How can I buy bike in installment in Nepal?

Posted on by Dominique Stacey

How can I buy bike in installment in Nepal?

Documents needed to buy Bikes in EMI

  1. 2 Passport size photos.
  2. citizenship certificate/passport Photocopy.
  3. Pictures of the bike to be obtained before the implementation of EMI.
  4. Driving License of two-wheeler.
  5. Electricity/ Water bill.
  6. Land ownership certificate photocopy if needed.
  7. MOA and AOA photocopy if needed.

How is EMI calculated for bikes?

Bike Loan EMI Calculation Formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1], P stands for the loan amount or principal, R is the interest rate per month and N is the number of monthly installments.

Can you finance a motorcycle?

Almost all motorcycle dealerships offer financing options to their customers. They may be the most willing to work with you, since they may be eager to make a sale, but don’t expect the best rates. Take extra precautions while reading the terms of your loan agreement.

Is it hard to get a motorcycle loan?

Motorcycle financing is not something that we consider hard to do. Motorcycle financing with us is really a pretty simple process with high loan approval rates. If you have bad credit or no credit, most new or used motorcycle dealers will mae it seem nearly impossible to get you approved for financing.

How much credit do you need to buy a motorcycle?

Most lenders require a credit score of 620 in order to get motorcycle financing. If your score is below 620, you may still be able to find a lender to work with you.

How can I finance a bike?

How to get Bike Loan?

  1. 1 – Pick a Two Wheeler Loan. Decide the brand and type of Two Wheeler Loan that is likely to serve your needs best.
  2. 2 – Check your loan eligibility. You can check your loan eligibility in less than two minutes.
  3. 3 – Calculate your Two Wheeler Loan EMI.
  4. 4 – Apply online.
  5. 5 – Submit documents.

What is EMI full form?

An equated monthly installment (EMI) is a fixed payment made by a borrower to a lender on a specified date of each month. EMIs are applied to both interest and principal each month so that over a specified time period, the loan is paid off in full.

What is minimum down payment for bike?

Minimum Down Payment Required for a Bike Loan It ranges from 15-30%* of the two-wheeler value. Down payment solely depends on the cost of the bike and your repayment capacity. It is advisable to pay some amount as down payment for availing lower EMIs on bike loan.

Is it good to buy bike on EMI?

Advantages of Taking a Bike Loan on EMI A small portion of the loan can be paid in the form of initial down payment thus reducing the financial burden of the borrower. Repayment tenure can extend up to five years which results in lower EMIs every month.

Is it hard to get financed for a motorcycle?

Motorcycle financing with us is really a pretty simple process with high loan approval rates. If you have bad credit or no credit, most new or used motorcycle dealers will mae it seem nearly impossible to get you approved for financing.

What credit score is needed to buy a motorcycle?