Be it your regular home to office commute, a quick trip to the local market, or navigating the narrow congested lanes of a busy city, bikes or two-wheelers are a life saver. They can be parked easily and are simple to manoeuvre. Plus, they are more affordable than cars and can reduce your dependence on public transport dramatically. No wonder two-wheelers are so popular in India. So, with more and more people demanding bikes to make everyday life easy, the demand for two wheeler loans has also gone up.
Two-wheeler loan is a popular finance option for purchasing a two-wheeler without having to hurt your savings or borrow from loved ones. Here are some benefits of two-wheeler loans:-
• You don’t feel the financial pinch – With a two wheeler loan, you don’t have to worry about the money in your account or your budget. You can get the two-wheeler of your dreams and pay back the cost in easy instalments over a period of time. You won’t feel the pinch a sudden and big purchase can cause. Also, these loans are easily available from all financial institutions at attractive rates of interest.
• Helps build your CIBIL score - Most people in India still view loans as a financial burden. Well...it is indeed a liability, but if managed well, a loan can prove to be of great value and also strengthen your credit score. Repaying a loan and paying it back on time with regular EMIs can boost your credit-worthiness. Moreover, because the cost of the two-wheeler itself is less than a car, it makes it one of the easiest loans to repay and better your credit profile. Needless to say, a good credit profile can help you with bigger purchases in the future, like buying a car or a house.
• Attractive interest rates – The demand for two-wheelers is increasing in India for good reason. The low cost of the vehicle, falling petrol prices and low maintenance costs have fuelled this spike in demand. Plus, with so many lenders offering two-wheeler loans, interest rates are truly competitive. Although interest rates can vary from lender to lender and depends on a lot of factors, a two wheeler loan is one of the most affordable loans.
• Eligibility across income ranges – On an average, the price of a two-wheeler starts from Rs 50,000. The loan amount would depend on the price of the bike you choose, and therefore, even those with income as low as Rs 10000 a month can avail a two-wheeler loan. Considering the low interest rates, EMI would also be less. Therefore, thanks to this mode of finance, every average middle class Indian can purchase the bike of their dreams.
• Flexible and quick processing – There was a time when processing loans was a time-consuming process. However, most advanced financial institutions have shifted their application processes online now. So, you no longer have to stand in long queues to fill up the form. You can fill it online, upload soft copies of relevant documents, and the approval comes almost instantly. The money gets disbursed directly to your bank account within 24-48 hours.
So, thanks to the benefits mentioned above, there is nothing stopping you from getting that bike you always wanted. Before availing a two wheeler loan, just remember to compare lenders and interest rates.
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Here’s how a Two-Wheeler Loan Calculator Can Make Your Life Easy- ( Link )