A bike does not come cheap and if you want to own one, there are many things you need to plan about. You no longer need to use the emergency fund or break a fixed deposit. A bike loan can take off significant pressure from your wallet. Getting a Hero bike loan is a simple process and it will help turn your dreams into a reality. You can own any bike of your choice with the loan and ride it across the city lanes with joy and pride. The pandemic made us realise the importance of having our two wheeler. While public commute is still not safe and four wheelers do not fit the needs of everyone, a bike will add comfort and convenience to your life. Manufacturers introduce new models from time to time which could make it difficult to take a pick.
The best way to start your search is by visiting the dealership. There will be several dealerships in the city and you can visit them to know more about the available options. Shortlist the models you prefer and take a test drive in them. A test drive is the best way to know more about the performance of the bike and it will give an insight into how you enjoy riding it. Once you have finalised on the bike, you can proceed to make a loan application. Here are the steps to follow.
1. Scout the market for lenders: Always research the market for lenders in the industry and choose one that offers the loan at friendly terms of repayment. You can get complete details about the eligibility criteria and interest rate online. Compare the same and then proceed.
2. Use EMI calculator: It is recommended to use the EMI calculator to get an insight into the amount payable each month. You will have to provide the loan amount and tenure for a quick estimate.
3. Make down payment: Lenders do not provide a loan for 100% value of the bike and you will have to make a down payment for the same. You can make the minimum amount of down payment and the balance will be your loan.
4. Fill online application form: Now fill the online application form with complete details and upload the documents. You will have to give a proof of identity, proof of income, proof of address, proof of down payment and your photographs. Applicants who enjoy a strong credit score will also enjoy a quick approval and low interest rate.
5. Prepare repayment schedule: It is your responsibility to make the loan repayment on time. Once the loan is approved, you need to prepare a repayment schedule and keep the interest component in mind.
Hero bike loan application will be approved in 24 to 48 hours and you will be able to ride your stylish new bike home. Taking good care of the bike will ensure minimal maintenance cost and the bike will look as good as new for many years to come.