Pertaining to Indian road conditions and the heavy traffic on almost every Indian road, two wheelers are a very popular mode of transportation in the country. Two wheelers are affordable, convenient and are the most suitable means of private transportation. Amidst the recent pandemic situation, people are switching to private modes of transportation and what can be a better choice than buying a bike or a scooter for daily commute purposes?
That being said, when it comes to two wheeler purchase, two wheeler finance is one of the most popular options in India. As a matter of fact, over 50% of the two wheelers sold in India in 2019 were financed. This makes it pretty clear that two wheeler loans are a feasible way to purchase a new bike or scooter. A new bike can be an essential means of transportation or it can be a dream come true for some people. Whatever it is, when buying a bike or scooter, arranging the money is a key concern.
It is the most popular way to purchase a bike and it is definitely the most suitable way to get a two wheeler as well. Two wheeler loans have several perks that make it a preferred choice amongst two wheeler buyers in India.
In the next part of the article, we have discussed why two wheeler loans are a great way to buy a new bike or scooter. Even if you have the money and you may think you do not need a loan, reading the next part will make it clear to you why two wheeler loans are better even if you can arrange the purchase amount in cash.
Based on the price of the bike, you may or may not have the full amount of purchase ready. Regardless of that, you can definitely buy your dream bike without having to worry about the finances. That is possible with two wheeler finance. Here are the reasons why it is a great choice when you think of purchasing a bike.
Two wheeler loans are easily and widely available all across India. You can get it from almost all lenders including both banks and NBFCs that are offering other types of loans. You can easily apply for such loans online as well as offline by visiting the bank branch, finance company’s office or even at the dealership from where you buy the bike.
Minimum Eligibility and Documentation Requirements
Two wheeler loan eligibility is really basic and minimum and such loans are offered by a lot of lenders. To both salaried professionals as well as self-employed individuals. You can easily get a loan without worrying too much about eligibility and you will need to submit only a few basic documents.
Two wheeler loans are generally approved almost instantaneously if you are eligible. A lot of lenders also provide zero down payment bike loans where you do not need to pay anything for such loans.
Low interest rates
Bike loans have very low interest rates and the interest charges you need to pay for the principal amount of the loan is really minimal. It is really good if you need some extra financial assistance when buying a bike and you do not have to pay a hefty sum for interest charges.
Flexible repayment with long tenor
Bike loans are offered by lenders with flexible repayment terms and usually have long repayment tenors where you need to pay the loan back in small EMIs every month. It is convenient and helps you better manage your financial expenses.
Keep your savings for other purposes
You can keep your savings with you and do not need to pay it while buying the bike. You can use this money during any emergencies, personal expenses and also make investments in other financial instruments. By investing your savings, you can earn a lot more than you pay as interest charges for the loan.
All that makes it pretty clear why two wheeler finance is a great option when buying a two wheeler. So if you are thinking of getting a new bike or scooter, start your research about the best two wheeler loans and get one for yourself!