5 Top Advantages Of Availing A Bike Loan In India
Two-wheelers have now become an essential commodity for everyone due to the pandemic. Whether it is for your daily commute, going for grocery shopping or just to travel around, two-wheelers are a convenient and reasonable option to choose.
If you too are planning to buy a two-wheeler then using up all your savings is a bad option, instead, opt for a much more long term plan like getting a bike loan. While some might find it an added pressure, It also offers various advantages.
Advantages Of Taking A Bike Loan In India:
Two-wheeler loans offer various benefits some of which are:
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Low-Interest Rates
For two-wheeler loans, the interest rate offered by lenders is lower making it more convenient to purchase. However, the final rate of interest depends on various factors like the level of income, the price of two-wheeler and market variations. Also due to the increased demand for two-wheeler loans, the overall interest rate provided by banks has decreased over the years.
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Quick Approval of Loans
As the loan amount required for two-wheeler loans is low, the eligibility criteria too are very lenient. Thus, the entire approval process can be completed within a very short period. Booth the loam application filling, approval and disbursal can be completed in just a few minutes with just some clicks here and there. These guarantees ease in acquiring finance to pay for your two-wheeler. Most lenders also provide a toll-free contact number that provides you with information regarding the bank loan on demand.
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Reduce the Burden on Your Budget
Irrespective of whether you can afford a two-wheeler or not, the bike loan is a comfortable and easier way to buy the bike, then pay the full amount from your pocket. It is also more efficient to pay instalments throughout a particular duration rather than paying an amount close to 50k or 60k at once from your salary or savings. An additional benefit of two-wheeler loans is that you simultaneously accumulate savings while also paying for your loan instalments.
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High Coverage of Loan Amount
It is always a more convenient option to opt for a loan with a higher amount so that it can cover all the related expenses. For this make sure to quote the on-road price of the two-wheeler rather than the showroom price. If you are low on budget, high coverage in bike loans let you quickly purchase a two-wheeler.
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Ideal for Any Kind of Two-Wheeler
Whether it is a scooter or a bike, a bike loan assures that your costs will be safely covered. With Fullerton India personal loan you can cover up to Rs 5 lakhs under which a wide range of two-wheeler options are available. You don’t have to worry about saving money for years to get your dream bike while you can avail a bike loan with ease.
With the recent trend of bike loans, choosing the right lender can also help you get hands-on some extra benefits like insurance cover or accidental cover along with your two-wheeler loan. A loan can also help in covering additional costs during bike purchase like accessories or alternate seating options for your two-wheeler.
Conclusion
Two-wheeler loans are a great option to choose if you are earning well and looking to purchase a bike for yourself. Also, if you are passionate about bikes, look for a lender offering the best terms and conditions before availing the bike loan. Along with all the above benefits, the bike loan can also help you in getting you a great deal on all your accessories. So choose your favourite bike and apply for the loan now.
