Listed below are 10 advantages of opting for a two wheeler loan:
1. Two wheeler loans are available on low interest rates
Most banks and private lenders provide two wheeler loans at low interest rates making it affordable for the middle class segment. The interest rates differ according to your income levels and market variations. Always do a comparative analysis by visiting different websites and then choose the best lender who offers competitive rates. Due to increased demand of two wheelers in India the interest rates of banks have seen a decline over the years.
2. Fast approval and disbursal of two wheeler loans
You can apply for a two wheeler loan online from the comfort of your home or office and it is approved within a short span of time. It requires minimal paperwork and most of the banks and private lenders disburse the loan within four to five working days. Once the loan is approved, the requested amount is directly transferred to your bank account and the Equated Monthly Installments are debited through ECS clearing every month.
3. Two wheeler loan reduces burden on your monthly budget
Once you avail a two wheeler vehicle loan, you can choose repayment tenure which suits your budget and your monthly EMIs are billed accordingly. You are only required to pay minimal amount as down payment and pay the balance amount in easy installments rather than pay the full amount upfront.
4. You can foreclose the two wheeler loan anytime you want
A two wheeler loan can be foreclosed at any point of time once you have surplus funds in your account. There are some foreclosure charges to be paid which vary from bank to bank. Once you foreclose the two wheeler loan you can get the no objection certificate from the bank to remove the hypothecation clause from the vehicle’s registration.
5. Additional benefits of availing two wheeler loan
It’s possible to obtain an insurance policy cover or casual cover with your own two-wheeler loan. A loan may also assist in covering extra costs during bicycle purchase such as accessories or alternative seating alternatives for your two-wheeler.
6. You don’t have to save money for years to get your dream bike
Two wheeler loans offer you the flexibility of purchasing your dream bike by making a nominal down payment and rest of the money is financed by the bank or private lender in easy instalments.
7. Flexible Repayment Period
The repayment period of two wheeler loan varies from 12-60 months and you can choose the tenure according to your repayment capacity.
8. Two wheeler loan improves your credit score
A two wheeler loan is an easy way for young professionals to improve their credit score which will increase the chances of approval of all the future loan applications.
9. You have a choice to buy any two wheeler with a two wheeler loan
When you decide to take a two wheeler loan it gives you the freedom to choose any kind of bike or scooter. Many banks cover almost 90% of the two wheeler cost and the rest 10% is the taken as a down payment from you.
10. By taking a two wheeler loan you can choose your savings for other important expenses
If you are wondering how to get a bike loan then visit bajajautofinance.com to get all required information on how to avail a two wheeler loan. By financing a two wheeler you can use surplus money for other expenses like your child’s education, house renovation or family vacation.