Today, we will discuss a company that provides loans for used bikes. You can easily get a loan for an old bike through their mobile app. This article is a must-read if you are planning to buy a used bike on loan or want to take a loan against your own bike. In this article, we will provide complete information about taking a loan for a used bike, which will help you obtain the loan.
How to Get a Used Bike Loan
If you want to buy a used bike on loan but don’t know how to go about it, you can use Bike Bazaar to purchase a bike on loan. Bike Bazaar is a platform that provides you with quick and easy bike loans. You can get a loan for a used bike at low-interest rates.
Eligibility for a Used Bike Loan
To be eligible for a used bike loan, you need to fulfill certain conditions:
- Citizenship: You must be a citizen of India.
- Age: You must be above 18 years of age.
- Bike Ownership: You must have your own bike with the necessary documents.
- Loan Status: Your bike should not have any additional loans. Failure to do so will result in loan denial.
Documents Required for a Used Bike Loan
The following documents are required for a used bike loan:
- Driving License
- PAN Card
- Aadhaar Card
- Bike’s RC (Registration Certificate)
- Bike Insurance
- Bank Account Details
- Email ID
- Mobile Number
- Passport Size Photo
What are the benefits of this scheme
The Used Bike Loan Scheme offers several benefits to individuals looking to purchase a second-hand motorcycle. Here are the key advantages of this scheme:
- Easy Application Process: The loan application can be completed online through various platforms, making it convenient and accessible for borrowers. This eliminates the need for extensive paperwork and in-person visits to banks.
- Quick Loan Approval: Many lenders provide instant loan decisions, often within 30 seconds, allowing buyers to quickly know their eligibility and loan amount.
- High Loan Amount: Borrowers can typically secure a loan of up to 80% of the used bike’s value, making it easier to afford a quality motorcycle without needing to pay the full amount upfront.
- Flexible Repayment Options: The loan tenure can range from 2 to 7 years, giving borrowers the flexibility to choose a repayment schedule that suits their financial situation.
- Competitive Interest Rates: While interest rates for used bike loans may be slightly higher than those for new bikes, they remain competitive and manageable, allowing borrowers to make affordable monthly payments.
- Prepayment and Foreclosure Facilities: Borrowers have the option to pay off the loan early or make partial payments, which can help reduce the overall interest burden.
- No Hidden Charges: Most lenders are transparent about their fees, ensuring that borrowers are aware of any costs associated with the loan upfront.
- Support for All Buyers: The scheme is designed to be inclusive, allowing both salaried individuals and self-employed professionals to apply, provided they meet basic eligibility criteria.
- Credit Score Improvement: Taking a loan and making timely repayments can help improve the borrower’s credit score, which may benefit future loan applications.
- Financial Independence: By enabling individuals to purchase their own bikes, the scheme promotes financial independence and mobility, which can enhance job opportunities and personal freedom.
These benefits make the Used Bike Loan Scheme an attractive option for those looking to buy a second-hand motorcycle, providing financial support while ensuring a smooth and straightforward borrowing experience.
Apply for a Used Bike Loan
If you want to take a loan against your used bike, this article has provided you with complete information. After reading this, you can easily get a loan for your used bike.
- Visit the Website: First, go to the official website of Bike Bazaar (https://www.bikebazaar.com/).
- Select the Finance or Loan Option: On the website’s homepage, choose the “Finance” or “Loan” option.
- Fill Out the Loan Application Form: A new page will open where you will see the “Used Vehicle Loan” option. Click on it and fill out the application form.
- Receive the OTP: After filling in all the information, click on “Send OTP.” A 6-digit OTP will be sent to your registered mobile number, which you need to enter.
- Submit the Form: After filling in all the details, check the form and click on the “Submit” button. You will receive a message confirming the successful filing of your application.
- Loan Process: You will receive a call from Bike Bazaar, providing you with the necessary certificates for the loan. Within 24 hours, the money will be transferred to your bank account.