Is Choosing Two Wheeler Loan is a Good Option?

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:

  1. 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.
  2. 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.
  3. 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.
  4. Multiple Benefits – As per the Indian Motor Act, Banks and NBFCs approve loans with an accidental cover and an insurance cover.
  5. 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.

Before applying for a bike loan, you should also check bike loan interest rates. To apply for a two wheeler loan, visit the official website today.

Is Taking a Two Wheeler Loan is Easy Process or Not?

Two wheelers are highly popular kind of vehicle in India because everyone can afford it. But, many people don’t have the required amount of money to make payment in a lump sum for a bike. Taking bike finance help from a lender can make the whole process a lot easier.

Online Two Wheeler Loan offers a low rate of interest. Some lenders are also offering upto 90% bike finance as per customer profile. Find and compare best budget bike in India before availing a loan. See how you can apply for a two wheeler loan:

1. Know your Budget – One should plan their repayment before availing a loan.

2. Fill out Loan Application – After making plan for yourself fill correct details in the application form that will help the lender to evaluate your creditworthiness.

3. Submit Application Form – The next step after filling the details is to submit the application form online or offline.

You May Like to Read: 10 Advantages of Opting for a Two-Wheeler Loan

4. Understand Loan Requirements- It is necessary to know about the loan requirements like interest rate, tenor and charges  etc. You should follow guidelines to avoid loan application rejection.

5. Agree to the Terms and Conditions – The last step is to agree to the terms & condition applied by the lender. After that, you will get the required amount for your dream bike.

Conclusion:

In the digital  world, It is very easy to get 2 Wheeler Loan in India. Minimal eligibility criteria makes easy approval of loan.