What You Need to Know Before Buying a Pre-Owned Bike On EMI

Posted on Wednesday, December 11th, 2024 | By IndusInd Bank

Summary: When purchasing a pre-owned bike on EMI with a two-wheeler loan, it is crucial to verify loan eligibility and gather necessary documentation. Consider loan flexibility, compare down payments, and evaluate additional charges. IndusInd Bank offers competitive interest rates, flexible terms, and minimal documentation for a smooth two-wheeler loan application process.

When considering a two-wheeler purchase, buyers often compare a new vehicle versus a pre-owned one. While a pre-owned bike will cost less than a brand-new one, it is still a substantial purchase. Luckily, a two-wheeler loan offers an attractive funding option if you do not have enough savings or are unwilling to deplete your funds,.

When securing a pre-owned bike  loan, it’s essential to approach the transaction with thorough preparation and knowledge. Buying a pre-owned bike offers significant cost savings compared to purchasing a new model, but it also involves careful scrutiny in order to ensure a sound investment.

This article provides you with a detailed overview of what to consider before committing to a pre-owned bike loan so you can navigate the process smoothly.

1. Loan Eligibility

Before applying for a two-wheeler loan, it’s important to check your eligibility. Common criteria include your monthly income, CIBIL score, and overall financial stability.

IndusInd Bank offers a simple eligibility criteria for two-wheeler loans:

·        Salaried Applicants: Must have a minimum gross salary of INR 10,000 per month and be between 21 and 60 years old.

• Self-Employed Individuals: Must be between the ages of 21 and 65 years and should have at least three years of stable business experience.
• Employment Stability: Salaried applicants need to have a stable current job, while self-employed applicants must provide their Income Tax Returns (ITR) of the past two years/proof of their business.

2. Loan Documentation

Documentation is vital to applying for a two-wheeler loan, as it enables your lender to verify your identity and financial status. IndusInd Bank streamlines this process with minimal documentation requirements and offers the added convenience of doorstep documentation. This means your loan application is handled efficiently and with minimal hassle.

3. Loan Flexibility

At IndusInd Bank, you can apply for a two-wheeler loan with flexible repayment tenures starting from 12 to 36 months for standard two-wheelers and up to 60 months for high-end bikes. Keep in mind that the exact tenure options may vary with different lenders. Since the duration of your loan directly impacts your EMI amount, selecting a tenure that aligns with your financial comfort is crucial.

4. Down Payment

When buying a pre-owned bike via EMIs, make sure to handle the down payment wisely. Make a down payment that fits your budget, ensuring your financial stability remains intact throughout the process.

5. Additional Charges

Apart from the interest rate on two-wheeler loans, consider additional charges such as processing fees, administrative charges, prepayment charges, late payment fees, etc. Evaluating these charges when comparing lenders ensures you find a cost-effective loan. IndusInd Bank provides a transparent application process with no hidden fees, enabling you to make a well-informed decision.

Apply for a Two-Wheeler Loan with IndusInd Bank

To ensure a smooth EMI payment schedule for your pre-owned bike, it is crucial to verify your loan eligibility, gather all required documents, and explore flexible loan repayment options. Additionally, comparing down payment requirements among lenders and reviewing any additional charges associated with your bike loan online and offline will help in effective preparation.

IndusInd Bank offers two-wheeler loans with competitive interest rates, flexible repayment terms, and streamlined processing. Simply visit our website and complete the online application form with your details. Apply for a two-wheeler loan with IndusInd Bank and ride away on your new bike today. To learn more about applying for a bike loan online or offline, visit the IndusInd Bank website.

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.