Commuting through public transport such as bus, metro, auto and more has become such a task. People face various issues like delays, time taking, seat rarely available, crowds, unhygienic, high costs when suffering in public transport.
In the market there are various kinds of bikes like adventure touring bikes, dirt bikes, commuter bikes, sports bikes, naked bikes that you can finance by taking a two wheeler loan.
Below we have listed some reasons why you should take a bike loan:
- Low Financial Burden – Such loans reduces the burden from your shoulder. Everything depends on the eligibility criteria and documentation requirements. One can purchase premium bikes also.
- Good Credit Score – To avail a two wheeler loan you don’t need to have a high CIBIL score that makes this loan is better from personal loan.
- Fast Process – Those days are gone when you have to wait for months for loan approval and stand outside the banks/NBFCs in long queue. Nowadays the loan gets approved within a day. Also, the repayment period varies around 12-48 months which makes it convenient for the borrowers to pay it in small amounts.
- Multiple Benefits – As per the Indian Motor Act, Banks and NBFCs approve loans with an accidental cover and an insurance cover.
- Interest Rates: The interest rates ranges between 12%-27%. The rate depends on your income, bike specifications, employment period etc. As per the information the rates have gone down in the last 2 years.