You should know some important aspects if you thinking of applying for a two-wheeler loan. The reason that you should know these factors is because if you manage them right, then you can enjoy your bike loan to the fullest. So, what are these factors and why are they so important? Let’s find out:

Factors Affecting Bike Loan

Tenure of the Loan

It is the total duration of a loan but it is highly important as it can affect both the interest rate and EMIs. If your tenure is longer then you will have to pay lower interest and value of EMIs, but the number of EMIs will increase. Additionally, the overall payable amount may also increase.

Credit History and Credit Rating

If you have a poor credit rating and history, then you may have to pay a higher amount of interest on the bike loan. However, if you have ever defaulted on a loan in the past, then you may find it very difficult to get a loan.


If you opt for a higher number of EMIs with a lower value, then you may end up paying more. However, you can also end up paying more if you decide to reduce the number of EMIs, since the interest will be higher. Therefore, it is important for you to use a two-wheeler loan calculator to find the best possible EMIs.

Interest Rate

Interest rate is one of the most important aspects of a bike loan. You need to make sure that it is not very high as you are required to pay the principal and the interest on the principal to the lender.  

Nature of Job and Income

The type of job you have and your income are very important for a bike or scooter loan. The lender is more likely to provide you a lower interest rate if you have a stable and more than sufficient source of income.

Two-wheeler Loan in an Instant with PaySense

You make think at first that banks are the best place for a loan to buy a bike. However, as you may already know, banks take a lot of time in approving the loan. Additionally, there are a lot of restrictive policies at banks along with bureaucracies that may hinder your two-wheeler loan. One such policy of many banks is to not provide loans for buying a used bike. However, if you were to apply to PaySense, you can not only avail a two-wheeler loan for a used bike but use any money left after the purchase for repairs. So, apply to PaySense for an instant loan up to Rs. 2 lakhs. Know more about instant personal loan here.