Do your research
Financial institutions have different terms and conditions for loans. Financial institutions vary in interest rates, maximum loan amounts, and loan-to-value ratios (LTVs). Various charges associated with electric cycle price financing, such as processing fees, should be expected when applying for a loan.
It would help to look for the hidden clauses in the loan application when applying with different lenders. In some cases, finding a financial institution that charges no or minimal fees for processing a loan or part-prepayment of a loan could be possible through research.
Loan amount
Financial institutions offer loans to value on a ladies’ cycle for a maximum of 90-95%. Applicants’ profiles and two-wheelers’ LTV ratios are factors affecting LTV ratios. Applicants’ profiles and two-wheelers’ LTV ratios affect LTV ratios. Different lenders offer different LTV ratios and loan amounts. Don’t let yourself find yourself in a situation where the ladies’ cycle you choose is worth Rs 200,000, but the lender is only willing to lend you Rs 20,000. Therefore, choose one that offers an appropriate loan amount according to your needs.
Loan amounts should never be overly leveraged when selecting a financial institution. If the eligible loan amount exceeds your needs, you may find yourself in this situation. The lender might urge you to choose a higher loan amount to buy a more expensive ladies’ cycle. The downside of exceeding your budget is that you may suffer financial damage over time. A dent in your credit history may occur if you have difficulty paying off your monthly EMI.
Affordable interest rates
Financial institutions determine a loan applicant’s eligibility and the interest rate on a two-wheeler loan based on various factors. Good creditworthiness is not necessary to qualify for a two-wheeler loan, but it can help you obtain two-wheeler financing at an affordable interest rate.
Comparing APRs of different financial institutions is also important since it includes the money you will pay to finance a two-wheeler. As a result, choosing a financial institution that offers affordable ladies cycle or two-wheeler loans is strongly recommended.
Special offers
Many offer seasonal discounts during the monsoon season. These offers may include lower interest rates, zero down payments, 100% financing, and zero processing fees, among other features. In addition, if you have been a client for a long time, there is a reasonable chance that it will offer you a better rate of interest than new customers.
You may significantly reduce your EMI for the loan repayment duration during a special offer period.
Repayment options
Different lenders offer different repayment options. For longer repayment terms, the interest component will be higher. You can pay off the loan faster if you choose a plan with flexible EMIs while ensuring you never miss an EMI payment.
Summary: With bike finance, you can buy a new bike and spread the repayment cost over time. The retailers we listed below offers bike finance, mountain bike finance, and e-bike finance, so if you’re looking for a flexible way to buy cycling equipment, bike finance could be right for you.
Financing allows a customer to pay for a purchase in affordable instalments rather than paying the entire amount upfront. In either case, you should never spend more than you can afford on a bike, regardless of whether or not it’s on finance.
To avail the best in terms of financing your new electric cycle on EMI, use the Bajaj Finserv EMI Network Card and enjoy a hassle-free EMI No Cost EMI.
How to pay for your new bike the easy way?
Shop for home items on the Bajaj Finserv EMI Store. The EMI Network Card offers hassle-free transactions on No Cost EMIs to all new and registered users. EMI Network Card is a unique digital card that allows you to purchase your desired product without clearing the total electric cycle price upfront. The card offers a pre-approved loan limit of Rs. 4 lakh. In addition, you can choose the length of your repayment terms, from three to 24 months.
Read More: 7 Common Myths that you should know about Electric Cycle
