Purchasing a bike from savings is not wise. A two-wheeler loan could be the alternative, and you can get this loan without collateral. Here are the nine good-to-know facts about a two-wheeler loan.
Two-Wheeler Loan Without Collateral
The cost of the two-wheeler varies from INR 45,000 to 85,000 mostly. And not all of us can afford such a huge amount at one go; two-wheeler loans come into the picture and help you afford the same without collateral.
No Financial Burden:
Purchasing a two-wheeler from the savings amount can be hard on your finances. A two-wheeler loan is more feasible as it allows you to pay off the amount monthly. Even in some cases, individuals have the opportunity to choose their loan tenure and option.
Easy To Get The Loan:
Getting a bike loan has become easy. Many financial bodies can give you a loan with little documentation, and its interest rate will not drain the monthly spending. An individual can avail of the loan easily through an online application and get the disbursal amount in their bank within a moment’s notice.
Healthy Credit Score:
A two-wheeler loan is a small loan that helps an individual to improve their credit score. Such small loans with the basic interest rate would prepare an individual’s credit score, and they can apply for the best bike loan in loan provider, where easy monthly instalments are guaranteed.
Easy EMI Scheme:
As the EMIs are not huge, it becomes easier for an individual to pay the amount on time. Thus, it builds a healthy credit score eventually.
Not Getting Stuck In The Budget Loop:
An individual can think of paying the cash while purchasing the bike; what if any emergency occurs and they might require some extra funds? Thus, an online two-wheeler loan is an alternative that an individual can consider. It opens different options to them while they can avail the best two-wheeler brands as per their choice. In short, two-wheeler loans would help an individual not compromise on their favourite selections of brands, models, and features.
Interest on the bike loan depends on many underlying factors like which brand an individual prefers and what is the resale value of the same in the market. The ranges go up from 10% to 25%. The Two-wheeler industry is growing enormously, and the offers are pouring in from the different brands wherein the loan options are also a tad lucrative.
The repayment process of such a bike loan is easy and flexible. You can repay it within 10 to 20 months.
To enjoy tax benefits while purchasing the bike of one’s choice can be fulfilled with a two-wheeler loan.
Bottom Line Fact:
Now, after knowing all the benefits of the two-wheeler loan, an individual can apply through an online platform. Many loan providers have the best online two-wheeler loan options for you.