how to Buy Bike on EMI

Are you dreaming of cruising on your own bike but struggling with budget constraints? Buying a bike on Equated Monthly Installments (EMI) could be the solution for you. In this comprehensive guide, we will walk you through the steps on how to buy a bike on EMI, including purchasing online, and explore the benefits of opting for this payment option.

The Process of Buying Bike on EMI

Research and Choose the Bike:

The first step in buying a bike on EMI is to research and select the bike model that suits your preferences and budget. Consider factors like brand, features, and mileage to make an informed decision.

Check EMI Options:

Once you have selected the bike, inquire about the EMI options available at various dealerships or online platforms. Compare the interest rates, tenure, and down payment requirements to choose the most suitable EMI plan for your budget.

Visit the Dealership or Online Platform:

If you prefer purchasing the bike from a physical dealership, visit the showroom to explore the bike models and discuss the EMI options with the sales representatives. Alternatively, you can buy a bike online on EMI through e-commerce platforms that offer this payment facility.

Also Read: How to avoid interest charges on a credit card?

Apply for a Credit Card from Airtel Finance: To avail of the EMI facility, you may need to apply for a two-wheeler loan or a credit card with EMI options. Airtel Finance offers a convenient credit card option through the Airtel Thanks App, which provides a higher credit limit, low annual fee, and additional benefits such as discounts on recharges and cashback on utility bills.

To apply for an Airtel credit card, follow these simple steps:

• Download the Airtel Thanks App from the PlayStore or App Store.
• Navigate to the ‘shop’ category and select ‘credit card’ under ‘Financial Services’.
• Complete the form with the necessary information for KYC verification.
• Once approved, your credit card will be delivered within 24 hours.

Eligibility Criteria: To qualify for a credit card or loan for buying a bike on EMI, ensure that you meet the eligibility criteria, including having a stable income, providing required documents such as PAN card, residential proof, and identity proof, and falling within the age limit of 18-70 years.

Also Read: How Many Credit Cards Should You Have?

Choose the EMI Plan: After obtaining the necessary financing, choose the EMI plan that aligns with your financial capabilities. Select the EMI tenure and frequency of payments that suit your budget to make the purchase hassle-free.

Benefits of Buying a Bike on EMI:Budget-Friendly Option: Buying a bike on EMI allows you to own a vehicle without making a substantial upfront payment. The monthly installments make it easier to manage your finances while enjoying the convenience of a personal bike.

Flexible Payment Options: EMI plans offer flexibility in choosing the repayment tenure and amount, making it convenient for individuals with varying financial commitments to buy a bike without straining their budget.

Access to Better Models: Opting for EMI enables you to afford premium bike models that may have been out of reach with a lump sum payment. You can choose from a wide range of bikes and select the one that best suits your preferences.

Build Credit Score: Regularly paying your EMIs on time helps in building a positive credit history, which can be beneficial for future loan approvals and financial transactions.

In conclusion, buying a bike on EMI is a practical and accessible way to fulfil your dream of owning a two-wheeler. By following the steps outlined in this guide and exploring the benefits of EMI options, you can smoothly transition from being a bike enthusiast to a proud bike owner. Take advantage of the convenience and affordability of EMI plans to make your bike purchase a reality today!

Also Read: How Credit Card Validators Help You Prevent Financial Fraud?

FAQS:

Can I buy a bike on EMI online?

Yes, you can buy a bike on EMI online through various e-commerce platforms that offer this payment option. Simply select the bike model, choose the EMI plan, and complete the purchase process online.

What documents are required to apply for a credit card for buying a bike on EMI?

To apply for a credit card or loan for purchasing a bike on EMI, you will need to provide documents such as PAN card, residential proof, identity proof, income proof, and a colour photograph. These documents are essential for KYC verification and eligibility assessment.

Are there any hidden charges associated with buying a bike on EMI?

While buying a bike on EMI, it is important to inquire about any additional charges or processing fees that may apply. Make sure to read the terms and conditions of the EMI agreement carefully to understand the total cost of purchasing the bike on instalments.

Can I prepay my bike EMI before the completion of the tenure?

Yes, most EMI plans offer the flexibility to prepay the outstanding amount before the completion of the tenure. However, some financial institutions may charge a prepayment penalty or fee, so it is advisable to check the terms of prepayment with the lender beforehand.

What happens if I miss an EMI payment for my bike purchase?

Missing an EMI payment for your bike purchase can lead to late payment charges, negatively impact your credit score, and may result in additional penalties. It is essential to ensure timely payment of EMIs to avoid any financial repercussions and maintain a good credit history. If you anticipate difficulty in making a payment, contact your lender to discuss possible solutions or restructuring options.