The consistent surge in the demand of two wheelers can be witnessed across different parts of India. Thanks to the affordability and convenience they deliver, they are being used by almost every individual for his/her everyday commute. In addition, purchasing a two wheeler is no longer difficult as these days there are many banks and non-banking institutions that offer a well-customized financing option.
Needless to say, a two wheeler loan allows you to bring home a new basic to premium model of any two wheeler vehicle without burying yourself under any financial burden. What really makes these loans as highly preferable is that they are available at competitive interest rates and are supported with flexible repayment structure. If you are still doubtful, here are a few advantages of two wheeler loans that you can consider.
Benefits of opting for two wheeler loans
- Offered at attractive interest rates – While the eligibility criteria may differ from one lender to another, what remains the same is the competitive rate of interest as interest rates for two wheelers are comparatively low. Currently, you can get this loan at a rate between 12%-27%, depending on the cost, brand and model of the bike or scooter you intend to buy.
- Provides financial support – Purchasing any vehicle solely on cash can create an imbalance in your budget. On the other hand, a loan allows you to purchase any two wheeler of your preference without cutting down your monthly expenses and long-term plans. You just need to decide the amount of EMI and the tenure period so that you can pay off the entire loan with no difficulty.
- Approved quickly – Getting a two wheeler loan is incredibly quick and easy nowadays. With minimal documentation work, the loans are sanctioned and the funds are disbursed in your account in the shortest time possible. To enjoy a hassle-free approval process, you are usually asked to submit a few documents including identity proof, salary slips and bank statements of last few months or a year.
- Helps to improve your credit score – To seek approval for bigger loans such as home loans and car loans, you have to maintain a good credit score as it indicates towards your ability to repay the loan. Since two wheeler loans come with low interest rates, they are easier to repay and as a result, they provide maximum assistance in improving your low score.
- Accompanied with add-on benefits – Depending on the kind of lender you choose, you may receive discounts, cashback offers and even free insurance for a certain period. Additionally, a bunch of interesting schemes and offers are provided during the festive season. Hence, if it’s not urgent then you can definitely purchase your two wheeler during festivals in order to enjoy a plethora of benefits.
To wrap up, clearly due to the amount of ease they offer on the heavily congested roads of India, two-wheelers have become one of the most preferred modes of transportation. Be it for any reason, if you are planning to buy a scooter or bike then you should undoubtedly consider taking a two wheeler loan. Such loans can be availed at reasonable interest rates and come with a favourable set of terms and conditions.