India has become the biggest two-wheeler market in the World. The purpose of purchasing a new or used two-wheeler could be commuting, racing, long-distance travelling, cruising, or off-road riding. As a result, there are different models of motorbikes in different price range. Therefore, India has two-wheelers ranging from INR 30,000 to INR 70 lakh. But, do not worry, you can avail loans to purchase the bike or scooter of your dreams. Still, what if your dream bike or scooter is too expensive, but you found a used one in a very good condition? Can you avail loans to purchase used two-wheeler?

Loans for Used Bike

While availing loans for bike is easy, you may be wondering whether you can avail loans for used bike. The answer in a nutshell is yes! In fact, you can get personal loans with zero down payment instantly. Moreover, the loan amount for the bike or scooter will be directly credited to your bank account; thus, reducing your wait.

There are numerous benefits of taking a personal loan for used bike. Firstly, you can avail a used two-wheeler loan instantly and without any hassle. Secondly, if you are using personal loan for purchasing a used two-wheeler, you can use the remaining funds for repairs of the second-hand bike or even maintenance of your current bike or scooter.

What should be your Next Move?

Now that you know that you can avail loans for used two-wheeler, the first thing you should do is check whether you are eligible for the loan or not. You need to be at least 21 years old to apply for the loan but no older than 60 while your minimum monthly salary should be INR 15,000 or INR 12,000 depending on the city you live in. Additionally, you will also need to submit your PAN card, Bank e-statement, and address proof. The minimum interest you could incur is 16.8% per annum while the maximum rate of interest is 28% per annum. However, the rate of interest will depend on factors such as the tenure of your loan and your credit score. Rest assured, there are no hidden charges. In fact, you should use the EMI Interest Rate Calculator to know how much interest you may have to bear on your loan amount. So, what are you waiting for, check your eligibility and apply for a used two-wheeler loan right now!