Once upon a time, loans were thought to be the most stressful financial commitments. People rarely considered taking a loan for relatively affordable purchases such as buying a bike. Today, however, thanks to their accessibility, minimised paperwork, and affordability, bike loans are immensely popular.
Several banks and lending institutions offer easy bike loans in India for a variety of different bikes and scooters from various brands.These two-wheeler loans are a far better way to buy a bike than spending thousands in cash, and here’s why.
1.Quick Approval of Loans
Sourcing the money required for purchasing a two-wheeler can be challenging. It might take you a long time to save such a large amount separately. When you apply for a bike loan, however, you do not have to wait for months to get your bike home. Most lenders process and disburse loan amounts within a few hours.
Sometimes, two-wheeler dealers also have partnerships with financial institutions that allow them to facilitate instant loan approval.Online bike loans are usually processed even faster, so all you need to do is visit your lender’s website and click the “two-wheeler loan apply online” option, complete the application, and wait for a few moments for disbursal.
2.Less Burden on Your Savings
While some bike loans require you to make a small down payment, they rescue you from draining your precious savings. You don’t need to have enough money to pay the entire cost of the bike at once, and can rely on a 2-wheeler loan to pay for your vehicle of choice regardless of its cost.
Several zero down payment bike loans are also available if you do not want to spend anything out of your pocket. Moreover, since bike loan EMIs are usually less, you will rarely have to take money from your savings to repay the loan.
3.Better Credit Score
Credit score is a crucial factor that determines your two wheeler loan eligibility.Since bike EMIs are lesser than most other loans EMIs because of their smaller principal amount, they are easier to pay back.And, if you repay your loan on time, your credit score will improve, which will make you a better candidate for future loans as well.
Some lenders offer bike loans that include insurance cover, added offers, or free services. All of these reduce your bike’s maintenance charges significantly.
Applying for a bike loan instead of exhausting your hard-earned savings on just a two-wheeler is a financially wise decision. It is supported by brands, dealers, and lending institutions adequately. Furthermore, Bike loans in India are incredibly affordable, have flexible tenures, and come with several interest rate options.
Before you begin the bike loan applying procedure, ensure that you have compared different borrowing options in terms of interest rates and tenure. Make a choice between an two-wheeler loan online or an offline one, and choose a lender who approves and disburses the loan amount quickly.