Buy your Dream Bike in 7 steps

Posted by  Fintra , updated 2021-04-16

Buy your Dream Bike in 7 steps

Nowadays, youngsters aspiration is on the rise when it comes to owning their dream bike. Be it racer bikes, superbikes, or cruiser bikes, with the two-wheeler loans available in India, it has become much more convenient for bike lovers to transform their dreams into reality.  

In this blog, Fintra will zoom you down the road that includes seven steps to bring yourself in the position where you can purchase a bike without drilling holes in your pockets! 


Following are the vital steps to focus on while you're planning to purchase a dream bike:

  1. The first step to take towards the journey of purchasing a two-wheeler is to know what or which bike you can afford. You can dream to own the most expensive bike in the world, but it is advised to figure out the right budget for your bike and pocket. To figure out this, you've to calculate the monthly EMI, down payment amount, bike loan interest rate, and the period of the loan.

 2. The second step would be to calculate and find an estimated EMI for the loan instalment towards your bike loan. Its computations depend on factors such as loan amount, tenure of the loan, and annual interest rate.

 3. After determining which bike you can afford and EMIs towards it, it’s time to calculate how long you will have to wait or the time required for making the dream bike eventually yours. To do this, you've to know the dream bike price, maximum monthly savings for it, current savings for your dream bike, and expected annual rate of return on the investment.

 4. Now before heading towards a dealership, research to know what options are available in the market. One of the first factors to consider is the bike's engine power. Make sure to check the engine power because a bigger engine boosts the speed and this will require more skills to handle the bike at such speed. Moreover, check the bike's size and fit- It should be comfortable to stabilize your feet on the ground while sitting on the bike and the saddle must comfortably fit beneath you. 

 5. Later on, check out the insurance facilities on the bike. Bike insurance usually covers third-party liability, uninsured automobile coverage, no-fault benefits, and direct compensation coverage. If you desire more coverage it will come with an extra cost.

 6. The second last step is to see the bike in person, though you’re confident about your decision. Seeing is believing. The actual experience of riding your dream bike will give you a true picture of whether or not it suits you. Feel free to ask as many questions as you want to when meeting with a seller because it will educate you more about the bike’s temperament and its related history.

 7. The final step on the journey of your bike purchase is to negotiate on the bike's purchase. Do bear in mind there's no guarantee if the price will be lowered by negotiating. Obtaining a pre-approved bike loan might enable you to receive competing quotes to put in front of your dealer.


Speaking about the eligibility criteria for applying for a bike loan, the applicant has to be above 18 years of age. It has to also provide some documents along with the loan application form. The list of documents are as follows:

1. Identity Proof: PAN card, Aadhaar Card, Passport, Voter’s ID card, Driving license, Photo credit card, Company’s ID card

2. Address Proof: Rental agreement, Passport, Voter’s ID card, Utility Bills, Credit card statement, LIC policy, Driving license, Property purchase documents

3. Income Proof: Salary slips of last 3 months, proof of office address, ITR of last 2 years, and some other relevant documents will be required as per the applicant's profile

4. Two passports sized photographs: Once all documents have been verified and the loan application form has been filled properly, the loan will most likely be approved within a period of 24 to 48 hours

Bike loans are secured loans. This means in an unfortunate scenario if you happen to fail in repaying the EMIs in time, the bank has the right to take legal actions and repossess your bike. It is advised to maintain a good credit score and benefit more from the loan, by making payments on time. Generally, the two-wheeler loan's duration is based on the EMIs. For example, if you desire to complete the loan repayment in six months, then the EMIs will be higher with a lower interest. If you wish to pay the interest, along with maintaining a low EMI amount, you can keep the duration longer. For this reason, bike loans are flexible in terms of their tenure.  

Two-wheeler loans are the simplest, quickest way to acquire a dream bike. Such loans are provided by various banks and financial institutions and are usually given in smaller amounts that are easy to repay. Naming a few banks will be HDFC Bank, ICICI Bank, Bajaj Auto Finance, Hero Fincorp, Axis Bank, Yes Bank, Tata Capital Finance, and SBI. The option of getting financial help allows you to pick from a wide range of bikes available in the Indian market 


While shopping around for bikes, don't get disheartened when you see an exorbitant price tag and give up on purchasing your dream bike. Two-wheeler loans are crafted to suit clients of all ages by enabling them to just pay nominal down payments upfront and the remaining amount we can do through Equated Monthly Installments (EMIs). So what's the wait?! Transform your dreams into reality by following the seven steps described above. Vroom, Vroom on the gorgeous scenic roads of India and create your lifetime unforgettable memories!