Two-wheelers can be a middle-class family’s best friend on Indian roads. It is no exaggeration to say that two wheelers are the beating heart of Indian roads. They are not only a tool for daily commuting, people also use them for travel, racing, long-distance travel, and off-road driving. However, a limited number of people can afford to buy a bicycle for cash. This is where a loan for twowheeler comes in to save the day. These loans are specifically designed to ensure that buyers can get their dream bike or scooter. These loans are given to people to turn their dream of two wheels into attractive payment options.
What is a two-wheeler loan?
A two-wheeler loan is an amount that a buyer borrows from a bank to purchase a two-wheel vehicle such as a scooter or motorcycle, etc. If you are planning to buy a bike in the near future but don’t have the financial resources to do the same, a two-wheeler loan could help. With a bike loan, you don’t have to shell out your savings as you can buy your favourite bike and pay off the loan amount in equal monthly instalments. Motorcycles are very popular with millennial, especially in metropolitan areas, where they help avoid traffic jams.
Two-wheeler loan: The dilemma
Most people in India choose to apply for a two-wheeler loan even if they have the money or funds to purchase the vehicle. The explanation for this is that a two-wheeler loan offers the possibility of repaying the amount in monthly instalments. EMI are useful enough to pay off the loan on time, but not large enough to seriously affect your funds. Two-wheeler loans are one of the most effective products of banks, NBFCs (Non-Bank Financial Corporations), and credit institutions. They currently have several choices that offer attractive interest rates and IMEs in addition to other perks like instant loans and used bike loans, among others, to entice customers.
Why should you buy a Two-wheeler?
On the one hand, you won’t be completely convinced to buy a two-wheeler if you are used to public transport. We have also heard repeatedly that two wheelers are unhealthy investments.
Well, here are some facts that will try to convince you why you should apply for a loan on two wheelers and get one soon:
In the current pandemic and social distancing scenario, it is safer and cheaper to travel by bike or scooters instead of using other means of transportation. You can just slip through traffic and save time waiting at traffic lights. That’s right, while people are waiting in their cars for the road to clear, you just make your way through traffic and pass your four-wheeler counterparts.
• They are much easier to maintain than four wheelers.
• The approval rate of the two-wheeler loan is higher than that of the four-wheeler.
• Two-wheeler vehicles do not contaminate as much as a four-wheeler vehicle due to their increased fuel efficiency.
• Overall cheaper than the four-wheelers
• Have a decent resale value.
• They are much easier to park and offer better mileage.
• It is easier to induce a bike loan without a surety
Here are four advantages and advantages of applying for a two-wheeler loan:
• A minimum of work is required after applying for this loan. You can simply apply online without ever having to go to a branch. Most lenders just need the application form from you and all other business is done digitally.
• The loan application is straightforward and the loan amount is also paid out quite quickly.
• You can choose between different refund options at your convenience. Ask the lender for all the choices and go for the one that works best for you.
• Satisfactory interest rates can be obtained from various credit institutions when the loan amount is also high.
• Minimum documentation is required when applying for a loan. Most lenders require regular payment slips, proof of age and employment, bank statements, and residential addresses when applying for a loan. Many of us are usually hesitant to get a loan for two wheeler due to complex and lengthy loan and application procedures, higher interest rates, processing fees, etc. Both employees and self-employed individuals can avail the two-wheeler loan!