A recent study by the IDFC Institute shows that a usual 30-minute commute through Mumbai’s major roads takes over 60 minutes during peak traffic hours. While the figures apply to Mumbai, the same can be said about all other metropolitan cities. A two-wheeler is your most reliable bet for gliding through peak traffic hours. Agile enough to slide through traffic, a two-wheeler can help reduce your commute time and fuel expenses, and help you keep your appointments.
These benefits have pushed sales figures, making the two-wheeler market in India the biggest and fastest-growing one. While commuter bikes are cost-effectively priced to cater to this growing demand, customers can also avail of two-wheeler loans against pocket-friendly bike loan interest rates. If you’re currently thinking about purchasing a new two-wheeler on loan, here’s how this loan will make your life easier.
Easy on the Pocket
Buying a bike is undoubtedly a big ticket investment that requires quite a sizable amount of funds. A two-wheeler loan allows you to bypass the need to pay for the bike in one go. Even if you have the requisite funds in your savings reserves, spending it as a lump-sum amount may be imprudent. Choosing a low bike loan interest rate to finance your bike allows you to pay for the model in bite-sized monthly installments, protecting your savings reserves for unexpected rainy days. Additionally, since two-wheeler loans allow you to pick repayment tenures (12-48 months) that suit your needs, your bike loan EMIs don’t overburden your monthly expenses.
Zero Waiting
If you wish to buy a new two-wheeler without a loan, you will have to spend a considerable amount of time accruing funds to finance the purchase. Saving up enough funds can take a few years for people who are just starting a career or already have existing financial liabilities. However, with a two-wheeler loan, you can avoid this hassle. Since the application process for a two-wheeler loan is pretty simple, most lenders verify and sanction the loan in just a few days. Some even offer instant approvals to privileged customers, where the loan amount is disbursed in a matter of seconds. If you opt for a two-wheeler loan from a lender that has tie-ups with the bike dealership, your loan can be instantly disbursed.
Streamlined Application Process
Gathering documents for a loan application can be quite a hassle. However, you won’t have to worry about this issue with a two-wheeler loan. Most lenders allow you to apply with just a basic set of documents, with some having a ‘No Documentation’ clause for existing customers. Additionally, since two-wheeler loans come with a basic and easy-to-meet eligibility checklist, applying for one and getting quick approvals is easy. Thus, whether you are a salaried or self-employed individual, you can apply for a two-wheeler loan online and bypass the need to visit brick-and-mortar offices.
Zero Compromises
Budget plays a crucial part in determining what kind of bike you eventually purchase. In other words, your choices remain circumscribed by your budgetary parameters. Many potential buyers often compromise on their choices simply because they need more funds to purchase a model with better specifications. However, if you opt for a two-wheeler loan, you can enjoy complete freedom from such budgetary constraints. With banks and NBFCs offering up to 100% financing options, you can even forego the burden of managing funds for the downpayment of your dream bike.
Affordable Bike Loan Interest Rates
To make two-wheeler loans more affordable for customers, banks and NBFCs cap their bike loan interest rates at quite pocket-friendly levels. With bike loan interest rates starting from just 7% onwards, you won’t have to worry about mounting interest payments when you decide to finance your dream bike. Additionally, if you have an existing relationship with the lender or a good credit score, the lender might also offer you a discount on the base bike loan interest rate. This means you can buy your dream bike, meet all your existing financial obligations and save without much hassle.
Help Build Your Credit Profile
A good credit profile can make you privy to several credit perks. While a good credit score is not necessary for a bike loan, you can use your two-wheeler loan to build a credit profile. Since two-wheeler loans come with manageable EMIs and flexible repayment tenures, repaying these loans on time is quite easy. Repaying your two-wheeler loan on time positions you as a credit-worthy borrower, improving your CIBIL score. This, in turn, boosts your chances of securing high-value loans – like car or home loans – at cheaper rates in the future.
Apart from these benefits, certain lenders also provide special offers like free insurance covers, discounts on accessories, etc. For instance, if you opt for a two-wheeler loan on Bajaj Markets, you can avail of several festive and seasonal offers. Apart from attractive bike loan interest rates, you also get to avail of up to 100% financing on select models. With quick and easy approvals, you can apply for a two-wheeler loan with minimum documents online to bring home your dream bike today!
Share
Tweet
