Hero Fincorp Two-Wheeler Loans: How to Buy Your Dream Bike on EMI

Today, India has become one of the largest manufacturers and consumers of two-wheelers in the world. From fancy superbikes to electric scooters, India boasts a diverse range of two-wheelers, and everyone has their eye on a different set of wheels.

People find it easier to afford a bike for their daily commutes and partaking in adventures. Motorcycles, with their fuel efficiency and affordability, are accessible to this demographic. Still, funding these dreams can be daunting.

Hero Fincorp has been a pioneer in assisting people purchasing their dream bikes with highly customizable two-wheeler loans. You can select a suitable bike loan with a flexible loan tenure, EMIs, and attractive interest rates. So, if you are wondering, "can I buy a bike on EMIs," yes, you can; it just requires fair due diligence.
Here's how to get a bike on emi with Hero Fincorp-

Pick Your Dream Bike

The first step towards owning your dream bike on EMI is choosing the perfect two-wheeler. Hero offers a wide range of bikes, from sleek and efficient commuter bikes to stylish and powerful motorcycles. Determine your riding needs, whether it's daily commuting, weekend adventures, or long road trips. Consider factors like mileage, engine capacity, and design to find a bike that resonates with your lifestyle and preferences.
We cannot overstate the significance of this initial step, as this helps you learn about the bike's cost. This knowledge forms the foundation of choosing the right two-wheeler loan plan that aligns with your financial capabilities and funding the bike of your choice.

Learn About the LTV (Loan-to-Value) Ratio

Once you've picked your dream bike, understand the Loan-to-Value (LTV) ratio. This ratio represents the percentage of the bike's on-road price that the lender is willing to finance. Knowing this ratio is crucial as it helps you calculate the down payment you need to make. A higher LTV means a lower upfront cost that will not make a huge dent in your pocket.

Check Your Eligibility

Before applying for two-wheeler loan, you can check your eligibility Hero's Two Wheeler Loan eligibility ,Hero Fincorp has specific criteria regarding age, income, and credit score. Here's its breakdown:

• Citizenship & Age: You should be an Indian citizen and over the age of 18.


• Employment Status: The loan is available to both salaried and self-employed individuals.


• Experience: As a salaried individual, you should be employed for at least a year. The same one-year benchmark is set for self-employed individuals, who should have been engaged in their current business endeavour for at least a year.


• Credit History: Hero Fincorp extends two-wheeler loans to individuals with a good credit history. The lender assesses this by evaluating your credit score and payment history.


• Existing Debt: The lender also takes into account your existing debt obligations, like loans and credit card balances. This is to check if the borrower can handle additional debt.

 

Evaluate the Loan Tenure

The loan tenure is the duration over which you'll repay the two-wheeler loan. Hero Two-Wheeler Loans offer flexible tenure options, typically ranging from 12 to 48 months. Select a suitable tenure because it affects your Equated Monthly Installments (EMIs).

A shorter tenure leads to higher EMIs but less interest paid over the loan's duration, while a longer-term offers lower EMIs but may result in higher overall interest costs. Evaluate your financial situation and choose a tenure that aligns with your budget and financial goals.

Calculate EMIs

Once you've chosen your dream bike, understood the LTV ratio, checked your eligibility, and evaluated the loan tenure, calculate the EMIs. Hero Fincorp boasts a two wheeler loan EMI calculator on their website, which allows you to input the loan amount, interest rate, and tenure.
The calculator then provides you with a detailed breakdown of your monthly installments. This tool is invaluable in helping you plan your budget effectively and ensure that your bike purchase remains within your financial comfort zone.

Keep the Relevant Documents Ready

The documents needed to process your two-wheeler loan vary depending on the employment type. Here's a breakdown of the documents:

• Identity Proof


• Residence Proof


• Income Proof (includes salary slips, Bank statements, Form 16, etc.)


• Job Continuity Proof


• Office Address (applicable for self-employed individuals)


• Business Existence Proof (applicable for self-employed individuals)

Hero Fincorp boasts a great digital infrastructure to make the loan application process hassle-free. The only thing you need to do is keep the relevant documents ready and organized to streamline the loan application process.

Confirm Booking

With your loan details and EMIs calculated, you're now ready to submit your loan application online and offline. For the online method, you need to visit the two-wheeler loan section on the Hero Fincorp website and click on apply. In contrast, for the offline method, you must visit the nearest Hero MotoCorp two-wheeler leadership. Follow all the steps we have outlined on how to get a bike loan to get a swift loan approval.

About Hero Fincorp: A Trusted Name Since 1991

Established in 1991 under the name Hero Honda FinLease Limited, Hero Fincorp has emerged as one of India's rapidly advancing Non-Banking Financial Companies (NBFCs), dedicated to serving millions of valued customers.

Currently, the company boasts an extensive network of 2000 retail financing touchpoints and boasts successful partnerships with over 2000 corporate clients who have placed their trust in Hero FinCorp's financial services.

Moneycontrol Journalist were not involved in the creation of the article.