The Essential Guide To Buying Your First Bike

Many of you out there may finally decide to take the plunge, stop using public transportation, and purchase your dream motorcycle during this season or year. But before you go out and buy your two-wheeler and realise your goal of riding it, it's necessary to think about your options and what's realistic, given your financial circumstances.

This beginner's guide on buying a bike will be quite helpful in such a situation. No matter if you want to purchase your bike today or tomorrow, our professionals have you covered. Here is all the information you require before purchasing your ideal motorcycle.

What should you keep in mind while purchasing your first bike?

Choosing the first bike involves considering a number of criteria. Let's see some of the most important ones.

Fuel or Electric: You can choose between a traditional fuel bike and an electric bike. Going with an electric bike as your first option might be a prudent choice, given the skyrocketing cost of gas and the detrimental effects on the environment. This would also be a wise and environmentally friendly choice.

Mileage: The higher the mileage the bike offers on a single charge, the better. This information is crucial. Check out all the offered brands and compare based on this factor.

Running costs: In case of running costs, an electric bike easily defeats a petrol bike. The decision will be obvious if you compare INR 0.15/km with INR 4/km.

Maintenance: Electric bikes feature fewer moving parts than fuel-powered bikes, making maintenance much simpler. They become more cost-effective over time as a result.

Subsidies: Governmental incentives and subsidies are available from both the federal and state governments to encourage the purchase of electric bikes. So if you choose a new one, you can wind up saving some money.

What should you consider before taking a loan for your bike?

Eligibility

Each lender has a separate set of requirements that must be met to be eligible for a loan. To find out if you qualify for the two-wheeler loan that is being offered, ask the lender. The majority of lenders have websites, making it simple to check your eligibility with a few mouse clicks.

Loaning procedure

The time when financial institutions required days or even months to approve a loan for a consumer is long gone. Applying for a loan and handling it has gotten simpler with the required paperwork (KYC and income statements). Most lenders complete the approval process in a short amount of time.

Loan Amount

Lenders choose the loan amount they can give you based on your eligibility and the two-wheeler you wish to buy. Some lenders provide an LTV of up to 95% of the bike's actual worth (Loan to Value).

EMI

EMI, or Equated Monthly Instalment, is very important to a borrower. You will make this monthly payment to pay off your two-wheeler loan. The loan amount, interest rate, and loan period determine your loan EMI. You can change the tenure once the lender sets the interest rate and loan amount for you in order to achieve an EMI that is acceptable to you.

How does the online bike financing application procedure work?

Applying for bike financing online is a pretty easy process. First, simply download the PaySense app to your smartphone to get started. Then, complete an online application by providing all the necessary information.

Documents must be uploaded in the order listed below:

Pan Card
Aadhar Card
Salary slips for the month in question

a recent three-month bank statement
latest two years' worth of income tax returns (in case of self-employed)

The system will then verify your application and examine the uploaded documents after this is complete. Finally, your loan will be approved, and the sanction letter will be provided if everything is in order. With it, you can purchase the electric bicycle of your choosing from the showroom near you.

Conclusion

The purchase of your first bike can be an exhilarating event. Maximise your use of it. Make an informed judgement after doing extensive research and accounting for all the relevant factors. It makes sense to take some time to carefully analyse the various models before making a decision because it is a significant decision that will affect your mobility. Don't panic if your final decision seems a little pricey since you don't have enough money. To assist you in achieving your goals, PaySense is prepared with specialised solutions. Therefore, don't undervalue yourself. Make a decision, and LoanTap will finance it. Get the PaySense app right now.