Two-wheelers can be a need or a style statement to a person, but it indeed is on everyone’s checklist. It is a cost-effective and practical commute mode for any person going to a shop or reaching an office. Buying a two-wheeler in India costs a person ₹ 45000 – ₹ 1.32 Lakh, undoubtedly a considerable amount that is not affordable to all.
Many consider loans a liability and are hesitant about the interest to be paid. But what they fail to understand is that they end up paying more than the actual price of the bike with the waiting time. Additionally, many think that loans are a hassle, and they do not have the time for it. But the fact is that nowadays, instant loan apps have made it easier to avail of two-wheeler loans even instantly.
That said, there are many more advantages to availing a bike loan. Here are six advantages of availing a bike loan instead of opting to pay in complete cash.
Advantages of Availing a Bike Loan as Opposed to Buying A Bike in Cash
A two-wheeler loan is the most practical option for many people in India, given its benefits and the less stress on finance while paying a lump sum of half a lakh.
- Quick Approval of Loans
Two-wheeler loans have lesser eligibility criteria and are approved within a short period. You can use an online app to make your documentation easier, making it even quicker for approval. Quick approval of two-wheeler loans makes it easier for you to make your dream buy quicker. Additionally, you can track your loan status through their app though the entire process won’t take more than a day digitally.
- Extra Benefits and Attractive Offers
The two-wheeler loans come with attractive offers and extra benefits. Most lenders have tie-ups with insurance companies that will cover your two-wheeler loan. You can also cover additional costs like accessorizing your bike and changing the seating options in the loan.
- Reduce Burden on Your Budget
Two-wheeler loans offer you that financial cushion of not having to arrange for a lump sum at a go. Additionally, the loans are drafted according to the ease of the borrower.
- Convenient Interest Rates
The rate of interest offered for two-wheeler loans are very low. Fullerton two-wheeler loans start at a competitive interest rate of just 8%. The bike loan interest rates vary from lender to lender; hence it is always best to do your research before zeroing down on one.
- Choose your Own EMI’s
You can choose your affordable EMI’s based on your convenience. You can check the EMI calculator to plan your finances well in advance with an insight into how much EMI you will have to pay if you opt for a two-wheeler loan. So hefty EMI’s are no more a worry for the borrower as one can take up to 3 years to repay the amount in small instalments.
- Flexible Repayment Period
The repayment tenure is flexible with zero prepayment charges. A flexible repayment period can help choose a repayment period starting from 6 months to 3 years, making the instalments smaller and affordable based on your repayment capacity. Additionally, you can also prepay the loan and complete it sooner when your finances improve without any additional fee.
- High Coverage on Loan Amount
The bike loans are mostly available with zero down payments, and you also get a high coverage loan amount that can cover all the related expenses. The high coverage loan will help you quickly get the two-wheeler if you are on a low budget.
These are a few of the many advantages of two-wheeler loans. Let’s go ahead and buy the two-wheeler we saw in the showroom in easy EMI instalments without stressing on the pocket or having to face a financial crunch for the rest of the months after managing a lump sum.
Apply for loan and get instant sanctions without the hassle of paperwork. You can avail of the loan through four simple steps, and the money is credited within a day to your bank account. We offer the lowest bike loan interest rates for you to buy that dream bike. Apply for the two-wheeler loan with Fullerton India and drive home your dream bike tomorrow!