Home Finance 6 Benefits of Two-Wheeler Loans Which Make Your Life Easy

6 Benefits of Two-Wheeler Loans Which Make Your Life Easy

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In this 21st century, we are bound to a fast-paced lifestyle. Almost everyone has to reach somewhere on time every morning. The biggest hurdle we face every morning is the constant heavy traffic. Getting a two-wheeler is the best way to navigate daily traffic and get one step closer to freedom from public conveyance. 

A two-wheeler is the best option to follow the social distancing norms of the COVID-19 pandemic instead of travelling by public transportation. However, with the prices hitting high every day, not everyone can afford to buy a two-wheeler in a lump-sum amount. But, it does not mean that you should not pursue your dream of owning a bike. 

You can still own a two-wheeler by opting for a two-wheeler loan and manage your finances without constraining your savings. With affordable two-wheeler interest rates and flexible loan tenure, you have the freedom and capacity to plan your budget well and also make your loan repayments without delays. 

Affordable interest rate

It is common to see that most lending institutions offer two-wheeler loans at affordable interest rates. You can enjoy two-wheeler interest rates as low as 0.99%. However, it is worth noting that the interest rate that you will get depends on factors such as your lender, income range, employment status, and your bike’s model. 

If your lender finds you a low-risk applicant after considering your eligibility factors, you get a two-wheeler loan at affordable rates. Furthermore, you can also determine your EMI affordability by using a two-wheeler loan EMI calculator online. It enables you to choose an EMI based on your needs and affordability. 

Minimize financial burden 

The primary objective of a two-wheeler loan is to reduce the financial burden off of borrowers’ shoulders. Therefore, it does not require you to pay a large amount of money upfront. However, you will need to pay a nominal down payment, and the remaining can be paid in affordable EMIs. 

When you make smaller EMIs every month, you have the flexibility to take care of other expenses at home. For instance, you can manage your monthly utility bills, etc. Some lenders also offer zero down payment facilities. 

Relaxed eligibility norms 

Much of a two-wheeler loan’s popularity stems from the fact that there are minimum eligibility criteria. Almost anyone can meet these requirements and avail of a two-wheeler loan with an affordable two-wheeler interest rate. 

Here are the requirements:

  • You must be an Indian citizen working as an employee of an organization or a self-employed professional. 
  • You must be at least 18 years of age at the time of application and 65 years old at the end of the loan tenure. 
  • You must earn a certain income or show a sure profit based on your lender’s policy. 

Boost your credit score 

Another benefit of a two-wheeler loan is improving your credit score through affordable EMIs and repayment tenure. As it is easy to repay, the loan allows you to build your credit history and avail of loans in the future without any rejection. 

For instance, if you want to take an enormous loan amount in the future, such as a home loan, you need to show a minimum credit score of 750 or above. Having a two-wheeler loan can help you achieve that. 

Quick approval

It is observed that two-wheeler loans have the quickest loan approval rate. Some lenders may even offer to approve your loan application within the same day of your submission. If you fill the application forms correctly and prove accurate documents, you can even get your two-wheeler loan application approved within a few hours. 

Besides that, the process of a two-wheeler loan application is easy and convenient. You can compare rates and find out a suitable EMI for yourself online and get your loan approved from the comfort of your home. 

Minimum documents required

Getting a two-wheeler loan is easy and convenient. Anyone with a stable source of income can get a two-wheeler loan. The process of application has been simplified with minimum documents required. 

For instance, you need to furnish your KYC documents to prove your identification, address, and age. Your bank statement, salary slip, Income Tax Returns, or Form 16 would be required to establish your income. 

In short

Getting a two-wheeler has become a necessity rather than a luxury, given the COVID-19 pandemic and the hectic daily traffic. You can buy your dream bike on terms that only cater to your needs and preferences. You can purchase your favourite bike without putting any stress on your pocket.

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