Nowadays, owning a bike is essential, providing freedom, convenience and adventure. However, the cost of a bike can be significant, making it challenging to pay a lump sum. Fortunately, there is a solution: buying a bike on EMI. Depending on the provider, the EMI is paid monthly, ranging from 12 to 48 months. This blog will guide you on how to buy a bike on EMI.
Steps to Buy a Two-Wheeler on EMI
Embarking on the journey to own a two-wheeler can be exciting and challenging. This guide will provide valuable insights and tips for a seamless and financially sound experience, whether you’re a first-time buyer or looking to upgrade. Understanding the EMI process is vital to realising your biking aspirations.
Once you decide which bike to buy, you can check the bike loan eligibility on EMI. Additionally, you will need the document to enter the eligibility criteria. The document such as:
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Self-Employed
- Two passport-size photos.
- ID card: Passport /Driver’s Licence/PAN Card/Aadhaar Card/ Voter’s ID
- Address proof: Passport/Aadhaar Card/Utility Bill/ Bank Account Statement/ Driver’s Licence
- Income Tax return latest
- The last 3 months’ bank statement is necessary.
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Salaried Person
A salary slip or Form 16 is an additional document, apart from the common document required for both salary and self-employed individuals.
Once you check the eligibility, the second step is calculating the EMI amount on the ICICI website. The amount that to pay monthly.
While applying for a loan online, you must fill in basic and personal details. After that, you will visit the approval page, where you can see whether the loan is approved.
Conclusion
Getting a two-wheeler loan on EMI is a good financial plan for you. It helps in acquiring vehicles early. However, it’s essential to consider repayment terms, interest rates and your financial condition to repay the amounts on time. If you don’t pay EMI on time, you must pay late fees or penalty. It directly impacts your credit score, which could be better. Additionally, having bike insurance on a two-wheeler is necessary.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.
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