Getting your own two-wheeler is a great move if you wish to save money and time on daily commute. In India, there is immense demand for two-wheelers, which is why so many foreign brands offer their bikes for sale here. Top tier bike makers like Ducati, Harley Davidson, KTM, and Yamaha are just some of the big international names that you will find in India when it comes to bikes. While it is common to take out two-wheeler loans Kochi to fund the purchase of one of these beauties, it is also possible for you to get your eco- friendly ebike with a loan.
Ebikes are becoming more popular
Electronic bikes or ebikes are no longer rare to find. Many people are actively looking for ebikes when they consider buying a two- wheeler to improve their ability to move fast and independently of public transport.
There are many advantages to buying one of these. The fact that they are eco-friendly may make them a coveted possession for nature lovers but apart from that, e-bikes are also the economical choice in the long run. The purchase price is high but the fact that they run on electricity and not fuel makes them a worthwhile purchase since you save a lot on running costs.
If you have a job that needs you on the road for most of the day or you run many personal errands daily that will have you traveling a lot, then filling up the bike’s petrol tank may become a very expensive affair. An electric bike cuts down this cost and brings it to a more affordable level. With fuel costs rising every few months with no sign of ever evening out, choosing an option that does not need fuel seems to be a financially smart move.
Funding the purchase of an ebike
Thanks to the growing demand for eco-friendly ebikes, the market is responding to the new perceptions. Apart from the fact that new brands of ebikes are entering the market, lenders are also including ebikes in their niche. You will find reputed lenders listing out ebike loans on their websites quite as easily as you will find loans for conventional two-wheelers running on petrol.
Two- wheeler loan eligibility for ebikes
In general, the two-wheeler loan eligibility criteria you have to match to buy your ebike is not very different from what you will find for conventional two-wheeler loans. The lender is more interested in determining your repayment ability than the kind of bike you purchase. Typically, the following criteria are checked for two-wheeler loan eligibility:
- Your age
- Your salary/ earnings and ability to draw a steady income month after month
- Your credit worthiness that shows how well you have managed your financial responsibilities until now
Be it an ebike or a fuel guzzler, the biggest thing for you to focus on is that you must be able to show the lender that you are a good risk for them to take by lending you money. Apart from having a good credit score, the other thing to do is to ensure your application is clear and complete with all the documents asked for. Giving all the necessary details and back up documents indicates transparency to the lender and builds confidence in you as an earnest borrower when you apply for two-wheeler loans Kochi.
General loan terms you may find
When you choose to go for a two- wheeler loan, the most important step is to look at the terms and conditions first and understand them thoroughly so that you are not in for rude shocks later on. In general, you will find that with these loans:
- The tenure may range from 1 to 2 years
- There may be a processing fee that adds up to the overall cost of the loan
- All brands are usually covered for the loan
- Down payment is determined by you
- Loan may be available from Rs 15,000 upwards
When you choose your lender for ebike two-wheeler loans Kochi, make surethat you are picking a reliable lender who has been in this business for a while. Look at customer reviews to find out how good the lender’s service levels and customer care are so that you can get your queries sorted in time without hassle.