How To Buy a Bike on Installment?

You have always dreamt of owning a stylish bike that could make every journey an adventure. You've found the perfect model, but then reality hits – paying the full amount upfront seems impossible. Instead of giving up on your dream, you discover the option of buying the bike in instalments. This way, you can ride your dream bike without draining your savings in one go. Sounds perfect, right? Let's explore how you can turn this dream into reality by purchasing a bike in instalments, step by step.

Determine Your Budget

Before you start the process, knowing how much you can afford to pay every month is crucial. This involves calculating your monthly income, existing expenses, and how much you can comfortably set aside for your bike instalment.

Choose the Bike

Once you've set your budget, it's time to choose the bike you wish to buy. Consider factors such as the bike's purpose (daily commute, long rides, etc.), fuel efficiency, maintenance costs, and brand reliability. Research different models online, read reviews, and visit showrooms to get a feel of the bike. The idea is to find a bike that fits your budget and meets your requirements and preferences.

Check Eligibility

If you've chosen a bike model, the next step is to check your eligibility for a Two-Wheeler Loan. Use the HDFC Bank Two-Wheeler Loan Eligibility Tool to determine if you qualify. Enter your mobile number to start the process, which takes only a few minutes. For existing HDFC Bank customers, eligibility can be checked quickly by logging in to NetBanking. This convenient tool allows you to see if you meet the criteria for the loan, helping you move forward with your bike purchase seamlessly. Ensuring eligibility beforehand saves time and enables you to effectively prepare for the loan application process.

Calculate EMI

The next step is to calculate your bike loan EMI (Equated Monthly Instalments), which is essential to understanding your monthly financial commitment before purchasing the bike in instalments.

Use the HDFC Bank Two-Wheeler Loan EMI Calculator to estimate your monthly payments. Input your desired loan amount and adjust the loan tenure to find an EMI that fits your budget. This tool lets you see how varying the loan amount and repayment period can impact your monthly outgo.

Apply Online

Now that everything is in place, it's time to apply for a Two-Wheeler Loan. You can apply online directly by clicking the 'Apply Now' button on the EMI calculator webpage or using your HDFC NetBanking account for a quick application process. Alternatively, you can visit the nearest HDFC Bank branch or call PhoneBanking to submit your loan request.

HDFC Bank offers attractive Two-Wheeler Loans with 100% financing, competitive interest rates, affordable EMIs, quick processing, and instant disbursals. For those interested in Superbikes, the bank provides superbike loans covering up to 85% of the cost and up to ₹2 lakh for accessories. Existing HDFC Bank account holders enjoy an additional benefit of a 2% lower interest rate on their loans.

Buying a bike on EMI is a practical and convenient option for fulfilling your dream of owning a bike without straining your finances. Remember to consider the interest rates, loan tenure, and additional costs before finalising your loan. With proper planning and responsible management, you can enjoy riding your dream bike while ensuring financial stability. Happy riding!

* Terms & conditions apply. Two Wheeler Loan disbursal at the sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.