If you are not willing to pay all amount for your
newly purchased two-wheeler, you can choose to finance it. It is very
convenient, and the processing is comparatively swift. Here we are listing down
five reasons why you should apply for a two-wheeler loan:
- Hassel-free processing
With the availability
of smartphones and high-speed internet, the processing of loan has become very
convenient. You are no longer required to run around, with hard copies of your
document, to the showroom and the offices of the financial institution which is
providing the loan. You can download the two-wheeler loan app
and fill up the digitalized application right from your doorsteps.
- The low rate of interest
The interest rate
applied to two-wheeler loan is comparatively low. In general, the price of
bikes and scooters are not more than Rs. 2 lakh. The amount is small in
comparison to other loans which you can take for the loan term. For examples: a
car loan or a home loan. The interest rate varies for a different financial
institution, and the rate of interest after considering the following
parameters:
● Model
of the vehicle
● Income
of the person applying for the loan
● Payment
history
- Easy to access
The processing of
two-wheeler loans is comparatively high-speed. If the financial institution
authenticates your identity and source of income, you will get the finance, for
the two-wheeler, within days. You can apply online for the loan and submit the
soft copies of the documents. Even if you belong to a moderate or low
income-group, there are high chances that you will get the bike finance on the
contrary to the other categories of loan which involves a significant amount.
- Nominal down payment
As mentioned earlier
that the amount required to purchase a bike in low in comparison to other
loans, the down- payment required is also very nominal. Some financial
institutions provide motorbike finance
without any initial payment. You will have to finish the formalities before the
key of the two-wheeler is handed over. You can decide the amount of EMIs based
on your income and pay accordingly.
- Suited for low-income group
The two-wheeler is a
necessity for daily commuting even if you belong to a low-income group. The
advantage is that the loan for the same is accessible for you all well. There
is minimal involvement of credit score and the income. You will get the loan
provided the income is stable, and identification is authentic.
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