For middle-class Indians, two-wheelers make for a great way to commute. Scooters or bikes are ideal for navigating narrow roads, potholes, and overcrowded markets. Are you looking to commute to cities? Using a bike is cheaper than relying on buses and autos. Your vehicle allows you to travel more freely. A used bike is cheaper than buying a brand new one for millennials.
It is so simple to access information online thanks to technology. A loan can be obtained for a second-hand bike. You can apply for used bicycle loans to purchase a two-wheeler for your daily commute, and you will be able to pay the monthly installments.
What is the process of used bike loans?
It is possible to purchase two-wheelers on a tight budget with used bike loans. This can allow you to spend less to purchase desirable scooters and bikes. You can pick the model you want to make your commute easier with the used two-wheeler lender. LoanTap offers a Used Two-wheeler Term Loan that allows anyone to purchase any two-wheeler for up to 1,00,000. Fixed EMIs allow you to repay the loan in monthly installments. Interest rates are only applied to the amount remaining, and interest is recalculated every month. This loan is best for those who know the exact amount of the loan and have a steady income.
Features of Used Bike Loans at LoanTap
- No collateral required: A second-hand bike loan would not require any collateral. If you are at risk of missing payments, placing your legal assets as collateral is risky. LoanTap does not require security to provide a bike loan online.
- Fast Approval: Many fintech lenders promise you a loan in less than a week. LoanTap allows you to apply for a Used Two-wheeler Loan Online within 24 hours. After verifying all documents, the loan will be disbursed and the full amount credited to your bank account.
- Minimum Documentation: You don’t have to complete paperwork to get a loan for a two-wheeler. For any personal loan with fixed EMIs, you will need to submit the minimum documentation. You don’t need to visit any bank to submit your papers. You can upload the required documents to LoanTap’s website while you apply.
- Convenient Payments You can pay in fixed-equivalent monthly repayments. You can also choose the speed at which you wish to repay your bike loan. If you pay over the year, the EMI option is your best choice.
- No Hidden Fees: The loan will be granted without hidden/undisclosed fees. Everything is transparent. With the proper documentation, you can quickly complete the loan application online. If you repay the loan within 6 months, there is no prepayment penalty.
The advantages of using Used Vehicle Loans
Affordable You might spend a lot to buy a two-wheeler using your savings. A new two-wheeler is more expensive than a used one. A used two-wheeler loan can help you save money. Applying for a loan can help salaried professionals enjoy cost-effectiveness.
Maintain liquidity Buying a vehicle for a one-time payment can drain all of your savings. It would help if you had liquidity as a young professional. To reduce the stress of spending a month’s salary, it is better that you finance a second-hand bicycle. This will ensure that you have enough money in case of an emergency.
There are no additional taxes or fees. A used two-wheeler can help you avoid paying taxes such as road tax, green taxes, and many others. You must complete all tax compliance forms when you purchase a new two-wheeler.
Save Money by Choosing an Old Vehicle. You will get more for your money. A new bike can lose its value by up to 20% yearly. A pre-owned bike will perform the same task as a brand new two-wheeler. A used two-wheeler can be cheaper than a brand new one.
Increase Credibility: It is important to have a CIBIL score to get a personal loan. This determines whether or not you are eligible for a pre-owned bicycle loan. The LoanTap team and any lender will verify your credibility. To improve your creditworthiness, repay any loans or debts you have. You will be able to get any loan for your home, business, or car in the future.
Eligibility Criteria to Apply for Used Two-Wheeler Loan
Pre-owned two-wheeler loans are very popular with self-employed professionals. To apply for the loan, you must meet certain conditions. You will have problems getting Indian used bike loans if you do not meet the eligibility requirements.
- The minimum income should not exceed Rs. 10,000.
- Candidates must be at least 21 years old.
- You must be an Indian Resident/Citizen.
- Candidates must have a steady income.
Don’t delay if you are eligible to apply for a loan for two-wheelers. You should prepare all required documents to upload to the LoanTap website before applying. These documents are required for a Used Bike Loan:
- PAN Card
- Salary slips for the last three months
- Bank Statement for the last six months
- Address proof such as a Voter ID card or Electricity bill.
All documents should be valid and up-to-date. All documentation should be submitted to the LoanTapwebsite. Wait patiently for the response after a successful upload.
How to Get 2 Wheeler Loans within 24-36 Hours
You can easily apply online for bike loans. LoanTap offers a loan in just a few simple steps. These are the steps you need to follow to complete the application and verify your information for instant online disbursement.
- Step 1: Go to the LoanTap website and fill out the application with your details. Online KYC verification is also possible. The online KYC verification process can be completed by downloading the LoanTap app via Google Play Store.
- Step 2: After completing the application form, upload the documents required after proper verification.
- Step 3: If all criteria are met, your loan application will be approved. The amount will then be credited to your bank account.
