Facing traffic jams and consistent potholes whilst travelling through the streets of India is an everyday battle. And a brand-new car or even your second-hand four-wheeler doesn’t help much. Moreover, relying on them might land you in deeper trouble. Hence, if you’re commuting alone or with another person, the best option is to purchase a two-wheeler. Two wheelers can fit through tight spaces easily. That is why bikes and scooters provide an added advantage of fitting in smaller gaps and moving through traffic or congested spaces.
But affording even a bike or a scooter might fall out of budget for some people. Yet, it doesn’t mean that the stack of problems need to rise further. With options such as a Two wheeler loan, there’s nothing that can stop you from achieving utmost comfort and a better quality of lifestyle.
Let’s have a look at the six most incredible benefits of these loans, proving why you must avail them!
- Simplified Approval Procedure
The foremost thing to get benefitted from is its simplified and effortless procedure of application and receiving approval. Gone are the days when you would have to sweat under the scorching heat in endless queues to wait for your turn to apply for the same. Now, you can apply from your home using a smartphone. You can submit the necessary documents online and get approval within a couple of days!
- Faster Disbursement
Faster approval leads to a quicker disbursement of loan money to your account. With the advent of digitalisation, you can now apply for bike loans online where you are guaranteed instant loan approval. Hence, you can receive the money within one or two days after applying!
- Affordable Interest Rates
Interest rates are the charges for borrowing money from the lenders. Usually, in cases where no collateral is required, or the loans are unsecured, the interest rates are found to be relatively high. But the scenario is different for bike loans. Various lenders offer you lucrative loan deals at interest rates starting from 7.85%, accompanied by a processing fee of 1% to 3%, which is exceptionally reasonable.
- Availability of EMIs
Whilst repaying for a bike loan, the lender provides you with the option of EMIs (Equated Monthly Instalments). By doing so, you will be required to settle the loan by paying equated parts of the entire loan amount plus interest, over a particular period. You can easily calculate their EMI using a bike EMI calculator.
- Avail High-Value Loans
Many financial institutions offer high-value financing, which means you can cover your entire two-wheeler purchase amount through fundings received from such loans. All you have to do is make a small down payment, and you can avail financing up to 95%-100% of your vehicle’s price.
- Eased Repayment Options
By spreading your repayment amount over an extended tenure, you can eliminate the stress in your EMIs. In simpler words, you won’t have to pay massive sums and clear your debts within three to four months.
Almost all lenders provide the borrowers with flexible repayment tenures, ranging from one year to three or four years. This way, rather than paying the entire loan amount within a shorter period, you can take your time and settle the debts without being in distress.
Bike loans can offer numerous other benefits as well. Besides an efficient approval process, affordable interest rates, flexible repayment options like EMIs and tenures, the borrowers are provided with 24/7 customer support in various languages. Moreover, these loans are open for all, to salaried as well as self-employed persons. Hence, if you’re out there looking for financial support to ride on your dream bike, apply online for a bike loan today!