Your long cherished dream of buying a two-wheeler is now possible with a two-wheeler loan being offered by banks and private lenders. Additionally, if you can’t afford to buy a car in the near future then a two-wheeler is the right option for you as it is a low-cost fuel-efficient vehicle which can be used to commute in the overcrowded metro cities, towns and villages. With a bike or scooter, you can easily make your way through congested roads especially during rush hours when traffic moves at a snail’s pace or over rough terrains where cars are difficult to navigate.
Two-wheeler loans have become immensely popular with the Indian masses as they are easily available on the basis of your income and credibility. Indian banks are more than willing to disburse them to discerning buyers on low-interest rates. In the present day scenario availing, to get a two-wheeler loan is an extremely affordable and convenient option with hassle-free documentation and quick processing.
Listed below are top 10 benefits of availing a two-wheeler loan:
Ease and convenience: The loans require minimum documentation and are disbursed in a short span of time so that you don’t have to wait for your dream scooter or bike for very long. Once you submit the documents, the bank representative conducts a background check and upon satisfaction, the loan is processed in no time.
Low-interest rates: They are given on low-interest rates, unlike personal loans which have a high rate of interest.
Low-cost EMIs: The EMIs are also designed as per the borrower’s profile and repayment capacity. If you want to opt for lower EMIs then you should go for a longer tenure and if you have surplus money to make a maximum down payment then you should opt for a shorter tenure. you can also use this online bike loan calculator to check your bike loan EMI.
Lesser financial burden: if you are working on a small budget then two wheeler loan is the right choice for you as you can spread your repayments over a period of time which will leave you with sufficient funds to manage your monthly budget. Low-cost EMI will also make your life a lot easier.
Variety of options: With so many banks and private lenders offering these loans, you have the liberty to exercise your options by negotiating for lower interest rates and processing fee. Do thorough research online for best offers by visiting the web portals of different lenders.
Minimum down payment: Generally for the majority of the loans you just have to make a small down payment of 10% which doesn’t hurt your monthly budget and you can easily buy a two-wheeler of your choice without burning a hole in your pocket.
The flexibility of tenure: They offer the flexibility of tenor which makes it easier to repay your loan over a duration that suits your budget. It ranges from 12 to 48 months and you can choose a tenor which meets your financial requirements so that you can make your loan repayments without much hassle.
The flexibility of prepayment: You can foreclose your loan at any given time by paying certain prepayment charges which can be negotiated with the lender at the time of foreclosure. This can be of great benefit, especially if you want to pay off your loan early.
Enhanced coverage: Most cover any extra expenses such as registration, insurance, and even accessories which results in further savings and avoids extra expenses
Affordability: If your annual income doesn’t allow you to buy a two-wheeler by making a down payment then it is an affordable option. This way you can you to buy a bike you want to ride on without causing any harm to your finances.