Availing a personal loan to buy a used bike is much more advantageous than availing an auto loan and much more affordable as well.
Given below are certain steps you need to follow to select and avail the right loan for you -
A credit score is a representation of how creditworthy you are. The higher the credit score, the lower is the risk for the lender making it easier for you to avail of a loan at low-interest rates. A CIBIL score of 750 or above or an Experian score of 800 or above is generally acceptable.
Having a high income is always advantageous but if you already have multiple loans running at the same time then the chances of getting an affordable loan offer decreases. Similarly, salaried applicants are more likely to receive better loan offers as the repayment risk for lenders is lower.
Everyone’s requirements will vary and it is important to choose a loan amount and tenure that suits your needs the best. Do not get tempted by attractive offers on two wheelers that you do not need or cannot afford. At the end of the day, all loans need to be repaid therefore choose one that is affordable.
It is important for you to understand all the terms and conditions involved in the loan agreement. Ask questions to find out all the details. Additionally, you don’t have to settle for the first loan offer that comes to you. Compare the rates and conditions offered by various lenders and opt for the one that suits your needs the best.
Are you planning to take credit card loans? Steer clear of doing so. Not only will the interest rates be extremely high, it will also lead to severe repayment loads.
You can get financing to purchase a used motorcycle from the following -
You can get direct loans from dealers who specialize in second-hand bikes where repayment depends on you credit profiles and reports
Certain known manufacturers offer exclusive financing options on their vehicles. You can avail of these offers and repayments will be determined according to your repayment ability
One of the most popular options available - applicants can avail affordable personal loans from lenders such as Money View to purchase a second-hand bike. These loans do not require any form of collateral either
While there are a number of loan providers in the market today, Money View stands out for a number of reasons as given below -
Low Interest Rates
The most important advantage is that applicants can avail loans at affordable rates starting at just 1.33% per month
24 Hour Disbursement
Your loan amount will be credited within just 24 hours after your loan application has been approved
All you need to provide are 3 documents - ID proof, address proof, and income proof
Loans with Low Credit Score
Thanks to Money View’s unique credit rating model, even if you have a relatively low credit score, you can still get a loan. However a minimum CIBIL score of 600 or Experian score of 650 is a must
Flexibility of Loan Amount and Repayment Term
Depending on your eligibility you can choose any loan amount of upto Rs. 5 lakhs and repayment tenure of up to 60 months
No Collateral or Guarantor
There is no need for a guarantor or collateral to get Money View personal loans
The entire process from application to disbursal is quick and hassle-free
Now that you know the advantages of using a personal loan to buy a second hand bike, here’s how you can apply for one -
Then select your loan plan
Choose the loan amount and repayment term of your choice based on your eligibility
Provide required documents
Upload the required documents easily and effortlessly
24 Hour loan disbursal
After your documents are verified and loan agreement is submitted, the loan amount will be credited to your bank account within 24 hours
Owning a two wheeler comes with a number of advantages. Additionally, instead of buying a brand new bike, you can always buy a second-hand motorcycle at a much more affordable rate. There are a number of options available to help you finance this purchase. If an affordable personal loan is what you are looking for, visit the Money View website or download the app to apply today.
Eligibility criteria for Money View personal loans are very simple as given below -
Given below is a city-wise breakdown of the income and credit score requirement -
|Income and Credit Score Eligibility Criteria*|
|Salaried Individuals||Minimum In-Hand Income||Area of Residence||CIBIL Credit Score Requirement|
|Rs 13,500||Any||CIBIL Score of 600 /Experian Score of 650 and above|
|Rs 20,000||Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.)||New to Credit or CIBIL Score of 600 /Experian Score of 650 and above|
|Rs 15,000||Metro City other than Mumbai and NCR||CIBIL Score of 600 /Experian Score of 650 and above|
|Self-Employed Individuals||Rs 15,000||Any||CIBIL Score of 600 /Experian Score of 650 and above|
The documents required for Money View personal loans are minimal -
|Identity Proof||Address Proof||Income Proof|
PAN Card - This is the primary ID proof required. However,
if it is rejected due to image quality issues or other
reasons, any 1 of the officially valid documents given
below will suffice)
Any 1 of the following -
Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits
Self-Employed Applicants - Last 3 months’ bank statements in PDF format if you are self-employed
Money View personal loans are provided at competitive rates as given below -
|Fees & Charges||Amount Chargeable|
|Interest Rate||Starting from 1.33% per month|
|Loan Processing Charges||Between 2% to 8% of the approved loan amount|
|Interest on Overdue EMIs||2% per month on the overdue EMI/Principal loan amount|
|Cheque Bounce||Rs.500/- each time|
Yes, you can avail personal loans from us as long as you fulfill the eligibility criteria given below -
No, you do not have to provide any form of collateral or security to avail our personal loans.