How to buy a bike on EMI: Get a two wheeler at best price

Getting your dream bike is a big step! It can really upgrade your lifestyle. But sometimes, paying for it all at once may not look feasible. Luckily, buying a bike on EMI (Equated Monthly Instalments) is a great way to make the purchase affordable and stress-free.

In this blog, we’ll walk you through the process of buying a bike on EMI. You’ll understand the financial aspects, best practices, and tips to secure the best deals.

What is getting bike on EMI and how does it work?

EMI stands for Equated Monthly Instalments. These are fixed monthly payments you make to the lender over a set period to pay back your Bike Loan. Each EMI payment includes a part of the original loan amount that you take to purchase the bike (the principal) and a part of the interest charged on that amount. As you pay back the Bike Loan over time, the part of your EMI that goes towards the principal increases.

This structure helps you pay off any type of loan like a Two Wheeler Loan in a well-organised and efficient way.

Steps to buy a bike on EMI

Here’s how you can buy your bike on EMI with a Two Wheeler Loan from TVS Credit:

1. Check your Two Wheeler Loan eligibility:

To avail a Two Wheeler Loan, here are some of the basic criteria that you must meet:

• Nationality: You need to be an Indian citizen
• Age: You should be between 18 and 65 years old. If you’re under 21, you can still apply for a loan with a guarantor (someone who promises to pay if you can’t)
• Status of employment: You need to be currently employed
• Employment stability: You should have been working steadily for at least one year

2. Estimate the Two Wheeler Loan EMI:

To get a good estimate of your EMI and the down payment, just fill in a few details like the loan amount you need, how long you want to take to repay (tenure), interest rate, bike model/variant etc. You can use our Two Wheeler Loan EMI Calculator for this.

3. Apply for the Two Wheeler Loan:

You can apply for our Two Wheeler Loan online, in just three easy steps:

Step 1: Choose your bike: Select the specific Two Wheeler model you want to buy with the loan.

Step 2: Enter your details: Provide the necessary details, including mobile verification, personal information, and employment details.

Step 3: Instant approval: Get your Bike Loan approved in just 2 minutes*!

Benefits of buying a bike on EMI

Getting a bike with an EMI Bike Loan has many advantages, such as:

• Maximum funding: You can get a loan for up to 95%* of the bike’s on-road price
• Affordable interest rates: Enjoy attractive interest rates based on how long you choose to repay the loan
• Easy documentation: The online document process is hassle-free and the processing is quick
• Fast approvals: Apply online and get your Two Wheeler Loan approved in just about 2 minutes
• No hidden charges: Get quotations with clear pricing and zero hidden charges
• Flexible repayment tenure: You can choose to repay your Bike loan over a period of 12 to 60 months

Tips to get the best price for your bike on EMI

Here’s how to negotiate the best deals for your bike purchase:

• Look for seasonal offers: Keep an eye out for special deals from bike dealers and manufacturers during certain times of the year.
• Negotiate discounts and freebies: Drive a hard bargain to get discounts on price and ask for additional benefits such as helmets, insurance etc. to be included.
• Utilise Cashback: Take advantage of any loyalty points you’ve earned, exchange offers for your old vehicle, or cashback deals.

Things to consider before finalising your bike on EMI

Before you finalise on purchasing a bike on EMI, do research on the following factors for a smooth purchase experience:

Select the right bike model: Choose a bike that best fits your needs and budget.

Calculate the total cost: Assess the total cost of the bike, including factors such as the interest you will have to pay when you take a Two Wheeler Loan.

Impact on personal cash flow: Choose an EMI option that comfortably fits your monthly budget, considering your other expenses and financial responsibilities.

FAQs –

1. How to buy a bike on EMI?

To buy a bike on EMI, you must first select your desired bike and then proceed to purchase it in 3 simple steps:

Step 1: Check eligibility: Check if you meet the criteria required such as nationality, age bracket, income stability, employment status etc. Keep any required documentation in order.

Step 2: Calculate EMI: Calculate your EMI based on loan amount and tenure, interest rate etc.

Step 3: Apply for the loan: Fill in a simple online form and get loan approvals in just 2 minutes

2. Can I buy a used Bike on EMI?

Yes, NBFCs like TVS Credit offer used Two Wheeler Loans along with EMI options for the purchase of used bikes. The availability of such provisions may however differ from those for new bikes. We recommend inquiring with the NBFC with regards to the specifics of buying a used bike on EMI

3. What to look for when buying a Two Wheeler?

While thinking of purchasing a Two Wheeler, keep your specific needs in mind such as your preferred brand, height and weight of the model to fit your physical requirements, the mileage of the vehicle and the on-road reviews of the vehicle. Other than these criteria, also check if the bike model fits your financial criteria, such as, whether you can comfortably cover the cost, including the EMI. Do negotiate with the bike dealership and your NBFC to get the best possible deal and loan terms.

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