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Boons of two-wheeler Loan by Various Financial Institutions
Boons of two-wheeler Loan by Various Financial Institutions

Have you been planning to purchase a two-wheeler for some time now? You can achieve this plan of yours by taking a two-wheeler loan. Many of you may be apprehensive about taking a two-wheeler loan as you may be worried about the repayment process. However, if you do proper research to choose the right loan and if you follow a few important financial discipline measures, then you can have a smooth borrowing process.

When you intend to buy a two-wheeler, it is always a good idea to take a two-wheeler loan. There are banks and non-banking financial companies (NBFCs) that offer superior-quality two-wheeler loans at attractive rates of interest. These loans can be utilised to buy the bike of your dreams without spending excessively. You do not have to pay the entire amount for your bike in one go. You can buy the bike and then pay for it in equated monthly installments (EMIs). This way, your other existing expenses such as rent, child’s fees, groceries, and other day-to-day expenses will not get impacted.

Benefits of taking a two-wheeler to buy your vehicle

Let us now check out some of the top benefits of applying for a two-wheeler loan to purchase a two-wheeler:

  • Competitive rates of interest: When you compare interest rates for two-wheelers in India, you can see that they are offered at competitive rates. The rates typically range between 12% and 27% p.a. The interest rates will be determined by the features and specifications of your bike, your monthly income, your employment status, your lender, etc. Due to the increase in demand for bikes and scooters across urban and rural areas, the rates of interest for two-wheeler loans have reduced extensively. This is great news for those who are interested in buying bikes.
  • Easy and speedy application process: Applying for a two-wheeler loan is very easy and quick nowadays. You can apply for a bike loan while sitting at home. All you need to do is visit the official website of your lender or a third-party financial website. You can then compare the various interest rates and fees and charges, and then choose the most suitable loan option. You can then instantly apply for the option online only. Your application will be reviewed by your lender and then if you meet the eligibility criteria, your loan will get disbursed in a few hours. The funds will be transferred to your bank account, and you can use it as per your convenience.
  • It helps in building one’s credit score: In case you have not taken any loan before and if you have not got a credit score yet, you can start building it by taking a two-wheeler loan. Also, for two-wheeler loans, you do not need a very high credit score. Hence, you can purchase a bike with the help of it and also boost your credit score effectively.
  • You can buy a bike without burning a hole in your pocket: Bikes are pretty expensive to buy in a single payment. Instead, when you take a two-wheeler loan, you can get the bike home without paying the entire price. You can start to use the bike for daily commutes and rides, and meanwhile, repay your loan by paying in installments. With EMIs, you will not face any financial burden as you will have to pay only a small amount every month. No matter what the price of your bike is, you can apply for a high quantum if you prove to your lender that you can repay it.

With two-wheeler loans, 90% of the bike price will be covered by your lender. You will be required to pay only 10% as a down payment. Moreover, you will not be asked to pay any unnecessary hidden charges during your loan tenure. Hence, buying a bike in your own name is now uncomplicated due to the availability of several reliable bike loans. Make sure you buy basic two-wheeler insurance for your vehicle in order to stay safe and secure. Browse for a fair financial comparison site and start exploring loan for your day to day financial needs.

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