Step by step India Bulls Bike Loan application process:

India Bulls Bike Loan Application Process Online

If the India Bulls Bike Loan applicant has an existing relationship with the financial lender, he/she can apply for a Bike Loan via his/her net banking account and could possibly be eligible for a pre-approval. For other customers, they can apply for a India Bulls Bike Loan online by following the steps mentioned below:

Visit the website of the financial lender.
Under the loan section, choose India Bulls Bike Loans.
Click on the ‘apply now’ option.
Enter the details in the India Bulls Bike Loan application form and submit it to the bank.
The bank will assess the eligibility of the applicant and request for the submission of the required KYC documents and income documents.
If the applicant is found eligible, the bank will disburse the loan amount to the bank account of the applicant, as mentioned in the application form.

India Bulls Bike Loan application offline

Listed below is the process of applying for a India Bulls Bike Loan at the branch of the financial lender:

Visit the branch of the financial lender
Procure the India Bulls Bike Loan application form and enter all the required details.
Submit relevant documents that prove one’s income, age, address and identity.
The lender will then verify the documents and check the eligibility of the applicant.
The loan amount will be transferred to the bank account of the applicant if he/she is found eligible.

Email and phone banking requests:

You can leave a request for India Bulls Bike Loan with the bank through an email or at the customer service centre of the bank. The bank will review your eligibility and contact you to take the process further.

Step 1 : Check India Bulls Bike Loan and calculate India Bulls Bike Loan eligibility – India Bulls Bike Loan Calculator

As you decide to take a India Bulls Bike Loan, always estimate your loan amount eligibility to know the loan amount you will be eligible for and can apply for. Also calculate the monthly EMI that you can comfortably service given your net take personal salary and other existing fixed obligations including rent and EMIs on other existing loans, if any. Your house loan eligibility is calculated based on your age, net income, existing obligations, property type, LTV ratio and other factors. EMI is dependent on the loan amount, interest rate and tenure. Once you understand your minimum loan requirement, your eligibility and monthly EMI you can comfortably service, shortlist the banks which offer you maximum loan amount to meet your requirements.

Step 2 : Check loan approval status and legal documents – India Bulls Bike Loan Calculator

If you are buying a property from builder, then check for the banks which have approved the projects you have shortlisted. For resale property, check the approved map plans and ensure that all property registration papers for the complete chain from the first owner to current owner are in place. Shortlist the banks which lend on your chosen property.

Step 3 : Decide on type of India Bulls Bike Loan interest rate offers – India Bulls bike loan Calculator

As you narrow down the list of banks in Step 2 and 3, you need to conduct an interest rate on India Bulls Bike Loan comparison of the loan offers of various banks. Some of the interest rate offers that needs to be checked are:

Choice between fixed and floating rates – Fixed rates come at a slightly higher rate of interest compared to floating rate loans and interest rate remains constant during the tenure of India Bulls bike loan. In floating rate loan, interest rates are reset at periodic intervals in response to changes in MCLR and PLR rates of banks or NBFCs. Majority of India Bulls Bike Loans in India today are floating rate loans as it allows the borrowers to get India Bulls Bike Loan interest rate in line with the current interest rates.

Decide if you need a home saver loan – This is a loan with overdraft facility which allows you to deposit surplus amount in your India Bulls Bike Loan overdraft account as and when available, allowing you to reduce your overall interest amount. This loan is highly recommended for salaried individuals with high bonuses and self employed Bike which is seasonal and has fluctuating cash flows. The interest rates on overdraft loan is slightly higher than that of a regular India Bulls Bike Loan interest rate.

You can also evaluate a mortgage guarantee house loan as it covers any default risk and allows the lender to give you loan at low rate of interest. You will however need to pay a mortgage guarantee fee to the bank.

Check and compare the current India Bulls Bike Loan interest rates of the banks on various types of loan products and take an informed decision.

Step 4 : Compare shortlisted banks | India Bulls Bike Loan Calculator

In addition to interest rates, banks also charge many other fees on India Bulls Bike Loans. Along with interest rates, you should check other associated costs with a your loan which include prepayment charges, processing fee, insurance premium and other charges offered by the shortlisted banks. You should calculate all inclusive costs on India Bulls Bike Loan to be able to further shortlist the banks and reduce your choice to 2-3 banks.

Step 5 : Select the bank based on other service related parameters | India Bulls Bike Loan Calculator

Finally as you decide to take the loan, also consider other service and transparency related parameters of the chosen banks. Some of these factors are turnaround time offered by the banks, quick loan delivery, doorstep services, transparency in the loan process. You also need to understand the trends and changes in MCLR rates over a period. Last but not the least, read reviews of existing customers on banks on their services, interest rates and transparency to take your decision to borrow from a bank.

Comparison of India Bulls Bike Loan Interest Rates with other banks and lenders in India:

It is important to compare various banks and their offers before choosing India Bulls Bike Loan. Here is the guide how to compare India Bulls Bike Loan with other other banks and lenders. Compare using below factors.

Processing fees – Most banks charges minimum processing fees of Nil to upto Rs.1,000. To get lowest fee, comparison of India Bulls Bike Loan rates, offers and cashback applying online after comparison

Insurance premium – India Bulls Bike Loans are secured loans, but it is advisable to take an insurance policy when availing a loan. However, the premium varies from bank to bank depending upon the risk coverage under various policies. So, check the loan sanction letter carefully to know the coverage and premium.

Prepayment and foreclosure – When you want to repay your India Bulls Bike Loan partially before time, it is called part prepayment. In case you decide to pay the entire India Bulls Bike Loan amount before time, it is called foreclosure. Banks typically levy prepayment or foreclosure charges in such situations and these can range from nil to even upto 3%. So, check carefully if the low interest rate Bike Loan you are getting comes with high prepayment or foreclosure charges. Note that some India Bulls Bike Loans cannot be repaid before time.

Down payment – Banks offer India Bulls Bike Loans either at 80% of on-road price or 100% of ex-showroom price. However, 80% of on-road is almost equivalent to 95% of ex-showroom price. You are advised to fund maximum as down payment as it reduces your burden of high monthly payments.

Do’s and Don’ts while taking India Bulls Bike Loan

To get best and lowest India Bulls Bike Loan interest rates online, read the do’s and don’ts mentioned below.

Do’s	Don’ts
Check best discount and offers – Always check current offers and India Bulls Bike Loan interest rates offered to employees of large reputed companies	Do not apply for loan amount more than what you are eligible for – Applying for an amount higher than your eligibility may lead to rejection of your loan application
Compare bike rates based on loan amount – Some banks offer lowest interest rate for India Bulls Bike Loan at higher loan amount	Do not apply with multiple banks – Simultaneous loan applications gets recorded in your CIBIL report and can hurt your chances of getting a India Bulls Bike Loan
Discount for tenures – Banks may offer lower rates on India Bulls bike loan for certain tenure	Your salary bank may not offer the cheapest loan – Various banks keep offering attractive schemes to acquire premium customers. Hence, salary bank may not be the best option