With the increase in the number of daily commuters, travelling quickly is a challenge. Although buying a bike is a convenient middle ground for quick and comfortable transport, the cost of a bike can potentially burn a hole in your pocket if you have to pay for it in one go. This is where the importance of a bike loan comes in.
Although most people dread taking a loan, a two-wheeler loan is vastly different from your conventional house loans and car loans. It actually benefits you in more than one ways.
Important Aspects of Bike loan
Before we go into the various advantages of a two-wheeler loan, here are the salient features of the loan.
• Banks, as well as non-banking financial companies, provide two-wheeler loans.
• Two-wheeler loans are available directly from dealers if they have a tie-up with the banking institution. You can get added offers and discounts from the dealer along with the loan.
• The interest rates are competitive and vary between 12% and 27%. You have to repay your bike loan by means of equated monthly instalments at this rate over a specified period.
• The tenure of repayment varies from 1 year to 4 years. You are free to choose the period over which you will pay back the money.
• Usually, a lender will pay around 90% of the cost of the bike you intend to buy. You have to pay the outstanding amount. This is known as the margin.
• Eligibility criterions to get a two-wheeler loan includes age, income, occupation, credit score etc. of the buyer. Make sure you meet these to get the loan.
• Bike loans not only cover the cost of the bike but also cover registration cost, cost of accessories and insurance.
Advantages of a Two Wheeler Loan
• Two-wheeler loans have a long tenure, which enables you to pay back your loan without excessive pressure on your finances.
• According to the regulations of the Indian Motor Act, all bike loans come with two-wheeler insurance and accidental cover. This enables you to save on the premiums of your insurance by wisely choosing your lender.
• Since the lender pays the major portion of the cost of your two-wheeler, you do not have to pay a large amount from your pocket. This allows you to buy a vehicle without significantly disrupting your finances.
• Getting a bike loan is a simple and quick process. This makes two-wheeler loans the best way to own a vehicle.
• Getting a house loan or a car loan requires you to have a high credit score. Proper repayment of your two-wheeler loan helps you to improve your credit score to apply for a house or car loan in the future.
• The instalments of your two-wheeler loan are often less than your daily commuting expenses. A bike loan can actually save your monthly expenses.
Having your own vehicle has become an essential commodity today. Bike loans are the quickest solution to your daily commuting issues. Availing a two-wheeler loan allows you to buy a bike on spot and save time and money. Therefore, it is time you started evaluating your choices and getting yourself the two-wheeler that you always wanted.
Although most people dread taking a loan, a two-wheeler loan is vastly different from your conventional house loans and car loans. It actually benefits you in more than one ways.
Important Aspects of Bike loan
Before we go into the various advantages of a two-wheeler loan, here are the salient features of the loan.
• Banks, as well as non-banking financial companies, provide two-wheeler loans.
• Two-wheeler loans are available directly from dealers if they have a tie-up with the banking institution. You can get added offers and discounts from the dealer along with the loan.
• The interest rates are competitive and vary between 12% and 27%. You have to repay your bike loan by means of equated monthly instalments at this rate over a specified period.
• The tenure of repayment varies from 1 year to 4 years. You are free to choose the period over which you will pay back the money.
• Usually, a lender will pay around 90% of the cost of the bike you intend to buy. You have to pay the outstanding amount. This is known as the margin.
• Eligibility criterions to get a two-wheeler loan includes age, income, occupation, credit score etc. of the buyer. Make sure you meet these to get the loan.
• Bike loans not only cover the cost of the bike but also cover registration cost, cost of accessories and insurance.
Advantages of a Two Wheeler Loan
• Two-wheeler loans have a long tenure, which enables you to pay back your loan without excessive pressure on your finances.
• According to the regulations of the Indian Motor Act, all bike loans come with two-wheeler insurance and accidental cover. This enables you to save on the premiums of your insurance by wisely choosing your lender.
• Since the lender pays the major portion of the cost of your two-wheeler, you do not have to pay a large amount from your pocket. This allows you to buy a vehicle without significantly disrupting your finances.
• Getting a bike loan is a simple and quick process. This makes two-wheeler loans the best way to own a vehicle.
• Getting a house loan or a car loan requires you to have a high credit score. Proper repayment of your two-wheeler loan helps you to improve your credit score to apply for a house or car loan in the future.
• The instalments of your two-wheeler loan are often less than your daily commuting expenses. A bike loan can actually save your monthly expenses.
Having your own vehicle has become an essential commodity today. Bike loans are the quickest solution to your daily commuting issues. Availing a two-wheeler loan allows you to buy a bike on spot and save time and money. Therefore, it is time you started evaluating your choices and getting yourself the two-wheeler that you always wanted.
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