Used Bike Finance

Just enter the loan amount of second hand bike you want to get financed and rate of interest. EMI Calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.

Finance Tips

Bikes have become the popular mode of transportation. Also ,it adds value to the one's standard of living ,at the same time ,it has became a necessity for conducting the trade. Hence all these factors attract the people to move towards the bank offering loan amount at affordable ROI. Our site helps the customers to crack the problem of getting hassle-free and quicker approval of two-wheeler loan at the interest the people gets benefitted.

Loan definition:

An arrangement in which a lender gives money to a borrower, and the borrower agrees to repay the money, usually along with interest, at some future point(s) in time.

Eligibility for getting loan:

If a person is applying for the loan, his loan will get sanctioned only if his eligibility criteria gets satisfied. The reason for checking the eligibility criteria is mainly for assessing a person whether he has the repaying capacity to make the full payment. Each bank has its own eligibility criteria. For example, Muthoot Capital Services sets the following eligibility criteria
  • Salaried or self employed persons.
  • Age between 18 and 65
  • Minimum net income / net profit of 60,000/- p.a.
  • Residence stability: minimum one year in the current address.
  • Job/Business stability: minimum one year in the present job

Required Documents:

Most often ,the documents required by the bank includes the proof for residence ,identity, signature, income, age and bank statements. With reference to the Bank of India, the following are the documents required.
  • Valid identity proof: Any one of passport /voters ID card/ driving license/ PAN card
  • Valid address proof: Any one of passport / voters ID card/ driving license/ telephone bill/electricity bill/ gas connection bills/ ration card/ LIC policy.
  • Income proof: ITR / form 16 / pay slip / salary, credit card or bank statement.
  • Asset proof: Latest land/building/house tax receipt
  • Recent passport size photo.

Loan schemes:

The procedures and offerings for loan differ with banks according to each bank's terms and conditions. However , tenure almost remains the same for almost all banks that extends up to 3years.Regarding the age limit, Muthoot Capital Service provide loan amount up to 90% on road price for persons whose age is above 18 that extends up to 65yearswith no income proof based program whereas Mahindra sets its eligibility criteria for age starting from 21-58 years, providing funding of up to 80% LTV, along with special 0.5%rebate for women customers .