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 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 cash 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.
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.
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:
- Download the Navi app on and 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 or Self-employed
- 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.
You can also calculate EMI against your personal loan for buying a second-hand bike.
Also Read
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+. |
Calculate Your Second Hand Bike Loan EMI
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Loan Tenure (Years)
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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
FAQs on Second Hand Bike Loan
Ans: 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 to approve loans.
Ans: 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.
Ans: No, you do not need to pledge collateral for a used two-wheeler loan.
Ans: The interest rate for a used bike loan starts from 11.60% with a maximum tenure of 5 years.
Ans: Most lenders need you to upload or submit a copy of your Aadhaar 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 Aadhaar card number online and upload a selfie.
Ans: 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.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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