Two-wheelers are some of the most commonly used modes of transport, especially now with the advent of online deliveries. Hence, two-wheeler purchases have skyrocketed in the past couple of years, and are continuously rising.
Are you about to buy your new two-wheeler as well, but a loan is raining down your parade? Well, it’s time to push the worries away. While loans can be a burden and often ruin the joy of a new purchase, there are always exceptions. Let’s take a look at the top benefits of two-wheeler loans: –
Get a huge burden off your shoulders
The biggest benefit of availing a two wheeler loan is how it eliminates any financial dilemma when you purchase it. The loan allows you to pay back the amount at fixed interest rates, which are quite nominal and hence, go easy on your wallets. Thus, you can go ahead and buy your dream bike and pay a little every month to return the loan, hassle-free!
For example, if you purchase a two-wheeler at Rs. 60,000, you can pay the loan off in a year or two, by paying a feasible amount each month. Several lenders also offer higher loan amounts at fixed interest rates, if your bike is a costly one.
Complete coverage of the payment
When you avail a bike loan, the lenders will usually cover the entire amount and as a result, you don’t have to dish out any money during the purchase. The documentation in such a loan is quite minimal as well, as the lender does all the financial work. All you have to do is fill out the purchase documentation and other procedures to buy the bike, while the lenders pay the entire amount!
Affordable interest rates
In India, the bike loan interest rate is a beneficial opportunity, as it is quite affordable. These interest rates depend on the NFBCs or banks you will approach, your income range, time of employment, bike details, etc. However, lenders are currently offering quite feasible interest rates, which have significantly gone down in the past years. This is because of the decreasing petrol prices and the simultaneously rising two-wheeler industry. Hence, availing such a loan has never been more beneficial.
Beneficial to your CIBIL score too
A good CIBIL score is integral to availing bigger loan amounts for home loans, personal loans, car loans, etc. This score shows your history in repayments and loan credits over a particular time duration. Since two-wheelers cost lesser, getting a loan for them makes it the easiest to pay off, hence giving a nice boost to your CIBIL score as well.
A quick and flexible procedure
Loan approvals used to be all about standing in bank queues and waiting for the green sign to finally arrive. Today, loan approval processes have improved significantly, where your bike loan can get sanctioned within a day. Moreover, loan repayment durations now vary from 12-48 months, giving you a highly-flexible option.
So, why wait anymore? Don’t let loans scare you off, get ready to purchase your new two-wheeler, and avail the beautiful benefits of its loan!