Know how to get a two-wheeler loan
Two-wheelers are one of the best and reliable buddies of
middle-class families in India when you think about it. You can see bikes or
scooters on India's roads throughout the day and night. Not only are they a
commuting vehicle, but people also use them for recreational purposes such as
driving, cycling, long-distance travel, and off-road riding. Not everyone can
afford to buy a bike in cash, however. That's where the two-wheeler loan
steps in as the saviour. These loans are mainly designed to ensure that customers
can purchase their dream bike or scooter. A two-wheeler loan is a loan given to
individuals in attractive payment options to buy their desired two-wheeler. Loan
providers can be paid back in Equated Monthly Instalments (EMIs).
You may have heard some people say it's a bad idea to avail
a two-wheeler loan and it's better to avail a car loan. Well, even if it's
wrong, everyone has a right to their opinions. Two-wheelers in India are favoured,
because:
In traffic, they are easier to handle
They lead to less pollution
While travelling, they save time, helping to cut down
traffic better than cars.
It is easier to obtain a bike loan without payment in
advance
Many people in India choose to take advantage of a 2-wheeler
loan even if they have the money or funds they need to purchase the vehicle
directly. This is because a two-wheeler loan offers the option to pay back the
amount in EMIs. The EMIs are significant enough to repay the loan in due time,
but not large enough to put on your funds a substantial financial dent. As a
result, two-wheeler loans are banks, NBFCs (Non-Banking Financial
Companies) and lenders ' best-sold products. The popularity of two-wheeler
loans, especially bike loans without a down payment, has led lenders to compete
with one another. Therefore, consumers now have various options providing
competitive interest rates and EMIs. In addition to other benefits such as
instant loans and loans for used bikes to attract customers, among other
things.
Now, however, there are many choices for people to buy their
dream bike or scooter. As a result, they are bombarded with various benefits
and deals. Yet, most of them do not know the criteria to apply for a bike loan
or all aspects that need to be considered before applying for a bike loan. So, here
are some key factors you need to know about two-wheeler loans without any
further delay.
The procedure of availing a two-wheeler loan
For bike or scooter loans, there are two methods to apply:
online and offline. The steps to apply for the loan, however, remain largely
the same, they are:
Research interest rates and tenure of various lenders or
banks, and use the EMI calculator for bike loan to determine feasibility. In
addition, the documents required by the lender and the complexity of the
documentation process should be checked.
Check the eligibility criteria to ensure that you meet the
bank or lender's requirements.
Choose the bank or creditor, which best fits your needs.
Remember, factors such as loan urgency, etc. should also be considered.
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