bike emi calculator

Buying a bike on EMI (Equated Monthly Installments) and securing a company loan involves several steps. Here’s a detailed guide to help you through the process:

bike emi calculator

1. Choosing the Bike and Dealer

1. Research and Selection:

• Determine the type of bike you want based on your needs and budget.
• Compare different models and their prices online or at local dealerships.

1. Visit Dealerships:

• Visit multiple dealerships to compare offers, discounts, and EMI options.
• Check for festive or seasonal offers that might give you better deals.

2. Understanding EMI and Financing Options

1. EMI Calculation:

• Use online EMI calculators available on various financial websites or dealership websites to get an idea of the monthly installments.
• Input the bike price, down payment amount, interest rate, and loan tenure to calculate the EMI.

1. Financing Options:

• Bank Loans: Approach banks for a two-wheeler loan. Compare interest rates, processing fees, and loan terms.
• NBFCs (Non-Banking Financial Companies): Consider NBFCs, which might offer flexible repayment options and quicker processing.
• Dealership Financing: Some dealerships offer in-house financing options. These might come with zero or low-interest EMI schemes but ensure you read the fine print.

3. Eligibility Criteria and Documentation

1. Eligibility:

• Age: Generally, the applicant should be between 21 and 60 years old.
• Income: A stable income source to ensure repayment capability.
• Employment: Salaried or self-employed individuals with a minimum work experience.

1. Documentation:

• Identity Proof: PAN card, Aadhaar card, Passport, etc.
• Address Proof: Utility bills, Rent agreement, Aadhaar card, etc.
• Income Proof: Salary slips, bank statements, income tax returns, etc.
• Bike Quotation: A formal quotation from the dealership.

4. Applying for the Loan

1. Loan Application:

• Visit the bank/NBFC’s branch or apply online through their official website.
• Fill out the loan application form with necessary details.

1. Document Submission:

• Submit all required documents either online or at the branch.
• Ensure all documents are up-to-date and correctly filled.

1. Loan Approval and Disbursement:

• The lender will verify your documents and evaluate your creditworthiness.
• Upon approval, the loan amount is disbursed directly to the dealership.

5. Purchasing the Bike

1. Down Payment:

• Pay the down payment as agreed with the dealer. This is usually a percentage of the bike’s price.

1. Delivery and Registration:

• Complete the necessary paperwork for bike registration.
• Ensure you get insurance for the bike as it is mandatory.

1. Receiving the Bike:

• Once all payments and paperwork are complete, you can take delivery of your bike.

Additional Tips

• Credit Score: Maintain a good credit score to get better loan terms.
• Hidden Charges: Be aware of any hidden charges like processing fees, prepayment penalties, etc.
• Insurance: Opt for comprehensive insurance to cover various risks.
• Repayment Schedule: Stick to the repayment schedule to avoid penalties and damage to your credit score.

By following these steps, you can effectively purchase a bike on EMI and manage the loan process smoothly.

bike emi calculator