Two-wheeler loans are quite useful for people looking to purchase a new bike or scooter. However, the conservative method for application of such a loan would be to visit the bank and work out the details there. However, with the evolution of the online mode, loans can be applied to quite easily and more conveniently.
The online loan application is perhaps the biggest and greatest leap that Indian banks have made over the last decade or so. With the emergence of smartphones, banks have also developed their own apps for these devices. Some of the banks allow users to apply for two-wheeler loans through these apps. However, you may be wondering what the actual benefits of such an application are?
Benefits of two-wheeler loan application through an app
Here are some of the important factors through which you benefit when you choose to apply for the bike loan online.
• When you apply for a loan through the app for the said bank, you can check the monthly payments that you should make. This helps you to understand the interest rate and the total amount, which you will need to pay in order to clear your debt.
• If you apply for the loan by visiting a bank branch, you would need to present all of your credentials and wait for the bank to conduct a check of your income. This usually takes a bit of time. However, in case of online two-wheeler loan application, you will be told whether you are eligible for the loan in just minutes. This makes the process convenient and easy to follow.
• Since the entire process is online, you can compare the rates of various lenders and then choose the plan that suits you the best. EMI calculators for such loans are also available online, where you can input the interest rates and the tenure of the loan, to get an idea regarding the monthly interest you would have to pay to the lender.
• Applying for bike loans through the bank apps also allows for attractive pre-payment options. Pre-payment refers to paying a certain portion of the loan amount through a single transaction. Check the details regarding the pre-payment online and see whether it suits your needs.
So, if you are planning to take out a bank loan to finance your new two-wheeler, give these apps a try. You may find that the entire procedure is much simpler this way and offers greater advantages.
The online loan application is perhaps the biggest and greatest leap that Indian banks have made over the last decade or so. With the emergence of smartphones, banks have also developed their own apps for these devices. Some of the banks allow users to apply for two-wheeler loans through these apps. However, you may be wondering what the actual benefits of such an application are?
Benefits of two-wheeler loan application through an app
Here are some of the important factors through which you benefit when you choose to apply for the bike loan online.
• When you apply for a loan through the app for the said bank, you can check the monthly payments that you should make. This helps you to understand the interest rate and the total amount, which you will need to pay in order to clear your debt.
• If you apply for the loan by visiting a bank branch, you would need to present all of your credentials and wait for the bank to conduct a check of your income. This usually takes a bit of time. However, in case of online two-wheeler loan application, you will be told whether you are eligible for the loan in just minutes. This makes the process convenient and easy to follow.
• Since the entire process is online, you can compare the rates of various lenders and then choose the plan that suits you the best. EMI calculators for such loans are also available online, where you can input the interest rates and the tenure of the loan, to get an idea regarding the monthly interest you would have to pay to the lender.
• Applying for bike loans through the bank apps also allows for attractive pre-payment options. Pre-payment refers to paying a certain portion of the loan amount through a single transaction. Check the details regarding the pre-payment online and see whether it suits your needs.
So, if you are planning to take out a bank loan to finance your new two-wheeler, give these apps a try. You may find that the entire procedure is much simpler this way and offers greater advantages.
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