Owning a personal vehicle has become a necessity in today’s fast-paced life. Reaching our destinations has become next to impossible with commuters thronging the local transports, long queues in the bus stop and super expensive cabs occupying the road. If we keep aside the day-to-day work commute, a two-wheeler is required for weekend getaways or hangouts with family and friends as well.
A bike can be rode by all age groups. In fact, women, too, are ruling the streets with their scooters. Bikes are affordable and custom-made for anyone and everyone. However, if you are looking for more fuelled or trendier bikes, the price of the vehicle might soar up. In such cases, it might not be everyone’s cup of tea to purchase a two-wheeler instantly. Here is where two-wheeler loans come into the picture.
What is a two-wheeler loan?
The loan allows users to purchase a vehicle of their choice with affordable repayment options. By paying monthly instalments, the credit can be paid-off. This way your pockets are also light. Be it travelling for work or merely flashing in front of your friends; a bike loan is at your disposal instantly.
Who offers bike loans?
Who comes to your mind while applying for a two-wheeler loan? Family, banks or financial institutions? Following are the entities who offer the mortgage:
Banks: Public/private banks, commercial banks, scheduled/non-scheduled banks, all provide a bike loan. You can avail the loan if you are/not the customer of the bank.
Non-Banking Financial Companies (NBFC): They are similar to banks and offer services such as loans, deposit schemes, etc. These institutions are associated with bike dealers to provide the two-wheeler loans in a hassle-free manner.
What are the types of two-wheeler loans?
1) Secured: This kind of loan is availed by keeping any collateral as a security against the loan. You can save an asset that is equivalent to the value of the loan as security. The processing of a loan gets faster in such cases. It also leads to lower interest rates. If you fail to repay the amount, there are chances you might lose out on the ownership of the vehicle.
2) Unsecured: Unlike secured loans, you need not pledge any security for this loan. You can avail the loan if you meet the eligibility criteria. However, the interest rates tend to be higher while acquiring such loans.
Are you eligible for a bike loan?
1) You should be a resident of India to avail the loan
2) You should fall under the age bracket of 18 to 60 years
3) Unlike other personal loans, a two-wheeler loan requires minimum income level. This factor is subject to vary from bank to bank
4) Stability in a profession is a must. You should be employed with an organisation for at least 2 years
5) You should carry a decent credit score to get the loan
What are the benefits of two-wheeler loans?
1) Finance margin: While applying for a two-wheeler loan, majority of banks require you to make mere 10 per cent of down payment.
2) Flexibility: The loan can be paid off as per your financial requirements. Tenures, however, range between 1 to 2 years, making it easy for you to pay back.
3) Credit score: A two-wheeler loan builds up your credit score as these loans are relatively easy to pay off. If the amount is cleared within the stipulated time, it becomes more comfortable for you to apply for other investments.
4) Extra coverage: Many times, banks and financial organisations cover additional expenses such as insurance, bike accessories, etc. It is one of the most attractive features of a bike loan.
If the above information does not lure you enough to purchase a bike, then nothing will. Go to the market and get the bike of your choice. However, keep the helmet on.
A bike can be rode by all age groups. In fact, women, too, are ruling the streets with their scooters. Bikes are affordable and custom-made for anyone and everyone. However, if you are looking for more fuelled or trendier bikes, the price of the vehicle might soar up. In such cases, it might not be everyone’s cup of tea to purchase a two-wheeler instantly. Here is where two-wheeler loans come into the picture.
What is a two-wheeler loan?
The loan allows users to purchase a vehicle of their choice with affordable repayment options. By paying monthly instalments, the credit can be paid-off. This way your pockets are also light. Be it travelling for work or merely flashing in front of your friends; a bike loan is at your disposal instantly.
Who offers bike loans?
Who comes to your mind while applying for a two-wheeler loan? Family, banks or financial institutions? Following are the entities who offer the mortgage:
Banks: Public/private banks, commercial banks, scheduled/non-scheduled banks, all provide a bike loan. You can avail the loan if you are/not the customer of the bank.
Non-Banking Financial Companies (NBFC): They are similar to banks and offer services such as loans, deposit schemes, etc. These institutions are associated with bike dealers to provide the two-wheeler loans in a hassle-free manner.
What are the types of two-wheeler loans?
1) Secured: This kind of loan is availed by keeping any collateral as a security against the loan. You can save an asset that is equivalent to the value of the loan as security. The processing of a loan gets faster in such cases. It also leads to lower interest rates. If you fail to repay the amount, there are chances you might lose out on the ownership of the vehicle.
2) Unsecured: Unlike secured loans, you need not pledge any security for this loan. You can avail the loan if you meet the eligibility criteria. However, the interest rates tend to be higher while acquiring such loans.
Are you eligible for a bike loan?
1) You should be a resident of India to avail the loan
2) You should fall under the age bracket of 18 to 60 years
3) Unlike other personal loans, a two-wheeler loan requires minimum income level. This factor is subject to vary from bank to bank
4) Stability in a profession is a must. You should be employed with an organisation for at least 2 years
5) You should carry a decent credit score to get the loan
What are the benefits of two-wheeler loans?
1) Finance margin: While applying for a two-wheeler loan, majority of banks require you to make mere 10 per cent of down payment.
2) Flexibility: The loan can be paid off as per your financial requirements. Tenures, however, range between 1 to 2 years, making it easy for you to pay back.
3) Credit score: A two-wheeler loan builds up your credit score as these loans are relatively easy to pay off. If the amount is cleared within the stipulated time, it becomes more comfortable for you to apply for other investments.
4) Extra coverage: Many times, banks and financial organisations cover additional expenses such as insurance, bike accessories, etc. It is one of the most attractive features of a bike loan.
If the above information does not lure you enough to purchase a bike, then nothing will. Go to the market and get the bike of your choice. However, keep the helmet on.
No comments:
Post a Comment