Your Ride Made Easy - Bike Loan With Digital Banking

A tough G-Shock watch, a high-end fitness band and a trendy sports bike... that was the little wish list presented by my brother to my dad who demanded only a few things on his graduation. It came as a sudden blow to my dad, as his bank account was not overflowing with funds to afford all these luxury items for the boy. After much persuasion, my brother agreed to forego the first two items in his list and requested dad to allow him owning his first ever bike for a delightful experience to celebrate his accomplishment. I still remember how he was zapped ecstatic when my father nodded to his wish on a promise of safe driving. Obviously, riding your dream machine can be one of the most satisfying moment and your signature style complimenting your lifestyle.

Anyways, dad had already planned to get the vehicle financed to help circumvent his lack of large sum of liquid cash. In the quest of finding a suitable finance option, we were initially lost and had no clue as to which bank would offer affordable plan that won't dig a hole in dad's pocket. But fortunately, today there are so many efficient online options that my not-so-techie dad decided to trust those and settled down with me to compare the available choices.

Why online??
In today's fast-paced life, after spending a hectic day at work, the last thing you want to do is to spend time waiting in queue at the bank waiting for your turn to come. Digital Banking comes to your rescue to bypass not only these long queues, but minimizes many other documentation formalities that may otherwise leave you distressed.

As a prospective borrower, you may easily draw a comparison between ongoing schemes on bike loan after extensive online research without tricks being played by lenders or brokers.

Equipping yourself with complete know-hows of loan eligibility, processing fee, repayment terms, security and income leverage etc is of utmost importance and yet so bewildering. When you opt for digital banking, you only have to have soft copies of all the documents required stored in your device and wait for a sanction letter soon after applying.

After the loan is sanctioned, you can schedule the recurring payment of your loan EMIs to be deducted directly from your bank account. Most digital banking accounts can be synchronized with personal financial software to cut down your trips to bank.

Some additional services include features like Minimum Balance Alerts that help you monitor your account balance, transactions and avoid any charges/fees.

A few banks also offer ideal deals on bike insurance when you go for bike loan from them via digital banking.

Above all, it's a common scenario to receive pre-approved loan offers from the banks where you already operate an account.

So that's the quick guide based on which we applied for our bike loan with Yes Bank in a matter of few minutes using its digital support and availed a quick disposal of specific percentage of amount we desired.

You may also avail the benefits of upto 85% funding, easy documentation, multiple repayment options and upto 60 months tenure of loan repayment. And all this at your finger tips with total transparent and hassle-free procedure. What else could you ask for while making decisions as important as gifting a marvel of engineering to your loved ones ;)