Second Hand Bike Loan: Get Instant Used Two-Wheeler Loan

A used bike loan can help you buy a bike at a much more affordable price. You can easily apply and get a second hand bike loan to buy a used bike for regular use, beat the traffic, cover distances comfortably, and save on travel costs.

Read on to know how to apply for a used bike loan, eligibility, documents required, used bike loan interest rates and the benefits.

What is a Second Hand Bike Loan?

A second hand bike loan is a loan taken to buy a bike that was previously owned. In fact, you can use a personal loan to buy a second hand or used bike as well. Personal loans do not require any sort of collateral deposit as they are unsecured loans. Loan application and disbursal is very simple and if you opt for Navi’s personal loan as it is a 100% paperless process. You can download the Navi app on Android or iOS and apply for a personal loan online.

Benefits & Features of a Second Hand Bike Loan

Some of the major features and benefits of applying for a personal loan from Navi to buy your second-hand bike are as follows:

Loan up to Rs.20 Lakh

You can avail of a personal loan up to Rs.20 lakh through the Navi app. You can also choose to finance your used bike completely or partially after you get the loan through the app.

No Fixed Eligibility Criteria

To avail of a personal loan from Navi, there is no fixed eligibility criteria, unlike most lenders. Navi uses a technology-driven process to approve the loan.

No Documentation

Navi does not require any documentation for processing the loan. Only your PAN number and Aadhar Card verification need to be done online. Thus, the end-to-end process is 100% paperless.

Flexible Tenure

You can have the convenience to choose up to 36 months to repay the personal loan from Navi.

Also read: How to choose a personal loan tenure?

Simple Registration

You can simply register using your mobile number and as a part of the KYC process, you need to upload a selfie.

Fast Approval

The entire process from application to disbursal is very fast and can be done online.

How to Apply for a Personal Loan at Navi to Buy a Second-Hand Bike?

The process for application is simple and can be completed within a few minutes. You just need to follow the simple steps mentioned below to apply for a personal loan from Navi to buy a second-hand bike. The steps are:

1. Download the Navi app on Android or iOS and register using your mobile number
2. Click on “Apply” to apply for personal loans to buy your second-hand bike
3. As soon as you choose “Apply”, submit your answers to some simple questions:
   • Your full name as stated on your PAN card
   • Your age
   • Your PAN number
   • Your PIN code
   • Your marital status
   • Your employment details – Salaried or Self-employed
   • Your monthly income level
4. Once the online application form is submitted, there will be a digital eligibility check in the Navi App which usually takes just a few minutes (sometimes less)
5. After a loan amount is approved using a technology-driven model, you will be shown an offer which can be customized for the loan amount, EMI amount and the loan tenure.
6. After that, you need to complete your KYC process by uploading a selfie and verifying your Aadhar Number
7. Post the KYC is completed, you need to link your bank account details so that the loan amount can get credited instantly.

You can also calculate EMI against your personal loan for buying a second-hand bike. 

Things to Consider While Buying a Second-Hand Bike

You need to keep certain things in mind while buying a used two-wheeler:

• One of the most significant aspects of the automobile, you must carefully inspect the brakes to ensure that it is entirely devoid of pulsing
• Check that there is no spillage from anywhere in the bike
• Check for corrosion in the used bike. A heavily corroded bike is a sign of improper maintenance
• The lever effect should be effortless to ensure the proper functionality of the clutch
• The entire chassis must be well inspected to ensure that there aren’t too many scratches on it
• The chain condition and sprocket must be in good condition. The sound of rotating the rear wheel and the front wheel must be the same
• The tyres must not be too plain, slippery and worn off. The grip of the tyres must be good
• Check all the relevant switches and lights to ensure their smooth functionality
• Ensure that the fuel tank must be rust-free
• There shouldn’t be any oil leakage from the exhaust pipe
• Ensure all the papers including the registration, insurance, NOC, service book, and PUC are all up to date, without any glitches.

If you keep these things in mind, your used bike will not give you too much of a maintenance requirement. This would entail a pleasant experience with the bike.

Second Hand Bike Loan Eligibility

The eligibility criteria for availing of used two-wheeler loans vary from lender to lender. Navi follows a technology-driven model to approve loans, there are no fixed eligibility criteria for the same.

Most lenders, however, have basic eligibility criteria for approving second-hand bike loans such as:

Age	The applicant must be at least 18 years of age for availing used two-wheeler loan. The minimum age for driving a bike with gear is also 18 years in India. The age bracket may essentially rise to 21-25 years, depending on the demands of the lender concerned. The maximum age limit for availing of a second-hand bike loan is 65 years.
Occupation	The applicant requires to be either a salaried employee or self-employed with a regular source of income
Income	It varies from lender to lender and there is no fixed rule as such
Credit score	For availing of the facility of getting a used two-wheeler loan, the credit score usually needs to be at least 650+.

Also read: How to apply for a car loan: Refinancing and loan foreclosure

Documents Required for Second Hand Bike Loan

Usually, in order to avail of used bike loans, you need to submit certain documents. However, in the case of applying for a personal loan through Navi, you can apply for the same through your mobile application by providing your Aadhaar and PAN number only. There is no hassle of uploading any documents on the app.

However, most lenders have a requirement for the following documents to be submitted while applying for a second hand two-wheeler loan:

• Identity proof
• Income proof or bank statements
• Age proof
• Address proof
• Recent coloured photograph

Also read: How to apply for a new two-wheeler personal loan?

FAQs on Second Hand Bike Loan

Before You Go…

• Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Install the Navi app on Android or iOS now!
• Or, maybe you’re looking to buy that house you’ve been eyeing 🏠 and you need a loan of up to Rs. 10 crores. Install the Navi app on Android or iOS now and get instant in-principle approval right away! Interest rates starting at 6.71% p.a.
• How about an affordable health insurance policy 👨‍⚕️ starting at a monthly premium of just Rs. 241? Install the Navi app on Android or iOS now and get your policy in under 2 minutes.
• Instead, want to put your savings into action and kick-start your investment journey 💸 But don’t have time to do research. Invest now with Navi Nifty 50 Index Fund, sit back, and earn from the top 50 companies.