Financial advice on buying a bike in Hyderabad

Being on time either for office, for a party with your friends or a date with your beloved, is a wonderful thing. Punctuality defines a man. A man who is punctual is most of the time successful in life. How do you ensure that you are always on time? Try to be ahead of the scheduled time by starting early? What if the public transportation system lets you down and you are left drenching in a pool of sweat patiently waiting for the bus under the hot sun? Hire an auto or a cab? What if you are unlucky that day and you are unable to find even a single unoccupied auto or a cab? Wouldn’t it be good if you could overcome all these hassles and retain the title of a punctual man? That is where a private vehicle comes into the picture. A car is too costly for most of us, so is a bike but given the advantage of having a bike, taking a loan isn’t as bad a thing as many consider it to be. In this article, we will see look into the process of buying a bike in Hyderabad with a bank loan.

Having a bike in Hyderabad makes you a free bird allowing you to explore every nook and corner of the city. The first step is to get a bike loan in Hyderabad. There are countless banks in Hyderabad which can offer you a bike loan with little paper work. Some of the banks where you can try for a loan are HDFC Bank, ICICI Bank, Mahindra Finance and Tata Capital. All of these banks have a very low approval time of as less as 4 hours if you meet the eligibility criteria and have the required documents. If you a woman looking forward to owning a private vehicle, then Mahindra Finance would be the best option. They offer 0.5% funding for women customers. If you have an account with HDFC Bank, then taking a loan with them is recommended as the interest rate is 2% lower for account holders. Mahindra Finance also offers bike insurance in Hyderabad.

Following table compares bike loans offered by the banks mentioned above. Bike loan interest ratein Hyderabad depends on a variety of factors. All the banks offer online calculators which help you calculate the effective interest rate on your loan.

	HDFC Bank	Mahindra Finance	Tata Capital
Approval Time	4 hours	2 days
Benefits for Account Holders	2% lower rate and 50% lower Processing Fees
Estimated Savings	Rs 2,375
EMI Duration	12-48 months	12-36 months
Loan To Value (LTV)	Upto 100% for Acccount Holders for specific models	85%	85%
Documents Required		KYC Documents, Income proof	ID Proof, Address Proof, Bank Statement, Residence Ownership Proof
Eligibility Criteria	Age: 21-65 years, Minimum income of 84,000 for salaried employees, Be working for atleast one year	Age: 21-58 years	Age: 21-60 years, Minimum monthly salary of 4,500 Rs (for salaried employees)

We hope that the information about obtaining bike loans given here has been helpful to you.