Organized Finance in used two wheeler market is very recent phenomenon. Gone were the days when you had to search for the used bike dealers who could do finance. Then there was gruelling checks and guaranters required to get any kind of loan and further more troublesome payment terms and conditions.
Used bike market has seen a lot changes recently and a lot people are not a aware about these developments. We have seen certification, road side assistance, warranty by online websites. Now you can also find loans on used bikes. Companies like CredR, Creditmate and now Doseat.com has come up with used bike finance.
Usually some companies like Creditmate appoint used bike dealers as DSA (Direct selling agencies ) where dealer is responsible for getting KYC documents from customers. They also are held accountable for payment of loan upto and extent.
However DoSeat.com claims that their product is fairly simple and easy to use. They do not appoint DSAs as such but loan can be availed at any dealers tied up with DoSeat. When a customer walks to the uses bike dealer’s shop, and shows interest in availing loan first a preliminary check is done over phone taking the vital document details like PAN card etc from the customer. They are instantly informed how much loan they can avail. This is subject the verification of the personal details provided by the buyer. When the buyer pays the small token amount his loan request goes for processing. Once the physical verification of address and check of original documents are done loan is disbursed directly to the dealer and buyer can pick up the bike. This process takes usually 48-72 hours.
Comparatively the paperwork involved is less as hypothication of the bike is not done in this case. This loan facility is currently available in Delhi, Mumbai, Bangalore, Chennai, Ahmedabad and Pune only.
You could choose your finance from all of these companies Creditmate, DoSeat, CredR . All of them are competing for market share of used bike finance.
Following is the list of links of companies which do finance on used bikes & Scooters in India::
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