With the magic of the internet, the entire world has become smaller and smaller. Things that looked impossible a decade ago have suddenly become the new norm. While it was understandable that one could buy clothes, accessories and even food online, no one thought that a day would come when people could purchase bank loans online. That’s right, in this modern, 21st century; online shopping has been taken to a whole new level where you can apply for bike loan online. Here are a few benefits of purchasing your loan off the internet.
You can get lower interest rates: As we all know, online aggregators are highly competitive. You get discounts not only on the product, but there is also a good chance that purchasing a loan online can result in a lower interest rate percentage. If you visit a bank or a financier’s office, you will mostly find them offering the loan, at say 14% for 3-4 year tenure, whereas, when you apply for the loan you may get a 2% discount on the bike loan interest rate, resulting in a lot of savings.
Additional discount on processing fees: Most online aggregators try to win your business by giving you as high as 20%-50% discount on processing fees, further reducing the total price you pay. The rates are reduced further if you purchase the bike during festive seasons. Some will adjust it to lower one entire EMI, allowing you to save a lot more than you would have, had you visited the dealership to purchase the bike on loan. Plus, they would also throw in free bike servicing for the first year.
You can use an EMI calculator to check your
eligibility: Before you apply for the loan, you can do a quick check of the loan amount and interest you would be eligible to pay, on the bike loan EMI calculator. You simply have to answer a few questions such as your personal details and provide a few documents like your salary/income certificates, pay-slips etc. In just a few seconds, the algorithm will tell you the interest you can pay as per the tenure you select.
Your loan gets approved faster: Once the eligibility check is completed, you can get the two-wheeler loan approved much faster, eliminating any reason to visit the branch. Note that if you opt to apply for the loan online from a bank with which you have a working relationship (current/savings account), your chances of getting the loan approved increase further. The bank sends over an agent to complete the formalities, saving you a lot of time.
You can get 100% financing: Since most bikes are not that expensive, you don’t have to think a lot before taking out a loan. What’s more, you can get 100% bike loan, so you don’t have to worry if you initially had a low budget.
You can get lower interest rates: As we all know, online aggregators are highly competitive. You get discounts not only on the product, but there is also a good chance that purchasing a loan online can result in a lower interest rate percentage. If you visit a bank or a financier’s office, you will mostly find them offering the loan, at say 14% for 3-4 year tenure, whereas, when you apply for the loan you may get a 2% discount on the bike loan interest rate, resulting in a lot of savings.
Additional discount on processing fees: Most online aggregators try to win your business by giving you as high as 20%-50% discount on processing fees, further reducing the total price you pay. The rates are reduced further if you purchase the bike during festive seasons. Some will adjust it to lower one entire EMI, allowing you to save a lot more than you would have, had you visited the dealership to purchase the bike on loan. Plus, they would also throw in free bike servicing for the first year.
You can use an EMI calculator to check your
eligibility: Before you apply for the loan, you can do a quick check of the loan amount and interest you would be eligible to pay, on the bike loan EMI calculator. You simply have to answer a few questions such as your personal details and provide a few documents like your salary/income certificates, pay-slips etc. In just a few seconds, the algorithm will tell you the interest you can pay as per the tenure you select.
Your loan gets approved faster: Once the eligibility check is completed, you can get the two-wheeler loan approved much faster, eliminating any reason to visit the branch. Note that if you opt to apply for the loan online from a bank with which you have a working relationship (current/savings account), your chances of getting the loan approved increase further. The bank sends over an agent to complete the formalities, saving you a lot of time.
You can get 100% financing: Since most bikes are not that expensive, you don’t have to think a lot before taking out a loan. What’s more, you can get 100% bike loan, so you don’t have to worry if you initially had a low budget.
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