Bike loan finance avail upto 100%
Compare & Apply for Bike Loan from Fincover and get access to exclusive deals to buy your dream bike.
What is a bike loan?
Buying a motorcycle is very easy today with attractive loan options. A two-wheeler loan helps you buy the bike of your choice and return the loan with interest in a pre-fixed schedule through equated monthly instalments or EMI.
Many banks offer loans for two wheelers with minimal processing charges. Fincover helps you find the best loan plans available in the market very quickly in few clicks.
Benefits of a bike loan
No Collateral required
You need not give any asset as collateral to apply for a bike loan since the bike you purchase with the loan is itself the collateral. If you fail to repay on time, however, the lender can seize the vehicle.
Applying for a bike loan is very quick and easy. Loan aggregator sites like Fincover enable you to go through this process smoothly right from the comfort of your home, saving your time and energy.
Bike loans are easy to repay and have a short tenure. Your correct repayment will add to your credit score. All lenders consider the account history and credit scores of borrowers when they apply for loans.
Affordable interest rates
Banks have very competitive rates for bike loans. You can do the homework to see the best rates on Fincover while you apply for the loan.
You can get the entire cost of the bike as the loan and need not pay anything for your pocket at the time of purchase.
Features of bike loans
Eligibility to apply for bike loans
Here are the qualifications for an individual who wants to apply for a bike loan:
- The minimum age for applying for a bike loan is 21 and the maximum age is 65.
- The annual income of the applicant must be at least Rs 50,000 and they must have at least one year service with the current employer.
- The credit score of the applicant must be at least 750. If your credit score is low, most banks reject the loan application.
- The applicant must have been staying at the mentioned address for at least one year.
These are general eligibility criteria for two-wheeler loans Some lenders may have additional eligibility criteria to process the loan.
Documents required for bike loan application
There are documents from 3 kinds of identity proofs that need to be submitted. The documents are,
Bike EMI calculator
The bike EMI calculator helps you determine the exact EMI you will be paying.
- You have to fill in the loan amount, rate of interest, tenure of the plan and the processing fee, if any, in the calculator.
- On completion, the calculator estimates the EMI amount to be paid.
- By filling in different loan tenures, you can compare and select the right tenure that gives you the EMI you are comfortable to repaying.
- EMI calculator is very useful when you are monitoring your spending within a budget.
Why should you apply for a Bike loan at Fincover?
- Filling the application form on the website takes just a few minutes compared to visiting the bank and going through the process.
- Compared to offline applications, which are tedious with lots of paperwork, our online application is very simple to fill.
- Fincover is unbiased and shows no partiality to any bank. Our algorithm is programmed to show the best results to the end-user.
- The information saved on our site is completely protected and safe. You can rest assured that your data is in safe hands. We do not pass your data to any third party without your consent.
- Fincover is the one-stop destination where users can find bike loan quotes from various banks and NBFCs.
How to buy at Fincover?
- Log into “Fincover.com”
- Select “Bike Loan” in the Loan tab
- Fill the eligibility criteria form
- Now click the View Plans” button
- The page displays different plans offered for the specifications you filled in
- Choose the best plan that fits your needs and budget and click the “Submit” button
- Fill in the required details and click the “Apply” button
- The form is forwarded to the concerned bank, and the bank will contact you