Bike Loan

When you avail two-wheeler loans, you don’t just have to provide a downpayment but you also get only 80-90% of the cost of the bike as loan. However, when you apply for a bike loan on an app like Money View, the entire amount that you require can be availed as loan. So you can buy a bike instantly without worrying about arranging the amount needed for the down payment.

When you buy two-wheeler loans, your vehicle remains hypothecated to the financer/lender till you clear the loan availed, i.e., it will be considered as collateral until the loan is repaid. But if you use an instant personal loan from Money View to buy a bike, hypothecation is not required at all. The vehicle remains registered to your name from the beginning

One of the biggest advantages of availing an online personal loan for bikes is that it is easy to get.. Right from application to disbursal, an online bike loan is very convenient to avail as you will not have to make multiple trips to the bank, compare different rates, and wait for days to get approval. With Money View, the entire process is online, and once approved, you will receive your loan within just a day.

A regular two-wheeler loan requires a lot of documentation whereas an online personal loan that can be used to purchase a two-wheeler requires minimum documentation such as identity proof, address proof, and income proof.

Moreover, no hard copies of any documents are required.

Two-wheeler loans that are available through traditional sources like banks and other financial institutions require a high CIBIL score of 750 or more which might be difficult for everyone to achieve. Also, there might be many more who are new to credit who might find it difficult to avail traditional bike loansMoney View personal for bikes, on the other hand, is available even for those with relatively lower credit scores, with the minimum credit score being a CIBIL score of 600 or an Experian score of 650.

The interest rates for bike loans from traditional sources start at 10% and go up to 22%. Various factors like your credit score, income, repayment of previous loans, etc play a role in deciding the rate of interest. Personal loans from Money View that can be used as a bike loan as well come at a comparable interest rate that start at 1.33%.

Money View Personal loans are extremely quick regarding application approval as well as loan disbursal. Approval takes just 2 minutes and disbursal is done at the earliest thereafter (not longer than 24 hours), thereby saving precious time and effort on your part as an applicant.

Compare interest rates offered by various lenders before zeroing in on the option that suits your finances the best.

Processing fees can be a fixed amount or a percentage of the loan amount. Do not forget to factor in these fees while calculating the overall cost of the loan.

If you are looking to close your loan at the earliest, then you should do so only after checking the foreclosure charges levied by the lender.

An important factor to be considered, compare the processing time taken by various lenders.

An extensive documentation will take a lot of time for verification and approval. Hence it’s ideal that you choose a lender who does not require too many documents.

A good credit score is a basic necessity for availing any loan. It is good to check your CIBIL score well in advance before you apply for a loan.

The loan amount being disbursed to you will depend on your income. Lower your income, lower is the loan amount disbursed to you.