value of the Bike or scooter without costing you anything. In this way you can take Zero Down Payment Bike Loan.
With Zero Down Payment, You can easily buy a Bike and repay the Loan amount in installments. The best thing is that you have the freedom to choose the Loan installment amount. You can choose the installment as per your wish. “How to get Loan for Bike, Zero down payment Bike Loan, How to check Bike Loan?”
How to get Loan for Bike online
Many times you might have decided to buy a Bike, but then backed out due to financial constraints. Have you ever wondered how to take a Bike Loan? Today we are present with the answer to this question.
Friends, taking a Loan for a Bike is a very easy and simple way. Most banks give you a Loan of 80% to 85% of the total cost of the Bike. Some banks also provide you Loan up to 90%. For this, you do not have to visit the bank like other Loans. The bank has an agent in the same agency from where you want to buy the Bike, who provides you all the facilities of the bank.
The bank can give you a minimum Loan of ₹ 20000 and maximum 80 to 85% of the total amount of the Bike and you have to repay this Loan amount in a period ranging from 12 months to 60 months. That means you are given time from 1 to 5 years to repay the Loan.
Among the required documents, you are asked to provide your residential address, date of birth, identity card and salary slip. In such a situation, it is important for you to have these documents. The best thing is that the services of all the banks are available in the agency itself. You can bring the Bike to your home by taking a Loan from an interested bank.
Many times you are given an offer by the bank, in which you are given a Loan even on zero payment. In this you have to pay only for the RC and you can pay the price of the Bike in installments.
How to check Bike Loan Online
Friends, many times it happens that you buy an old Two Wheeler Bike, in such a situation it is very important to know whether there is already any Loan left on the Bike or it has been completed. In such a situation, it is important for you to know how much Loan was taken on the Bike.
For this, You will have to download the customer and service app of the Bike company from Google Play Store like Hero Motor Corp Customer and Service App. After this you can login to the app with your registered mobile number or you can also login with your Loan application number.
When You login with your mobile number, you will receive OTP. After OTP verification you will be registered on it. After this, you can get information related to any type of Loan on your Bike in the application.
In this, You are given all the information about how much is left on your Bike Loan. You will get all the information like the total amount paid while getting the Two Wheeler Loan.
Remember, if your Bike is of Bajaj company, then for that you will have to download the application of Bajaj company. You will have to download the application according to the company, but the method of checking the Loan is almost the same in all of them.
Two Wheeler / Bike Loan Interest Rate
Friends, when you take a Two Wheeler Loan, the interest rates for it are also fixed according to the bank. The interest rates of all banks are different. In such a situation, it becomes very important to know which bank has lower interest rates. Friends, now let us talk about the major banks which provide Two Wheeler Loans.
Two Wheeler / Bike Loan SBI
Under SBI Two Wheeler Loan, SBI can give you up to 75% of the cost of the vehicle. This facility is given to persons aged minimum 21 years to maximum 65 years, in which interest of 16.25 percent is charged from you. Along with this, you are given a Loan period of 3 years, in which you can repay the Loan. As Loan processing fee, you have to pay a minimum of Rs 1000 and 2% of the total amount. In this way you can take Two Wheeler Loan from SBI. “How to get Loan for Bike, Zero down payment Bike Loan, How to check Bike Loan?”
Two Wheeler / Bike Loan Bank of India
Bank of India charges interest rates ranging from minimum 7.35% to 8.55% on Two Wheeler Loans. Along with this, you have to pay processing fees ranging from Rs 500 to Rs 1000.
Two Wheeler / Bike Loan Punjab National Bank
Punjab National Bank gives you Loan for Two Wheeler Loan at interest rates ranging from 8.7% to 10.05%. Along with this, you have to pay processing fees ranging from Rs 500 to Rs 1000.
Two Wheeler / Bike Loan Corporation Bank
Corporation Bank offers you Two Wheeler Loans ranging from 9.98% to 10.00%.
Two Wheeler / Bike Loan Union Bank of India
Union Bank of India provides you Loan at interest rates ranging from 9.90% to 10.00%. Here you do not have to pay any processing fee.
Two Wheeler / Bike Loan Axis Bank
Axis Bank gives you Two Wheeler Loan at interest rates ranging from 10.80% to 28.30%. Besides, you also have to pay a processing fee of 8% of the total amount.
Two Wheeler / Bike Loan HDFC Bank
HDFC Bank provides you Two Wheeler Loan at interest rates of 20.90%. Besides, you also have to pay a processing fee of 3% of the total Loan amount.
Note: All interest rates are annual. “How to get Loan for Bike?”
Two Wheeler Loan Eligibility |Bike Loan Eligibility)
To take a Two Wheeler or Bike Loan, You must have the following Eligibility Criteria:-
- Salaried or self-employed person can apply for Bike Loan.
- Individuals who are minimum 21 years of age at the time of applying for the Loan, and must not be more than 65 years of age at the end of the Loan tenure.
- Your minimum gross income should be Rs 84,000/- per year for a salaried profile and Rs 72,000/- per year for a self-employed profile.
- Individuals who have been residing at the given residence for at least 1 year (In case of transfer from another location with less than 1 year at the present residence, please provide relevant documents to the Bank during the Loan approval stage.)
- You must have been working for at least 1 year.
- The person taking the Loan is also required to have a telephone/office landline connection.
You can easily avail the Bike or Two Wheeler Loan if you meet these eligibility criteria.
Conclusion (How to get Loan for Bike)
In today’s article we learned about “How to get Loan for Bike, Zero Down Payment Bike Loan, How to check Bike Loan?” etc. Hope you have got all the information related to Two Wheeler Bike Loan.
If you still want to know something, you can ask in the comment section, apart from this you can also give your valuable suggestions. If any of your relative or friend is thinking of buying a Bike and is not able to buy it due to financial constraints, then you can share the information with him through this post, so that he will buy the Bike easily.
Keep visiting our website to get such information related to daily life and to know about the upcoming Loan schemes and insurance policies.
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