Availing a personal loan to buy a used bike is much more advantageous than availing an auto loan and much more affordable as well.

How to Choose the Best Loan Offer for a Used Bike

Given below are certain steps you need to follow to select and avail the right loan for you -

  • Have a Good Credit Score
  • 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.

  • Income and Employment
  • 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.

  • Budgetary Requirements
  • 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.

  • Ask Questions and Compare
  • 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.

  • Say no to credit card financing
  • 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.

Where Can I Avail Financing for a Second-hand Bike?

You can get financing to purchase a used motorcycle from the following -

  • Dealer financing
  • You can get direct loans from dealers who specialize in second-hand bikes where repayment depends on you credit profiles and reports

  • OEM financing
  • 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

  • Personal loans
  • 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

Why Should You Opt for a Personal Loan for Used Bikes from Money View

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

Minimal Documentation

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

100% Online

The entire process from application to disbursal is quick and hassle-free

Instant Eligibility Check

Your eligibility check from the Money View website or app takes only 2 minutes saving energy and time

Steps to Get a Loan for Used Bikes from Money View

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 -

First check your eligibility

Visit the Money View website or download the app. Provide all necessary details and in 2 minutes we will let you know your eligibility

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

Note -

  • Once your documents are verified, you will receive a NACH form which needs to be printed, signed, scanned, and sent back to us
  • This step will enable the auto-debit facility from your bank account and allow you to pay your EMIs on time automatically without any manual intervention.
  • On receiving your NACH form, you will need to review the loan agreement on the app. Please submit the application after reviewing all the terms and conditions thoroughly

In Conclusion

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.

Used Bike Loan - Related FAQs

Eligibility criteria for Money View personal loans are very simple as given below -

  • Applicants must be between 21 years and 57 years
  • Applicants must receive an income of Rs. 13,500 or more*
  • Income must be credited directly to the applicants’ bank account
  • Credit score must be a minimum CIBIL score of 600 or minimum Experian score of 650

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)
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
Any 1 of the following -
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
  • Utility Bills (Electricity, Water, Gas) dated within the last 60 days

Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits

OR

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
Loan Cancellation
  • No additional charges levied
  • Processing fees will also be retained

Yes, you can avail personal loans from us as long as you fulfill the eligibility criteria given below -

  • A minimum monthly in-hand income of Rs. 15,000 or more
  • Income must be directly credited to your account
  • You must be between 21 years and 57 years old
  • You must have a minimum CIBIL score of 600 or a minimum Experian score of 650

No, you do not have to provide any form of collateral or security to avail our personal loans.