The demand for two-wheelers has significantly increased over the last two years. Its popularity stems from the fact that it offers the best way to commute to work without exposing yourself to the current deadly virus. It gets you one step closer to freedom from public transportation.
Given the financial crisis caused by the COVID-19, buying a two-wheeler from your pocket can put a burden on your budget. So, what is the alternative to buy your two-wheeler and yet be able to manage your finances? You can apply for a 2 wheeler finance to own a two-wheeler. The benefit of getting a loan is that you can secure the entire value of your bike as a loan. The interest rates are affordable, allowing you to make repayments without any defaults.
Benefits of choosing a two-wheeler loan to buy a bike
A bike finance comes with a host of features and benefits that you can avail of to manage your finances without putting any stress on your monthly budget.
- Quick approval
Your days of waiting for too long to get two-wheeler loan approval are long gone. With the advent of the internet, the process of applying for a loan has become easy and quick. To apply for a loan, all you need is a computer with internet connectivity. If everything is complete, your lender may approve your application within a few hours.
- Loan amount
The best thing about a 2-wheeler finance is that you can secure up to 100% of your preferred bike’s on-road price as a loan. However, the loan amount depends on your income, credit score, etc. If you wish to secure a higher loan amount, you will have to convince your lender that you can repay it without any default. You can use a two-wheeler loan EMI calculator to choose a loan amount based on your affordability.
- Reduced financial stress
If you do not have enough funds to buy your dream bike, it would be wise to apply for a loan. Having a loan allows you to own a bike and repay in affordable equated monthly installments. It is advisable to determine your EMI amount through a two-wheeler loan EMI calculator. Knowing your EMI enables you to manage your monthly budget well, hence reduces your financial stress.
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- Flexible loan tenure
The repayment tenure of a 2-wheeler finance generally ranges between 12 to 48 months, giving you ample time to make repayments. But, if you have the budget, it is advisable to choose a shorter loan tenure. This way, you can significantly save money in interest. Generally, lenders offer lower interest rates to borrowers who choose a shorter loan tenure.
- Minimum eligibility requirement
Almost anyone with a stable income can apply for a two-wheeler loan. The eligibility criteria to apply for a loan are the bare minimum, which are:
- You must be an Indian citizen and a salaried employee of an organization or a self-employed person.
- You must be at least 18 years old to apply for a 2-wheeler finance. The maximum age to apply for a loan is 65 years old.
- You must earn a minimum income based on your lender’s policy.
- You must maintain a minimum credit score of 750.
