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Bike loan finance avail upto 100%

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.

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Upto 100%

on road price

Loan Avail

for superbikes

Attractive

interest rates

Bike loan

up to 30 Lakhs

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.

Easy

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.

Credit score

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.

Loan amount

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

Documentation required for bike loans is simple and minimal.

The interest rates on two-wheeler loans are low compared to other loans.

The loan tenure is normally up to four years. Some banks even offer five-year tenures.

Privileged customers of certain banks have the option of pre-approved two-wheeler loans. The approval process is very quick and happens as soon as the customer applies for the loan.

Two-wheeler loans are offered to salaried people, self-employed professionals and businessmen and also to private firms and private and public limited companies.

Multiple loan repayment options are available, like providing standing instructions, setting up autopay on your credit or debit card and giving post-dated cheques.

Normally, two-wheeler loans have fewer documentation formalities compared to other loans.

The loan amount depends upon the price of the two-wheeler and your repaying ability.

In most cases, the loan amount covers even the registration fee and insurance premium thus helping you fund the entire cost of getting a bike.

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,

Address proof (one of the following)

• Driving license
• Passport
• Aadhaar card
• Ration card

Identity proof (one of the following)

• Voters ID
• PAN Card
• Passport
• Aadhar card
• Ration card

Proof of income

• Form 16
• Bank statement for the last six months

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?

Quick processing Minimal Paperwork Transparency Privacy One-stop destination

• 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