Two-wheelers offer easy mobility and convenience, especially in congested cities where driving a four-wheeler is increasingly difficult. You can zip around town on your trusted steed, and take up less driving and parking space as compared to a car.

You have been meaning to buy a great bike for a while now, but you have been waiting for festive sales or for the right model. The time to buy it has finally arrived, and you are a little perplexed about how to pay for it. Read on for more information.

Some must-do tasks before you buy the bike

* Do your research. You might have your eye on a particular bike make and colour, but you must check if it is the right one for you. Do your research about the bike’s performance, fuel efficiency, ease of getting service and parts, etc. Also check if the bike is available for sale in your city, or if it will come from another city; if it does, it will be priced higher.

* Bike finance. You can either pay for the bike upfront or pay for it in parts. Most people prefer the second option. Paying in part entails paying a booking amount, which is about 20% of the bike’s cost, and the remainder on the day of taking possession of the bike. The remaining 80% comes from loans.

You might have saved up some money to make a down payment on the bike. In terms of the loan, there are three options:

1 Get a bike loan from a lending institution, preferably one that has a tie-up with the bike dealer

2 Make the down payment using an instant personal loan. The remaining payment can come via a secured bike loan from the lending institution of your choice

3 Get bike insurance. This is a mandatory stipulation in India. You can buy it just after you purchase the bike, and your dealer can help you here as well.

* Securing the right price. There are bike dealers galore in every major city, but only a few will offer the right price for the bike you want. Most dealers are willing to negotiate prices, especially if you are buying a used bike, or throw in a few free accessories and services. Make sure the dealer books the colour and make that you seek.

How to apply for a personal loan to buy a bike

The best bikes are often quite expensive, and getting a loan or two to pay for buying them is usual practice. You can book the desired bike by applying for a loan with a reputed loan app. Once you book the bike, you can show the bike papers to a lender of your choice and secure the loan to pay for the bike in total.

Here’s how you can apply for a personal loan on a loan app:

Now that you are convinced about the merits of taking a personal loan to pay for the home office setup, here’s how you can get the loan:

• Install a reputed loan app to get the two wheeler loan. You can get the app from the App Store or Google Play Store. Set it up and allow the app to check your personal and financial information. Preferably go with an app that offers loans to both salaried and self-employed individuals.
• Check the personal loan interest rates, processing fees, two wheeler loan eligibility, potential EMI payments, how to pay the EMIs, etc.
• Check the list of documents required and start the loan application. Make self-attested copies of the documents and keep the set ready to be picked up from your home and submitted to the lender on your behalf.
• Once your documents are submitted, the app does a final check on the data in them, your credit score and repayment history, before approving the loan. The loan money is disbursed to your bank account and is ready for withdrawal. You can use it to make the down payment on the bike and book it.
• Repay both the personal loan and the bike loan in a series of monthly EMIs from your job or business income.