7 Things to Know Before Buying Second Hand Bikes In Bangalore on EMI

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Vehicle loans have made hundreds of dreams come true for people who could not bear one-time payments. Banks and financial institutions offer comprehensive services to their customers by providing all kinds of financial backup. Earlier, this facility was only available for new vehicles. However, with the transformation of financial services and the availability of online platforms selling used bikes and cars, customers can now avail themselves of EMI facilities for their second-hand bikes. Let us understand how this process and what benefits a borrower can reap by buying second-hand bikes in Bangalore on EMI services.

One can make the most of EMI facilities for 2nd hand bikes in Bangalore by using the most reliable platforms. Most people never considered buying used bikes because of sellers’ demand for one-time payments. Thanks to the advanced services offered by banks in collaboration with leading second-hand platforms, buyers can now enjoy the convenience of paying in installments. Buy 2nd hand bikes from secure sources on EMI after considering the mentioned terms and conditions. First, let us go through the conditions one has to meet before making the purchase!

 

Avail EMI facilities for second-hand bikes in a few simple steps!

Factors To Consider Before Buying Second Hand Bikes On EMI

Purchase 2nd hand bikes in Bangalore on EMI after considering a few major factors that concern the buyer. The EMI procedure requires the buyer to submit a few necessary documents and complete the formalities successfully before availing of the loan. Keeping the given factors in check will help one go through this process without any hassle.

#1 Eligibility Criteria For The Loan

Banks do not process any loan or EMI without verifying the eligibility of the buyer. The person who wants the second-hand bike registered to his name must be the one applying for the loan. So, the buyer must have all the required documents and a good CIBIL score to be eligible for the facility.

#2 Required Down Payment

Every buyer has to keep at least 10-15% of the total amount payable handy. One has to pay this percentage at the time of taking the loan. The rest of the amount will be divided into 6-9 months of EMI. People looking for 2nd hand bikes in Bangalore on EMI should keep some liquid cash available with them for payment.

#3 Repayment Procedure

The repayment procedure of one portal may differ from that of the other. It is the responsibility of the buyer to check all the details and see whether it is suitable for him or not. The installment amount increases as the number of months decreases but increasing the number of installments will increase the total amount to be paid. That is why a person taking a loan has to be mindful of the requirement.

#4 Processing Fees Or Hidden Charges

Some banks and financial institutes may charge a processing fee or hidden charges to process the loan. This amount may fluctuate the cost of the second-hand bike chosen by the buyer. One must keep the requirement of this fee in mind before applying for the loan.

#5 Seller Support System

The seller support system of the online platform one chooses to buy 2nd hand bikes in Bangalore can help buyers in the process. One can take a lot of help from this service. Some of the the leading portal ensures helping all buyers along the way.

#6 Bike Documents

Apart from the documentation procedure of the EMI payment service, a buyer must also take the documents of the bike into account. These documents will become the requirement of completing the process.

#7 Requirement of Collateral

Although it is quite unusual, a buyer must check the requirement of collaterals, if any. The EMI procedure may require one to submit collateral if one does not have a decent CIBIL score.

2nd hand bikes

Refurbishing old bikes and selling them in the market is the best decision one can take!

Benefits of Purchasing Used Bikes On EMI Online

The value of owning a bike is the highest to every passionate rider! The fact that not all of us can finance our passion and own a bike is bothersome. In most cases, people do not have the required amount of liquid cash available to buy 2nd hand bikes in Bangalore by making on-time payments. Therefore, the best alternative is to avail EMI facility for old bikes and save money. A buyer can reap numerous benefits from this purchase.

  • EMI option makes the payment process flexible and light. One would not have to bear a large amount at once to get ownership of the bike.
  • Online platforms offer the required transparency and exposure that is not possible to get from the offline market. One can get all the insights into the condition of the bike and its performance.
  • A seller in the offline market may not agree to coordinate with the loan procedure. This kind of problem does not arise online!

Tips To Finalise The Best Deal For Buying Second Hand Bikes

Every buyer desires to reap the maximum benefits from his expenses. How can one check the credibility of his purchases and ensure finalising the best deal? Well, for 2nd hand bikes in Bangalore that are available on EMI, one can just follow a few expert suggestions.

  • Always opt for an online platform that offers the best-curated products from the market. Compare all the features and benefits offered by the leading online stores to choose the most suitable one.
  • Compare the quality of service apart from checking the price tags. A slight price difference should not lure you into buying a poor-quality product.
  • To apply for EMI facilities, keep all the required documents handy and CIBIL score in check to ensure not losing the application.
  • Call the support center of the online portals offering 2nd hand bikes in Bangalore in the case of any doubts or confusion.

The idea of buying a second-hand bike serves best when one chooses a credible source. There is no possibility of losing out on profitable deals due to a lack of enough market knowledge and exposure. Utilise the EMI facility to the fullest and save money by buying refurbished second-hand vehicles online!

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