Are you planning on buying your dream bike but are worried about funds? Do not worry, as you have the option of opting for a two wheeler loan. It is a secure and affordable option as compared to draining your savings. Read on to understand why a two-wheeler loan is suitable for you.
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The best way to determine if it is the right option for you would be by knowing the benefits of the two-wheeler loan:
Benefits of a Two-Wheeler Loan
- Lowers Financial Burden
When you plan to purchase a two-wheeler in one fell swoop, it can place a great deal of stress on your finances. In an event where you are already treading choppy waters monetarily, it can be a burden. Thus, with a two-wheeler loan, you can spread your repayments out over some time. It will leave you with enough funds to meet your monthly expenses.
- Ensures Convenience
The cost of maintaining a two-wheeler is minimal. Hence, paying installments towards your loan will be fairly straightforward, considering you will not have too many extra expenses to slow you down. The only additional expense you incur will likely be the cost of fuel every month. Plus, it should not be too much of an issue since most bikes have decent mileage.
- Flexible Tenure
With two-wheeler loans, you get tenure flexibility, making it easy for you to pay back your loan over a duration that suits you financially. Generally, banks offer tenures that range from 12 to 48 months. Also, by choosing a tenure that comfortably meets your requirements, you will be able to make loan repayments without too much hassle.
- Credit Score
If you opt for a two-wheeler loan for the first time, you should know that this loan could be a great way to kick-start your credit score. As these loans are relatively easy to pay off within a short period, you can ramp up your credit score quickly. Also, since the chances of defaulting a two-wheeler loan are pretty slim, your credit score will not be negatively affected in any way. Instead, it will make it easy for you to apply for other loans in the future.
After knowing the benefits of opting for a two-wheeler loan, you may consider these tips before you purchase one:
- Eligibility
All banks have their own criteria to determine eligibility. It is advisable that the first thing you do is to check if you fulfill the loan’s eligibility criteria. Many banks have a calculator on their website to check loan eligibility in minutes.
- Loan Amount
Usually, the loan amount you can apply for is based on the price of the bike you wish to buy. Some banks also give the option so that you do not have to make any down payment when opting for a loan. You can check the websites of different banks to compare the loan offers.
- Loan Process and Special Offers
There was a time when applying for a two-wheeler loan was a long drawn out affair. But now, these loans are disbursed quickly in a hassle-free manner. Check your eligibility on the chosen bank’s website and apply online instantly. Some banks communicate with you within 15 minutes. With minimal processing and documentation, you can get your two-wheeler loan approved.
Some banks offer special offers on their loans. It can be in the form of discounts or lower interest rates and more. Compare the loan policies of different banks regarding the benefits they offer before you opt for any loan.
To make the purchasing process convenient, many banks offer bike loans online. You can opt for reliable banks like Axis Bank that offer different two-wheeler loan plans. They offer up to 100% on-road funding, and the interest rates range from 10.85 % to 28.35 %. You can get customized loan amounts and flexibility of tenure. Now, bring home the ride of your choice without any hesitation!