A superbike is a dream for several riders. However, it may not always be possible to pay upfront for an expensive bike, and thus, two-wheeler loans are a common choice to fund the purchase.
Have you been eyeing your dream bike but wondering how to finance the purchase? Does it seem intimidating to apply for a loan? While it may seem daunting to get a bike loan for a superbike, bringing home your dream ride is not as complex anymore. All you need is the right information – the powerful engine and sleek design are just an application away. Let us see how you can get started.
Steps to get a two-wheeler loan for a superbike
Below are the steps that can help you to secure a two-wheeler loan for your superbike:
- Assess your loan requirement: Once you have identified the bike you wish to buy, estimate the total loan you would require, including any additional costs for accessories or other value-adds. This will help you to reach out to the right lenders for a loan and also give you an idea of the amount you will have to shell out as EMI for your bike loan.
- Check your credit score: Lenders will assess your loan eligibility based on your credit score. A good credit score will increase your chances of securing a loan. It will also help you to get favourable terms and rates on your loan. A low credit score, on the other hand, may lead to a rejection or a very high bike loan interest rate. Thus, if you check beforehand, you can take steps to improve the score if it is low and reduce the chances of rejection.
- Compare available bike loan options: There are a multiple of lenders in India that offer two wheeler loan. This includes banks, financial institutions, and online lenders. After assessing the loan amount and ensuring the credit score is adequate, the next step is to compare these lenders’ offerings. This will help you to choose rates and terms that fit your needs the best.
- Decide the loan term: Loan repayment duration generally varies between 12-60 months. It is an important consideration because it affects the total loan cost and monthly payments towards the loan. A longer loan term may sometimes seem tempting because of the low monthly cost and easy affordability, but the total interest, in this case, will be higher.
- Read the terms and conditions carefully: Once you have finalised a lender, read the fine print to understand the terms and conditions. Some important aspects to focus on include interest rate, loan term, monthly EMI, extra charges, pre-closure rules, and consequences if you miss a payment.
- Fill out the loan application form: The next step after identifying a bike loan is to fill out the application form. You will typically have to submit your identity, address, income proofs, and credit score with the loan application. The lender will then review your application and decide whether to approve your loan.
Documents required to apply for a two-wheeler loan for a superbike
While documentation requirements vary based on the lender, below are some common requirements to apply for a bike loan:
- Identity proof: Aadhaar Card, PAN Card, Passport, etc.
- Residence proof: Aadhaar Card, Voter ID, etc.
- Income proof: Salary slips, income tax returns, etc.
- Bank statement: Your bank account statement for the last three months.
- Age proof: Passport, Voter ID, etc.
Eligibility criteria for bike loan
Below are the eligibility criteria to secure a two-wheeler loan for a superbike:
- Age: The minimum age criteria for a two-wheeler loan is 21 years of age
- Residency: The loan applicant must be a resident of India.
- Income: The loan applicant must show their ability to repay the loan with income proofs. Lenders look for a stable and regular source of income.
- Employment: Loan applicants must also furnish proof of employment or self-employment to secure a loan.
Advantages of opting for a two-wheeler loan for a superbike
Below are the advantages of getting a bike loan for a superbike:
- Convenient and easy process: The loan application process is simple and convenient, and you can often complete it online.
- Quick disbursal: Once the bike loan is approved by the lender, the money will be disbursed quickly and your dream bike will be home in no time.
- Repayment flexibility: Most lenders offer two-wheeler loans with flexible repayment options based on your needs and budget.
- No requirement for collateral: Two-wheeler loans are unsecured loans, and you would not need to offer any collateral to secure them.
A two-wheeler loan for a superbike is a convenient way to finance your dream bike without having to bear upfront costs. The steps above will help you to stay organised with the process and increase your chances of approval. The process ahead is quick and hassle-free. Just compare bike loan interest rates from different lenders and ensure that you read all the terms and conditions carefully before signing the loan document.