Are you feeling the effects of rush hour in the morning? Are you considering buying a two-wheeler to navigate the clogged roads but are worried about taking out a loan?
You don’t need to worry. With this guide, you will easily learn how to buy a scooter, superbike, or any TVS pep+ scooty price bike on instalments without stress.
Buying a scooter on EMI is a good idea
Anyone with required eligibility can purchase a TVS pep+ scooty on EMI, which has many advantages. With EMI, you will not empty your bank account when you buy a bike. Your bike does not become a financial burden with EMIs. If you choose a 0 down payment loan, you can also avoid making a down payment on your bike.
Check Eligibility
When you have selected a bike model, you should check to see if you qualify for a two-wheeler loan. You can determine eligibility by using the two-wheeler loan eligibility tool. You can begin the process using your mobile number.
Calculate your EMI amount
Calculating the EMI or equivalent monthly instalments is the next step. If you plan on buying a bike in instalments, you must know your expected monthly outgoing. To know how much you need to pay every month to repay your loan, use the two-wheeler loan EMI calculator. The calculator allows you to modify the tenure and loan amount to find a scooty on EMI that fits your budget without interest.
Go ahead with your loan application
You are now ready to go. You can apply online for a two-wheeler loan. In addition, you can request a loan by visiting a branch or calling the customer care number. The 100% finance two-wheeler loan comes with a low-interest rate, affordable EMIs, hassle-free processing, and instant disbursement for hardworking people like you.
A Superbike Loan from the bank can be financed up to 85%, and the bank can also fund accessories worth Rs 2 lakh.
Why choose a bike loan application?
The price tag on many two-wheelers may be hefty, but that is why you can get loans for them! However, people worry about getting an EMI burden. However, two-wheeler loans provide a convenient and affordable way to purchase a motorcycle or scooter. Instead of taking a loan, they prefer to pay cash for their two-wheelers. Here are a few practical reasons you should buy a two-wheeler on EMI if you are one of them.
Enhanced credit score
It is essential that you have a good credit score to be approved for a loan. A two-wheeler loan can help you improve your credit score if you have a low score. There is a lower chance of default on two-wheeler loans because EMIs are usually low. Upon repayment of the loan (or prepayment), your credit history would be positively affected. The higher your credit score, the faster your loan approvals will be and the higher your interest rate. In addition, you will own the bike of your dreams.
Earn rewards and take advantage of special offers
Most banks have tie-ups with bike dealers and showrooms, offering extra benefits like free insurance, zero registration fees, and discounts and cashback when the loan is repaid. As a result of the festive season, several banks make available various attractive offers with two-wheeler loans, such as lowered interest rates, gifts, and reward points.
Manage your finances more efficiently
Despite having plenty of cash, spending it all at once is not wise. That lump sum amount would be better invested or saved. Furthermore, emergencies can strike at any time. You skip out on facing cash deficits if you choose a two-wheeler loan. What is the way?
You split up the entire price of your two-wheeler into convenient EMIs. If the EMI amount is higher than you would like, you can pay a larger down payment to bring it down. It is a better situation since the EMI is reduced, and the tenure is flexible.
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