Many people think loans are a huge burden for their household in our country. While loans are helping you out of the financial crisis, it will still put a burden on repaying it on time, that is another reason why people avoid taking it. When you are in a financial problem, then getting a loan is the only solution to prevent the crisis.
In cases like these, when you research and find out the best loan option with attractive interest rates and tenures, you are likely to get benefited. Two-wheeler loan is one such customer-friendly loan with flexible repayment options that will help you benefit from it. The repayment options of a two-wheeler loan are easy and flexible, that makes it widely chosen by people.
You must always try to understand your requirements and financial status before choosing the loan product that you want. When you want to buy a dream bike, you can always opt for a two-wheeler loan that suits your convenience and current financial obligations. Two-wheelers are the best mode of transportation for daily commuting purposes. That is another crucial reason why two-wheeler loans are made flexible compared to other loan products to make it easy for the customers.
Benefits Of Two-Wheeler Loan:
Here are the benefits of two-wheeler loan you should know before opting for a two-wheeler loan:
For Taking Off Huge Financial Burden:
When you get a two-wheeler loan, the most crucial benefit that you are going to get is out of the financial burden. The loan amount that you borrow can be repaid to your financial provider along with the interest rate that comes along with the loan within the time we choose. You will have to pay a certain amount as EMI each month throughout the tenure to repay off your loan, that is not as bad as paying the whole amount together.
Helps Increase Your Credit Score:
Loans that play with higher amounts like home loan, car loan or a personal loan will need a higher credit score. A credit score is measured depending on your loans and the repayments for it over time.
As a bike loan will have to deal with the only lower amount when compared to these loans, you can quickly get it and repay it comfortably. When you keep track of repaying the loan on time without any delay or defaults, it will automatically increase your CIBIL score, that will be the best start for your future endeavours.
Attractive Interest Rates:
The interest rates of a bike loan are attractive and feasible when compared to that of other loans. The interest rates of two-wheeler loans vary from 12 to 27%, that will change depending upon the loan amount, tenure and the financial provider you choose. Currently, many commuters are using two-wheelers for their daily transportation needs, that made two-wheeler loans more attractive and efficient to help them.
The interest rates of two-wheeler loans are facing a downward slope over the years due to the increase in the two-wheeler market and petrol prices. You should make sure to analyse your needs and choose the loan amount and tenure that best suits your finances.
Eligibility Depending On Your Income Range:
When you choose your dream bike to buy, you will know the loan amount you will want to borrow. Once you have finalised the amount, you can select the loan product. Depending upon your income range, your eligibility for the loan will vary, so make sure you check everything with your financial provider before opting for the loan. Also, you should make sure to choose the loan tenure that is comfortable for you to repay.
Saves Money For More Important Things:
With a two-wheeler loan, you don’t have to spend the money you have. It is imperative always to have an emergency fund, so spending your money unnecessarily on buying a bike will put you on burden when you need it the most. Also, when you get a two-wheeler loan, you will have to repay it on small EMIs each month that will not put pressure on your finances. It is another essential advantage of getting a two-wheeler loan.
Due to the Indian Motor Act, when you borrow loans, your loans come along with an insurance cover and an accidental cover. You can get from 90% to 100% of the on-road price of the two-wheeler as the loan amount. You can even get the loan amount that can help you with accessories, registration fees and other related costs that come along with the two-wheeler.
Quick And Flexible Loan Process:
You don’t have to wait for months to get a loan, and now everything has become very quick and easy. When you have analysed and finalised a two-wheeler that you want to buy and the financial provider from whom you want to get the loan, that’s it. You can check the eligibility criteria and go directly with the documents required to apply for the loan.
Once when you submit your loan application, your loan will be processed and your loan amount will be moved directly to your bank account. Nowadays, time is everything, so the financial providers make sure to make the loan process quick and flexible for their customers that is another massive advantage of a two-wheeler loan.
Both banks and NBFCs in India offer two-wheeler loans for their customers. The two-wheeler loan amount that you can get from NBFCs seems higher than that of banks, that is another reason why people mostly opt for two-wheeler loans from NBFCs. So that might be the financial provider you choose. You should make sure to check on the two-wheeler loan options they offer, the tenure options that they give and the flexible repayment schedules they offer.
With massive changes in the current loan market, policies, industrial transformations and the laws, getting a two-wheeler has become essential than a luxury. So with the current customised two-wheeler loan options, even a common man can afford to buy a two-wheeler without financial burden. The two-wheeler loans come with many benefits that make it most preferred by people who want to purchase two-wheelers for their commuting purpose.