Instant approval of a credit line of up to ₹ 5 Lakh in real-time.
Pay interest only on the borrowed amount.
Repay your spends in flexible EMIs of 2-36 months
Withdraw as small as ₹ 3,000 or up to your approved limit.
Use the credit card for 100% cash withdrawal and get rewards.
Minimal documentation of just an ID proof and an address proof to get you started.
Must be a full-time salaried employee with a minimum take-home salary of ₹ 30,000/monthOR
Must be a self-employed professional with an income of at least ₹ 30,000/month.(Only certain professionals like doctors, lawyers, or business owners qualify)
You have two options to get a second-hand bike on EMI, without dipping into your savings: traditional two-wheeler finance or personal loan. That said, a personal loan from MoneyTap makes better sense for a second-hand two-wheeler as it gives you better flexibility.
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Both types of loans have their own pros and cons. A bike loan may have a low-interest rate, but it is secured loan with your bike as the collateral. With a personal loan, you get the cash upfront. You can pay 100% cost of the second-hand bike with a personal loan.
With MoneyTap, you can get a second-hand two-wheeler loan for a repayment tenure ranging from 2 months to 36 months.
Some of the finance options you have to buy a second hand two-wheeler are:
A bike loan EMI calculator is an online tool that helps you calculate the EMI amount you would be paying every month for the money you borrow to buy a second-hand bike. The EMI calculator takes into consideration the loan amount, interest rate and repayment tenure to derive at the EMI amount.
You can apply for a MoneyTap's second-hand bike loan in these 3 steps:
MoneyTap will review your application and intimate the loan approval status within 4 minutes.
Each bike loan lender has its own set of eligibility criteria. You need to meet the eligibility criteria of your potential lender to get the loan.
MoneyTap eligibility criteria for second-hand bike loan are as follows:
Yes. If you meet the eligibility criteria of the lender, you can get a superbike loan. To check your eligibility with MoneyTap's used bike loan, click here.
Yes. A personal loan can finance 100% cost of the second-hand two-wheeler without you worrying about making a down payment.
If you are planning to take a used two-wheeler loan, you need to pledge your two-wheeler as collateral. But if you are looking for a personal loan to finance the purchase, you don't need collateral as personal loans are unsecured loans.