Several times, financial planners and financial professionals propose the two-wheeler buyers request for a personal loan from a bank to get their dream ride. One might question whether it’s a wise idea. The reality is that it makes complete sense to qualify for a bike loan through some personal loans. Several factors show it is a big financial step to take a personal loan to buy a two-wheeler.
Two-wheelers are among the country’s widely popular modes of transportation since they are small, fast and allow users to save a great deal of time when travelling from location to location. You will take advantage of the benefits of getting an unsecured loan by applying for a personal loan. It means that when applying for the loan, you do not need to provide any collateral or insurance.
- Ease and Convenience: Among the many advantages of bike loans seems to be that a Two Wheeler Loan can be handled according to the financial appropriateness. You don’t have to spend a lot of money on diesel maintenance costs, for starters. Typically two-wheelers come with far more variety than even the lowest of four-wheeler models. Therefore, you save quite a great deal of money there with ease. You now can apply for a bike loan from the comfort of your couch online! Sign away tedious banking processes that take more time for loan permissions and enjoy much of your convenience’s loan advantages.
- Less Pressure on Financing: Loan shopping is quick on your purse. Loans help you to repay a big chunk of money over a length of time through simple monthly payments. Rather than just punching a portion of your income in one go, you may opt to refund the balance according to your preference, sometimes even for extended periods.
- Free PrePayment: Many banks have such a propensity to fix the two-wheeler debt repayment term; this has a lot to do with return an investor may gain from it. Therefore, when you choose to pay back the loan before the actual expiration of this tenure, a prepayment of mortgage fee might be imposed. But, if you decide to go for a loan online, you are free from any advances.
- Better Credit Score: Bike loans within a brief tenure are much better to pay down. For a fact, paying back debt contributes to one’s credit score altogether. Therefore, one should plan on taking out more jumbo loans for many other reasons, including higher education, building your own home or wedding. You might think about starting with this loan, settling it off within a reasonable time frame and contributing it to your credit score significantly.
- Finance Margin: Many major Non-Banking Financial Companies offer financial margins which can sometimes go up even to hundred per cent of the vehicle’s on-road price that you intend to buy. That would be a significant gain.
- Raising Resale Value: Two-wheelers give a much more practical value for resale than four-wheelers, despite the time you’ve had the bike for. Therefore you can buy a new one of these and swap the existing one as long as you have managed to pay off the loan.
- Affordable: Long term repayments on bike loans are an attractive benefit. However, simplicity with simple monthly payments has enabled interest in owning a modern, inexpensive two-wheeler for citizens throughout all income brackets.
Getting a new motorcycle includes multiple phases, beginning with a realistic budget decision. The Bike EMI Calculator provides a detailed rundown of the total amount due and the loan-pay-out date based on the amount of the debt and other necessary facts to determine EMI for a bike loan.