In today’s traffic commotion, a bike comes really handy. However, getting a new motorcycle does not come cheap. Besides, for day to day purposes, a second hand bike can do just as well. But the point is that even to get a second hand bike, you will require a lump sum amount to disburse.
There is, however, one way in which you can get access to a second hand bike without needing to pay the lump sum amount from your pocket at once. You can get a second hand bike loan and get your hands at the bike you want without further delay.
A bike can get the bike of your choice without further delay.
Second Hand Bike Loan Options
There are multiple ways in which you can finance a second hand bike loan. They are as follows:
- Two-Wheeler Bike Loans: Lending institutions like banks and NBFCs provide two-wheeler bike loans with the help of which you can easily get finances for your bike. The loan amount is disbursed on the basis of what bike model you have selected.
- Finance From Dealers: The dealer from whom you are getting your second hand bike can also offer you the facility of a second hand bike loan. With the help of this option, you do not have to go elsewhere to get the loan amount.
- Personal Loans: One of the most preferable options to buy a second hand bike is to get a personal loan. The amount received from a personal loan can be used for any purposes. The advantage you get from a personal loan is that you can easily pay the amount not just to buy a second hand bike but to cover up for other immediate expenses.
All these three options are suitable as a used bike loan and based on your preference you can select any of them. But if you want a loan for multipurpose where the repayment structure is more flexible, then the option of personal loans reign supreme over the others.
Eligibility Criteria For A Second Hand Bike Loan
The eligibility criteria for a second hand bike loan is not at all stringent. This is especially the case if you opt for the personal loan option to get your bike. These are the following criteria you should keep in mind while applying for the loan:
Age: The minimum age to get a second hand bike loan is 18 years while the maximum is 65 years. Although this age criteria differs from one lender to another. Some may even set the age restrictions where the minimum age is 25 years.
Credit Score: Credit score plays an important role in getting a loan. If you have a credit score of or above 650 then you are good to go for a second hand bike loan.
Income Status: To get a bike loan, you have to be either salaried personnel or a self-employed individual. Basically, you will be required to show your monthly income proof to your lender.
Points To Keep In Mind While Getting A Second Hand Bike
While getting a second hand bike, you should take care of certain things.
- See to it that the bike you are purchasing does not show any sign of significant damage which will need instant repairing. Inspect the bike properly before paying for it. Take a trial run if necessary.
- Browse different bikes and dealers to see if you are getting the right bike at the right price.
- Get through the paperwork with diligence. Read the terms and conditions carefully before signing the agreement paper.
- Get clear about the taxation and other additional charges with your dealer as it may add to your expenses without your being aware of it.
Benefits Of Personal Loan For Second Hand Bike
The reason why a personal loan is the best option for a second hand bike loan is that it offers multiple facilities which you will not get elsewhere. These benefits are as follows:
No Collateral
To get your desired vehicle, you do not have to place your asset as collateral. A personal loan is an unsecured loan which implies that your salary and credit score serves to be more than enough to get your loan sanctioned.
Flexible Payment Options
You do not have to worry about the strict payment method attached with other forms of loan. With the help of a personal loan, you can choose the tenure according to your convenience. Based on short or long tenure, your EMI amount will be adjusted automatically.
Multipurpose Loan
A personal loan is used not just for a second hand bike loan. You can use the loan amount for a variety of purposes. In fact, if you wish, you can even use a personal loan for two or more different purposes at the same time.
Online Facility
You do not have to waste your valuable time going from one institution to another and filling numerous paperwork to get a second hand bike loan sanctioned. Lenders of personal loans provide online facilities with the help of which you can easily apply for the loan right from your home without needing to go anywhere.
Hence, a second hand bike loan is much easier to get than is usually imagined and if you choose the option of a personal loan, it will not take long to get the loan amount credited to your bank.
