How to Buy a Bike on EMI Online? A Complete Guide

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bike on EMI

Thinking about buying your dream bike but worried about the hefty price tag? You’re not alone. Many bike enthusiasts turn to EMIs, or Equated Monthly Instalments, as a manageable way to make their purchase without draining their savings. 

Buying a bike on EMI online can be a simple enough process if you know the right steps to take. In this comprehensive guide, we will walk you through everything from choosing the right bike to completing the purchase with easy monthly instalments (EMI). Whether you’re a first-time buyer or looking to upgrade, follow these detailed steps to make your dream bike a reality without breaking the bank.

Understanding EMI and How It Works

EMI, or Equated Monthly Instalment, is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. When buying a bike on EMI, these payments include both the principal amount and the interest on the loan spread across the duration of the loan.

  • Calculating Your EMI: Various online tools can calculate your monthly payment based on the bike’s price, the down payment, the interest rate, and the loan tenure.
  • Components of EMI: Understanding the breakdown of interest and principal in your EMI is crucial for financial planning.

Choosing the Right Bike

Selecting the right bike is more than just falling for the looks; it’s about finding a match that fits your budget and riding needs. To know how to sift through options and pinpoint the bike that ticks all your boxes, consider the following factors – 

  • Type of Bike: Whether you’re looking for a commuter bike, sports bike, or a cruiser, your choice will affect the cost and thus the EMI.
  • Fuel Efficiency: More fuel-efficient bikes might cost more initially but save money in the long run.
  • Brand and Warranty: Reputable brands with extended warranties might offer more reliability and peace of mind.
  • Performance and Handling: Consider how the bike performs in terms of speed and handling, especially if you’re into sporty or off-road riding.
  • Resale Value: Some bikes hold their value better than others. Opt for a model that doesn’t depreciate too quickly.
  • Reviews and Recommendations: Look up reviews or ask for recommendations on forums and from other riders. This can give you real-life insights into a bike’s performance and reliability.

Know more : Tips for Safe Bike Riding

Steps to Purchase a Bike on EMI Online

Buying a bike on EMI online simplifies the process, making it accessible from the comfort of your home. Follow these steps to ensure a seamless purchase experience. 

  1. Select Your Bike: Research and choose the bike that best fits your needs.
  2. Choose a Seller: Select a reputable online retailer or an official brand website.
  3. Loan Application: Fill out the necessary forms for credit approval. Required documents generally include ID proof, address proof, and income proof. Additionally, a good CIBIL score can help you get better interest rates.
  4. Pre-approval for EMI: Some sites offer the option to check your EMI eligibility and get pre-approved before choosing a bike, which can speed up the buying process.
  5. Virtual Consultations: Many dealers offer virtual consultations to discuss your needs and the EMI options available, helping you make a better-informed decision.
  6. Comparison Tools: Use online comparison tools to compare different bikes and EMI options side by side.

Comparing EMI Options

Choosing the right EMI plan is very important to make sure that you don’t overstretch your finances. While the interest rates may depend on your creditworthiness, amongst others, choosing the right lender is also going to define how easy the process is for you. Before finalising your purchase, compare different EMI plans by factoring in – 

  • Interest Rates: Varies between different financial institutions.
  • Tenure Options: Longer tenure means lower EMIs but higher interest payments overall.
  • Down Payment: Higher down payments reduce your EMI and interest burden.
  • Processing Fees: Check if there are any processing fees associated with the EMI plan, as this can add to the overall cost.
  • Prepayment Penalties: Some EMI plans include penalties for early repayment. Understand these terms before committing.
  • Special Offers: Keep an eye out for promotional offers that might include lower interest rates or waived processing fees during festival seasons or special sales events.

Online Application Process

The convenience of online applications has made purchasing a bike on EMI easier. Here are typically steps involved. Much like a paper-process, it is very important you know what comes next to make this whole process easy. 

  • Visit the Dealer’s Website: Go to the selected dealer’s portal where you can choose the bike and view EMI options.
  • Input Personal Details: Enter your personal information as required by the application form.
  • Upload Documents: Digital copies of your required documents will need to be uploaded.
  • Instant EMI Conversion: Some platforms allow you to convert the purchase into EMI directly at checkout.
  • EMI Calculator: Take advantage of the EMI calculator available on most financial service websites to understand your monthly outflow before applying.
  • Customer Support: Leverage customer support for any queries during the application process, ensuring you understand all the terms clearly.

Finalising the Purchase

After your loan approval, you’re almost ready to get your bike but the final steps of your purchase are equally important in securing your new bike. Make sure to follow through diligently. 

  • Loan Sanction and Agreement: Review and sign the loan agreement after your loan is sanctioned.
  • Down Payment: Pay the stipulated down payment amount.
  • Confirmation and Delivery: Confirm your order and arrange for delivery.
  • Verification Calls/Emails: Be responsive to any verification calls or emails from the finance company as part of the approval process.
  • Read the Fine Print: Carefully read the terms and conditions in the loan agreement before signing to avoid any surprises later on.
  • Insurance Options: Consider opting for insurance that some dealers offer at the point of sale to cover your new bike.

Maintaining Your Budget

Managing finances while paying EMIs is definitely a very important practice, not just for bike loans but for all financing options to make sure you do not fall into a debt trap. 

  • Regular Monitoring: Keep track of your monthly expenditures and EMI due dates.
  • Avoiding Additional Debt: Try not to incur additional high-cost debts during the EMI period.
  • Emergency Fund: Keep an emergency fund that covers at least three to six months of EMIs to safeguard against unforeseen circumstances.


Purchasing a bike on EMI online is a great way to own a vehicle without paying the full cost upfront. By understanding your needs, comparing different EMI options, and responsibly managing your finances, you can enjoy the benefits of your new bike without financial strain. Additionally, a good CIBIL score and proper documentation can streamline the process, ensuring you get the best terms possible.

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Ankita Singh