Since most of the families in India are becoming nuclear these days, motorbikes bring an economic and fastest way of travelling for people rather than cars. It is pretty easy to manoeuvre to arrive at the destination speedily. While Royal Enfield, Harley Davidson, etc., are promoting a luxurious lifestyle and enthuse a biking culture, on the other hand, bikes like Hero motors are providing a budgetary option for average households.
In particular, the Hero bikes like Hero Super Splendor, Hero Passion XPro, Hero Splendor Plus, etc., has an exceptional demand in the Indian market. The increasing demand for Hero wheels across the country has consequently made the availability of Hero bike loan easy for buyers, luckily.
Especially the youth finds Hero commuters more affordable and fuel-efficient for their biking passion that ranges from Rs.40000 on loan with lower interest rates. So, anyone looking for a bike loan for their preferable Hero bike model has to understand how this loan can finance you well.
The benefit of obtaining a Hero bike loan for Hero wheels:
●This type of bike loan is comparatively effortless to get.
●The EMI options are not very tedious to pay off.
●People having the capacity to repay the credit for the bike in a single repayment can also obtain this loan.
●You can also commute the bike while repaying the instalments for it.
●Once the payment is done, you can also sell the bike and go for a new one.
●It helps you maintain your credit score and can consistently have a positive impression on your credit score.
●It will also help you get better credit as well as a credit card in the future at a convenient rate.
●Bike loans are easy to obtain and repay as well.
●Once you complete the instalment, the resale value of your bike will be much high that you can think of a new model right away.
●Most importantly, some banks also offer zero down payment loans for the bikes that you don't have to put up your own money into it.
Essential Documents That You Need For Bike Loan:
Documents play an essential role while applying for any loans, whether it's a personal loan, two-wheeler loan or home loan. However, here is the list of necessary documents that you need to submit:
●3 Passport size photographs
●ID proof (Voter card/ Aadhaar card/ Passport or Driving license)
●Residential proof (Telephone or electric or utility bills)
●Bank account statement (last six months)
●Completed loan application
●Income Tax return files (previous three years) for self-employed professionals
● Banks - Banks, including private, state-owned, commercial, scheduled and non-scheduled banks, offer bike loans as their service or product, no matter you are their existing customer or not.
● NBFCs - NBFCs or Non-Banking Financial Companies have a licence from RBI to provide financial assistance for loans, wealth management and mutual funds.
Though you apply from bank or NBFC organisations, you can apply for a Hero bike loan online or offline, anyway. Almost every lender company offers an online loan application approach for bike buyers. Additionally, you can also calculate your monthly EMIs through the EMI calculator online to know your interest rates and tenure period before even applying.Also Read - Two Wheeler Loan in Ahmedabad