Why Two Wheeler Loans Is The Smarter Way of Financing?

After selecting the model of the two-wheeler that you want to buy from many options available, the next thing you need to determine is how to finance that bike. There are two prominent options available when it comes down to it. You can either choose to pay cash or avail a vehicle loan. Let’s consider why availing a Two wheeler loan is the smarter way of financing

Additional Offers

You can get various gifts and offers like:

  • Cashback
  • Reduced interest rates
  • Zero down payment schemes
  • Free gifts

Quick Paperwork

Most bike sellers on the market today are in partnership with bike finance companies to provide rapid loans to customers. The paperwork required for these loans is minimal, and the processing time is extremely small. 

Down payment

Incase of cash-crunch, you don’t have to worry as the minimum down payment for bikes is very low. Some financers allow zero down payment facilities

Improve Credit Score

Opting for easy to repay loans help you to improve your CIBIL score.

Upgrade your bike’s model

Availing a loan can help you to buy a better, more advanced bike than before. 

So, instead of opting to pay cash during your bike purchase, it might be smarter to take a loan.

Additionally, Read:-

Here is the all Requirement to apply for Two Wheeler Loan

Top 6 Advantages Of Availing A Bike Loan As Opposed To Buying A Bike In Cash

Whether you’re getting your first bike or looking forward to upgrading to the latest version, buying a motorcycle is always exciting. While deciding which bike to buy is challenging, it is even more challenging to determine whether to get your bike through cash or bike loan. Here is a list of advantages of using a loan for a bike loan instead of buying a bike by paying money.

  • Affordable Interest Rates

Highly affordable and low bike loan interest rates make buying bikes easy.

  • Quick loan approval and processing 

Quick loan approval and processing that makes sure you’re able to take your bike home at the soonest.

  • Budget-Friendly

You don’t have to empty your pockets and ruin your budget. Instead, you can transfer the burden on the banks and pay convenient EMIs.

  • Complete Coverage 

You can avail of a loan on your two-wheeler’s on-road cost, which provides complete coverage of the loan amount.

  • Loans on all two-wheelers

Be it a scooter or a high-end bike, and loans are available on all types of two-wheelers. You can calculate loan EMI with Bike EMI calculator.

  • Additional benefits

You can avail of a bike loan with various additional bonuses like gifts, free insurance, accessories, cashback offers, etc.

While there was a time when cash was the preferred mode of transactions. However, various benefits availing a two-wheeler loan have over getting it for cash makes the former a better option in many ways.

Additionally, Read:

5 Factors To Keep in Mind When Taking a Bike Loan

Here’s How a Two Wheeler Loan Helps you Purchase the Dream Bike

More often than not, there is a glaring difference between the bike you ride and the bike you want. A Two-Wheeler loan can readily fill up this gap by offering the needed financial support to help you purchase the vehicle of your dreams. 

Here are some of the best and most productive ways by which a 2 Wheeler Loan empowers you towards the bike that you have always desired:

  1. Easy Repayment Schemes

Bike loans can be repaid as monthly EMIs. This ensures a state of financial well-being whilst allowing you to save the cash reserves for an emergency. For someone looking to buy a pricey back without financial support, paying the entire sum at once is often next to impossible.

  1. Better Payment Restructuring

Every lender offers a Two Wheeler loan EMI calculator. Once you have an idea of the interest rates, you can calculate the monthly payments as per your preferences. You can restructure the total payable amount in any manner you like by modifying the tenure. 

  1. Easy to Apply

A two-wheeler loan is probably the easiest to apply for. Besides, if your credit score or profile is sound enough and all the documents are in place, you might even be eligible for instant approvals. 

The bike loan flexibilities mentioned above ensure that you can easily get hold of a dream Two-wheeler without having to worry about the price tag.

5 Reasons to Apply for a Loan while Purchasing a Bike

Are you interested in purchasing a new bike? If yes, it is advisable to apply for a two-wheeler loan from credible banks or NBFCs. Although you can take any preferred application route, going online is probably the fastest way of getting approved.

All things aside, here are some of the primary reasons for getting hold of a bike loan to purchase a new vehicle instead of extinguishing your savings:

  1. Periodic Payments

A Two-wheeler loan is easy to pay off, courtesy of the systematic payment structure. This ensures that your short-term goals aren’t compromised while purchasing a new bike.

  1. Better Credit Profile

While you might be tempted to pay off the entire amount at once, a loan helps build your credit profile for the future, thereby increasing your eligibility for personal, car, or even home loans. 

  1. Better Usage of Cash Reserves

If you are worried that a loan might cost you more in the long run, compare and opt for the lowest bike loan interest rates and invest the cash reserves someplace else to get the same or better rates. This approach takes care of the additional payment and helps you plan better in the long run.

  1. Financial Discipline

Recurring monthly payments ensure that you keep up with the financial cycle and learn about the importance of keeping adequate funds in the account.

  1.  Better Buying Options 

If you are on-board with a loan, you can always opt for a better bike as periodic payments wouldn’t overburden you financially.

Paying the bike value upfront is not a bad option at all. However, these reasons ensure that your finances are managed better.  

Additionally, Read:- 

A Complete Guide to Understand Bike Loan Interest Calculation

A Guide to Choosing The Best Two Wheeler Loan

When one thinks of two-wheelers more often than not, they are thinking of either bikes or scooters. Newly purchased two-wheelers can last up to 1 lakh kilometers or even more depending on how you take care of them. With the right two-wheeler, you will have the added convenience of swerving through traffic at any time, whether it be to reach work or go out to any destination you feel like. With the independence that one gets with a vehicle, it is easy to have more adventures. 

But many times, these dreams are held back by monetary constraints. Whether it be a lack of funds or anything money related, companies like Bajaj are there to help you out. We provide an Online Two Wheeler Loan at the lowest-interest rates so that your dreams can come true too. Many companies have a long and complicated loan disbursal, but Bajaj has been rectified so that you can have a secure loan experience.

Important things to consider when choosing loan:-

  • Loan Amount
  • Interest Rates
  • EMI
  • Loan Tenure
  • Eligibility Criteria
  • Required Documents

Also, Read:-

5 Reasons To Avail A Bike Loan Instead Of Cash Payment

Things To Consider Before Availing A Two Wheeler Loan

The Two wheeler vehicle is the best mode of transportation. Nowadays, for Two wheeler vehicles purchase most of the people prefered Two wheeler loan instead of one time cash payment. Here are some important things to consider before availing a two-wheeler loan : –

  • Eligibility criteria
  • The maximum loan amount offered
  • Repayment Options
  • Check the loan disbursal time
  • Keep a note of the specialized schemes

Before applying a loan check loan amount, interest rates and loan tenure and keep your documents ready. With Bike EMI Calculator you can easily calculate your bike loan EMI , this is the most important thing for loan.

What is a Zero Downpayment Bike Loan?

Getting a zero down payment loan can be quite a hassle-free process. Financial institutions want to offer their customers the best possible experience; hence, the application process is streamlined. Some of the most common documents required for Bike Loan that you will be asked to produce can include your voter’s ID card, passport, PAN card, driver’s license, proof of employment, and credit card details and valid address proof.

There are several reasons why a customer might opt for a zero down payment bike loan. They are listed below:-

  • Easy Approval
  • Zero down payment loans to salaried and self-employed people
  • Lowest Interest Rates
  • Simple Documentation Process

Once all this is done, the representative will get in touch with you and help you assess your financing requirements. A Zero downpayment bike loan is the best way to finance your two-wheeler. Being able to make flexible EMI payments and creating flexible repayment schedules is one of the essential features of these bike loans.

Benefits Of Applying For A Two Wheeler Loan Online

Through proper financial preparation, you can be confident that you can handle the remaining monthly expenses. A private loan’s most crucial characteristic is that you don’t have to note to your provider that you’re purchasing a vehicle with the loan, but the interest rates is very high. Due to the lowest interest rates, nowadays Two wheeler loan is the good option, because there are many benefits. Some are listed below: –

  • Ease and Convenience
  • Less Pressure on Financing
  • Free prepayment
  • Affordable
  • Better Credit Score
  • Raising Resale Value

Now, you can apply for two wheeler loan and get 95% finance.To apply for the loan online, you’ll need to access ‘ official website. To get a fast and easy loan application process, you should hold all your documentation ready for evidence. Many lenders and financial web portals allow the electronic transfer of documentation to borrowers; this is perfect since it encourages paperless, streamlined transfers.

Two-wheelers in India are becoming a popular means of transport since they are economical than automobiles and suitable for intra-city movement. Bike loans are a dynamic category, and as a borrower, you get to choose from the best price available in the market. By doing extensive research on the internet and evaluating the costs, you will determine processing fees as well as interest rates. You can easily take a bike loan at lowest interest rates with minimum documentation from Bajaj Auto Finance.

Additionally Read:-

7 Benefits Of Applying For A Two Wheeler Loan Online

5 Advantages of Availing A Bike Loan

India is home to maximum number of two-wheelers in the world. The roads, utility and the type of traffic make two wheelers perfect for daily commutations. Apart from it, there are many bike enthusiasts who love to stroll on the roads on muscular two-wheelers. Due to these reasons, the financial institutions offer attractive deals on bike loans.

There are several benefits of availing a bike loan in India. First among them are the interests rates, the interest rates on bike loans are comparatively lower than the other types of loans. In addition to it, they are quickly approved and a majority of the dealership agencies have the facility to get your two-wheeler financed if you desire so. Taking a bike loan is a good option if you want to reduce the burden on your budget or if you want to avoid a sudden investment of money. Also, the bike dealerships are ready to accept less down payments and rest you can pay back through the EMIs and you can calculate bike loan EMI with Bike Loan EMI Calculator. There are several other benefits too like insurance and accident covers which come with bike loan packages.

Documents Required to Get a Two Wheeler Loan

With people living busy lives nowadays it has become essential for them to save all the time they can for the mind and body to rest. Transportation happens to take a large part of one’s daily routine, and there is no guarantee of reaching from point A to point B on time. Plus, the stress of missing out on one form of public transport on-time guarantees to be late to your office or an important meeting. This is why the two-wheeler financing option by banks is pretty reasonable as well as feasible.

There are two types of people who are eligible for application and passing of a Two wheeler loan. They might be different documents that are required for loans from various banks, and financial institutions.

Documents required for Two wheeler loan –

Most commonly, be it for a salaried person or an individual, the documents are quite similar. Recognized identity proof like Aadhar Card or driver’s license, passport-size photographs, address proof, the recent income tax return of the applicant and the applicant’s last three months bank statements. They form the basis of the judgement of the applicant’s payback capacity. On these documents lies the fate of the applicant’s loan status.

Additionally read: –

Documents Required to Get a Two Wheeler Loan