How to take loan on old bike : In today’s article, we’ll provide information on how to take a loan on an old bike. Speaking of vehicle purchases, most people nowadays prefer bikes because they can be purchased on a budget. If you also want to buy a bike but can’t make the full payment, a finance company may offer you a loan, so read today’s blog post to the end.
How to take a loan on an old bike?
If you want to take a loan on an old bike, you must first select your favorite bike before taking out a loan. Then, you’ll need to provide the bank with complete information about that bike. You can get a loan from a bank or a private finance company. We’ve also shared information on how to take a loan from SBI Bank on our blog.
Eligibility for Bike Finance
The following are the eligibility criteria for Bike Finance –
- The beneficiary’s age for bike finance must be between 21 and 60 years.
- If the applicant resides in a major city such as Pune, Delhi, Chennai, Kolkata, etc., the applicant’s minimum income must be ₹54,000 per year.
- The applicant must have resided at the address provided for at least one year.
- To obtain a bike loan, the applicant must be employed so that they can pay the EMI.
Documents Required for Bike Finance
The following documents are required for bike financing:
Vehicle’s RC book, insurance, and driving license.
- Aadhaar card
- PAN card
- Driving license
- Residence certificate
- ITR slip
- Bank details
Bike Loan Interest Rate
The interest rate on loans varies from bank to bank or finance company. According to our information, the interest rate varies from time to time by banks or finance companies. If you are looking to take a bike loan, you may have to pay an interest rate ranging from 7% to 11%. This also depends on the bank’s terms and conditions; the interest rate is never the same.
Which banks give loan on bike?
If you also want to take a loan on your bike, then you must know which banks can give loan on bike, the following information of which is given below –
- (SBI) SBI Bank
- (PNB) Punjab National Bank
- (ICICI) ICICI Bank
- (HDFC) HDFC Bank
- Hindustan Bank
- (BOM) Bank of Maharashtra
- (AXIS) Axis Bank
- (FEDERAL) Federal Bank
- (BOB) Bank of Baroda
- IDFC First Bank
How Much Loan can be Availed on Bike?
If you’re interested in finding out how much you can get for a bike loan, the loan amount depends on your bank account details or your financial situation. According to information, loan tenures range from 1 year to 7 years, and you can choose a custom loan.
You can get a loan up to 70% of the bike’s total value; this percentage varies from bank to bank. If your bike is in good condition, you can get a loan of at least 20,000 rupees.
What do you need to do to get a bike loan?
If you want to take out a bike loan, you’ll first need to register on WheelEMI’s official website. You’ll also need to submit required documents, such as your Aadhaar card, PAN card, certificates, address, and salary slips. You may be asked for these details during registration.
How to take a loan on an old bike?
- If you want to apply online for a loan on an old bike, you’ll first need to visit the official website of the bank or financial institution.
- After this, when the home page opens, you’ll need to select the application form to apply online.
- After this, you’ll need to upload your documents.
- After filling out the form, click the Submit button to submit your application.
FAQ’s – Questions and Answers on Taking a Loan on a Used Bike
Let’s explore some questions and answers related to taking a used bike loan:
Q.1 – What is the maximum loan term for a bike?
Ans – The maximum loan term for a bike is typically between 3 and 5 years.
Q.2 – Is credit score important for taking a bike loan?
Ans – Yes, your credit score and eligibility for a bike loan determine the loan amount.
Q.3 – How do I get a bike on finance?
Ans – To buy a bike on finance, the original papers and other documents of the motorcycle must be verified, after which the finance company will provide the loan. Interest rates vary from company to company.
Q.4 – Can I get a loan on my used bike?
Ans: Yes, you can get a loan on your old bike. All the documents related to the bike are required, and the bank will then grant you a loan based on your bike’s service.
Conclusion
In today’s blog post, we learned how to get a loan on an old bike, the interest rates charged for selling an old bike, the term for which you can get a loan on an old bike, and the documents you’ll need to get a loan on an old bike. We’ve shared this information with you in today’s blog post.