Two-wheelers are one of the most critical and integral parts of most Indians. Bikes, scooters, mopeds, and other types of two-wheelers are the personal favorites of most of the Indians because of low costs, flexibility, convenience, and affinity towards the roads. Due to the higher demand for two-wheelers among the consumers, several motorcycle manufacturing companies ensure supply at the right time. Still, one of the hiccups for the consumers would be the necessary funds to purchase the two-wheelers. While some save money to buy their favorite bikes, they might not be able to avail of seasonal offers and flash sales that two-wheeler dealers provide. Hence to fulfill such gaps, several financial institutions offer two-wheeler finance to the bike enthusiasts. The following section would talk about the benefits of availing a two-wheeler loan.
1. Faster approval
One of the primary advantages of availing bike loans would be the instant approval of funds. The digitization of the lending process has made things much faster, i.e., in a few clicks. You can initiate the application process, upload the documentation, track your application, and do much more online itself. Additionally, the lenders take little time to process the request and approve the 2 wheeler loan to buy your desired bike/scooter within a shorter span.
2. Rate of interest
Due to the demand for two-wheelers, there is an increase in the lending, and hence the lenders are ready to provide loans at lucrative interest rates. The interest rate varies as per the income capabilities, credit score, and other factors. Hence, the borrowers need to know their qualifications through the two wheeler loan EMI calculator. Due to heavy competition among the lenders, top lending institutions are reducing the interest rates for the borrowers’ benefit. And this is good news.
3. Abundance in funds
There is a likely possibility that you encounter additional charges during bikes or scooters’ purchase. Your savings might not meet the miscellaneous costs, and hence to avoid such instances, two-wheeler loans work as a savior and cover all the related expenses to the two-wheeler purchase. Mostly the lending institutions would estimate the additional costs based on their experience and would approve the loan amount accordingly.
4. Smart budgeting
One of the conventional methods to buy a scooter would be to use the savings. However, there are several challenges associated with the same. It is always easier to pay EMI than exhausting the savings to buy a scooter worth Rs. 70,000. Hence bike loans with better interest rates can help you plan your finances in a better manner.
5. Best suited for all requirements
Assuming that you fancy buying a superbike, several lenders offer two-wheeler loans at better interest rates. Hence the lending institutions provide a wide array of loans for all borrowers with varied requirements.
Note that there are several benefits of availing a two-wheeler loan and muthoot gold loan, and hence these are exciting times to purchase the scooters/bikes/mopeds of your choice. However, you need to check with multiple lenders to avail of loans with better interest rates.