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Get Your Dream Ride And Dream Bike at a Low-Cost EMI

Are you looking for a bike, concerned about your financial stability, or looking for a low-cost EMI to purchase your dream bike? You do not need to be concerned any longer. Hero Fincorp is there for you. They provide you with all the facilities for buying your dream bike on EMI in just a few steps. So, let us examine the scheme’s advantages and disadvantages.

What is EMI?

There are many “bookish” definitions regarding EMI and all. In this article, you’ll be happy to understand the concept of EMI clearly.

For instance, you purchased your favorite bike from a company without giving the total purchase value. Instead, you’d like to pay in 48-month installments. EMI (Equated Monthly Instalment) is a process where you must pay the creditor the total basic amount, including interest, as a borrower. The loan is paid off fully over the mentioned years. However, there is also the facility of no-cost-EMI.

What is no-cost EMI, and how it works?

Reserve Bank of India explained the no-cost EMI scheme in 2013. It declared that zero percent interest does not exist. Moreover, online and offline marketers often conceal the exact amount of interest within the price of a product. According to the Central Bank’s circular, such schemes are a ruse to get customers to buy their products.

There are two ways of camouflaging the interest rates on capital money. Sometimes the marketers pre-fix the scheme carefully by fixing the discount rate equivalent to the interest rates. The buyers get happy to see that they need not give more money in the EMI scheme than the actual market price. However, they need to read the whole scheme papers carefully and understand the gimmick of the marketer.

Another way to make a buyer outsmart you is to add an interest amount to the product price early. For instance, a product costs 12,000/- and the interest to be given for it is 1800/-. The company then gives you an offer price with no cost EMI as 13,800/- which already has an interest. It’s simply a marketing strategy to get more buyers. However, there is hardly any no-cost EMI scheme for bikes.

How to purchase a bike on EMI?

Often people need clarification regarding the procedure of purchasing a bike on EMI. You can hardly make it on any no-cost EMI, as you already know how it works. You need to make a deal with finance companies that provide an EMI scheme.

Deal with a trusted company

Firstly, you have to consult with and make a deal with a trusted financial loan provider company. For instance, Hero Fincorp is one of the most trusted companies, fulfilling a new biker’s dream of buying a bike for over 30 years. In the middle, the parent company was restructured again and named Hero Motocorp Limited, and finally, their present form is Hero Fincorp Limited. They have over 2000 retail financing points throughout India, providing EMIs to their clients. So have faith in a company where your money could be safe, fraudulent, and secure.

Make your Asset Hypothecated

It would help if you hypothecated your assets (the documents of your bike) to the financial loan company. Then, they provide you with money based on your investment. However, there are some eligibilities the financier offers for you, especially about the age, job type, and job duration. For instance, Hero Fincorp Needs those eligible who are above 18 Indians and have a full-time job. They also need to see the job duration of minimum 1years and continuity of 6 months.

Make proper documentation

If you know how no-cost EMI works and match those processes with bike loans, you’ll fail to do so. There needs to be proper documentation regarding the bike on the EMI scheme. For instance, Hero Fincorp provides a bike loan based on your identity and address proof, proof of your income, and one passport-sized colored photo. Moreover, they need the proper official pay slips as income proof instead of income certificates often provided by Government bodies. So, you need to do appropriate documentation to get your dream bike on EMI.

Also Read: Benefits of Pan Card

Receive NOC after paying the last EMI

You’ll be happy to hear that all your assets are returnable when you pay your last EMI. The financier, such as Hero Fincorp, returns your holdings with a NOC (No objection certificate). It declares that you have cleared your loan amount with interest and returned the registered papers. It will kill your headache.

Rate of EMI for bike 

Different financial companies provide several interest rates. Therefore, it is up to your which financier you would likely choose.


In conclusion, purchasing your bike through EMI is a great deal. However, it would help if you were very careful about your capacity to repay the EMIs on or before time not to face any inconvenience.

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