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How to Get Finance Loan for Purchase Old Bike – पुराणी बाइक खरीदने के लिए भी मिल सकता है लोन जानिए कैसे

In today’s article, we are going to give you information related to how you can take a loan to buy an old bike. If we talk about purchasing a vehicle, at present most people prefer buying a bike because it can be bought even on a low budget. If you also want to buy a bike, but if the full payment is not made, the finance company can also give you a loan, so read today’s blog post till the end.

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If you want to take a loan on an old bike, then before taking the loan, you have to first select the bike of your choice, and after that, you will have to give complete information about that bike to the bank. Let us tell you that you can get the loan from a bank or even from a private finance company.

Eligibility Criteria for Bike Finance

There are following eligibility for Bike Finance which are as follows –

  • For bike finance, the beneficiary’s age should be between 21 and 60 years old.
  • If the applicant resides in a big city like Pune, Delhi, Chennai, Kolkata, etc., then the minimum income of the applicant should be Rs 54 thousand per year.
  • It is necessary to reside at the address given by the applicant for at least one year.
  • To take a loan on a bike, the applicant must be employed so that he can pay the EMI of the bike.

Required Documents for Bike Finance

The following documents are required to finance bike:

  1. RC book of the vehicle, insurance, and licence of the vehicle.
  2. Aadhar card
  3. PAN card
  4. driving licence
  5. resident certificate
  6. itr Document
  7. bank details

Bike Loan Interest Rate

Different banks or different finance companies have different loan interest rates. According to our information, the interest rate keeps changing from time to time by the bank or any other finance company. If you also want to take a loan on a bike, then the interest rate can range from 7% to 11%. It also depends on the terms and conditions of the bank; the interest rate is never the same.

Which banks give loans on bikes?

If you also want to take a loan on your bike, then you must know which banks can give loan on the bike, the following information about which is given below:

  • (SBI) SBI Bank
  • (PNB) Punjab National Bank
  • (ICICI) ICICI Bank
  • (HDFC) HDFC Bank
  • Hindustan Bank
  • (BOM) Bank of Maharashtra
  • (AXIS) Axis Bank
  • (FEDERAL) Federal Bank
  • (BOB) Bank of Baroda
  • IDFC First Bank

How much loan can one get on bike?

If you also want to know how much loan you can get on a bike, then the loan amount depends on your bank account details or your financial condition. According to the information, the loan period is from 1 year to 7 years, and you can also choose the time period as per your choice.

You can get a loan for up to 70% of the total value of the bike; this percentage may vary from bank to bank. If the condition of your bike is good, then you can get a loan of at least Rs 20 thousand on the bike.

What needs to be done to get a bike loan?

If you want to take a loan on a bike, then first of all, you will have to go to the official website of WheelEMI and get yourself registered. Apart from this, you will have to submit your necessary documents, like your Aadhar Card, PAN Card, Certificate, Address, Salary slip, etc. Information can be requested while registering.

How do I take a loan on an old bike?

  • If you want to apply online to take a loan on an old bike, then you will first have to go to the official website of the bank or any financial institution.
  • After this, after opening its home page, you will have to apply online.
  • After this, you have to upload your documents.
  • After filling out the form, you have to click on the Submit button to submit your application.