The traffic on Indian roads mainly consists of motorcycles. The common person prefers to own a bike over a car for personal use.
Why?
Well, motorcycles entail low ownership costs and the upfront investment on a bike is reasonable as well. However, in recent years, motorcycle brands in India have hiked the prices of their line-ups by many folds. Hence, even the entry-level commuter bikes now cost more than INR 1 lakh. Thus, buying a bike means one has to apply for a two wheeler loan.
What about the interest rates? Aren’t they pretty high?
Well, not exactly!
Compared to personal, car, home and business loans, bike loan interest rates are pretty reasonable. In this context, there are some tips that when followed can further keep the interest rates low. One of those tips that entail the best results is mentioned in the section below –
Borrowers should apply for a motorcycle loan from a lender with whom they have an existing professional relationship.
Borrowers and lenders often form a strong rapport. When a borrower applies for a bike loan from a lender they know, the loan would entail low interest rate. Furthermore, the lender can also offer the borrower bespoke debt prepayment options. This is a bonus, to be honest!
The reason is simple.
The lender already has all the details they would need about the borrower. The lender knows about the financial background of the borrower. Furthermore, pertinent information like the credit score and credit history of the borrower is also readily available to the lender.
Hence, getting the bike loan application approved will be a proverbial walk in the park!
Read: 10 Reasons Why Should You Apply for a Two Wheeler Loan
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