With long traffic jams and overcrowded public transports, scooters and bikes have been considered as the perfect solution. Their wide popularity is mainly because it is fast and fuel-efficient. This is why the two wheeler segment has been expanding by the day with growing dependability. There has been a significant rise in demand for bikes, especially because of its affordability.
In case you do not wish to spend a lot on buying a new bike or a two wheeler, you can always opt for a second hand bike as well. With a used bike loan, this process of financing your second hand bike can be further eased for people on a budget.
What is a second hand bike loan?
A second hand bike loan is a loan to buy a second-hand bike easily and fund its associated costs. In fact, you can use a personal loan to buy a second hand bike as well. Personal loans do not require any sort of collateral deposit as they are unsecured loans. The process is very simple and if you opt for Navi’s personal loan, then there is no need for any documentation as well. You can simply download the Navi app from Google Play Store and apply for the loan online.
Benefits and features of personal loans from Navi for the purchase of your second hand bikes
Some of the major features and benefits for applying for a personal loan from Navi to buy your second hand bike are as follows:
Loan upto Rs 5 lakhs
You can avail a personal loan up to Rs 5 lakhs through the Navi application. 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 a personal loan from Navi, there is no fixed eligibility criteria, unlike most lenders. Navi uses a technology-driven process to approve the loan.
Navi does not require any documentation for processing the loan. Only your PAN number and Aadhar Card verification needs to be done online. Thus, the end-to-end process is 100% paperless.
You can have the convenience to choose upto 36 months to repay the personal loan from Navi.
You can simply register using your mobile number and as a part of the KYC process, you need to upload a selfie.
The entire process from application to disbursal is very fast and can be done online.
Steps to apply for a personal loan at Navi to buy a second hand bike
Navi is a highly rated loan provider (4.4-star rating in Google Play Store, December 2020) and is best suited for your loan requirements in order 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:
- Open the Google Play Store and download the Navi app and simply register using your mobile number
- Click on “Apply” to apply for personal loans to buy your second hand bike
- 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/ Self-employed/ Others
- Your monthly income level
- 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)
- 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.
- After that you need to complete your KYC process by uploading a selfie and verifying your Aadhar Number
- Post the KYC is completed, you need to link your bank account details so that the loan amount can get credited instantly.
Tips to keep in mind while buying a used two-wheeler
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 your 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, PUC are all up to date, without any glitch.
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
Although the eligibility criteria for availing second hand bike loans vary from lender to lender. However, since 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:
The applicant must be at least 18 years of age for availing second hand bike loan. The minimum age for driving a bike with a 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 a second hand bike loan is 65 years.
The applicant requires to be either a salaried employee or self-employed with a regular source of income
It varies from lender to lender and there is no fixed rule as such
Credit score range
For availing the facility of getting a used two wheeler loan, the credit score usually needs to be at least 650+.
Documents required for availing a used bike loan
Usually, in order to avail 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 of the following documents to be submitted:
- Identity proof
- Income proof or bank statements
- Age proof
- Address proof
- Recent coloured photograph
Frequently Asked Questions
You can always avail a second hand bike loan from any lender provided you meet their eligibility criteria. However, for Navi, there is no strict eligibility criteria to approve a personal loan which can be used to buy a second hand bike. It is a technology driven process of digital check.
Most lenders need you to upload or submit a copy of your Aadhar Card in order to avail a second hand bike loan. However, with Navi’s personal loan which can double up as your second hand bike loan, there is no need to upload any document. You only need to verify your PAN and Aadhar card number online and upload a selfie.
You can opt for a personal loan from Navi in order to meet your second hand bike finance requirements. The 2nd hand bike EMI would be deducted from your linked bank account.