Are you planning to buy a dream bike? You might have selected the model too. But what next? You need to start thinking about financing your bike.

A Two wheeler loan can help you finance your favorite bike. But you might get confused about choosing the perfect loan for you. There are several bike finance options in the market. However, you need to keep certain factors in mind before choosing your loan.

Things to Consider To Get The Best Two Wheeler Loan

1.   Check the Eligibility Criteria

Every lender has different eligibility criteria for bike loans. Make sure you check all the requirements from their website before applying for the loan. That will help you in fulfilling the criteria with ease. And you will be able to get the loan faster.

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2.  Consider Your Credit Score

You cannot ignore your credit score while applying for any loan. It gives the lender an idea about your credibility. They want the assurance that you have the ability to repay the loan.

Your credit score depends on your credit history. In short, you will have a better score if you repay all your loans and dues on time.

Having a higher score will give you a better bargaining power. You will be able to get a lower interest rate or a higher loan amount from your lender.

3.   Check The Loan Amount

The loan amount will depend on the price of the bike. You will need to make a down payment as your lender will not lend the entire cost of the vehicle. Moreover, the loan amount will depend on whether you fulfill all the eligibility requirements.

4.   Don’t Forget to Check the EMI

Your EMI is the equated monthly installment you need to pay while repaying your loan. It is the most crucial factor you need to consider. Calculate the EMI amount and make sure you can afford to pay it every month. A bike loan EMI calculator can make your task easier. canYou just need to provide your loan amount and other details. It will display the EMI amount for you.

5.   Consider the Loan Procedure

Do not forget to check the loan process of the lender before applying. Sometimes, the procedure is long and tiring. However, there are lenders who have a simple and hassle-free process. And, the processing of your loan will hardly take much time.

So, choosing the right lender is crucial if you don’t want to wait forever to get your bike loan.

6.   Check if Your Lender Has Any Special Offers

Lenders often give special offers on loans. You need to keep a track on them. They might give a seasonal rebate on the interest rate. They might also lower the processing fees. You need to keep yourself updated so that you don’t miss out on these offers.

Final Word

Bajaj Auto Finance offers affordable bike loans. Moreover, they assure quick and easy processing so that you don’t have to wait for your dream bike.