Cars and bikes have become an easy mode of commute. You will find people travelling by them to workplace daily. However, there are instances when you have to think twice whether to take your car to run small or minor errands. It can be anything from travelling a short distance, going to the grocery store or even pick your kids from school. Given the traffic condition, it becomes difficult to dodge your car through those narrow lanes. This is where the thought of having a bike is felt. It is convenient and makes travelling easy. A bike not only makes travelling easy but also requires less parking space. For if you wish to buy a bike but cannot due to lack of finances, worry not as two wheeler loan is at your service.
There has been an increasing demand for two wheeler loan, given the fact a lot of people now prefer having their own commute mode. You will find buyers are always on the hunt to buy the best bike, all thanks to the new features and specifications introduced. Buyers look for bikes that are affordable, have great mileage and not to forget, looks trendy too. A two wheeler loan as the name suggests is the one stop source to fulfil your dream of owning a bike. One of the primary reason for the growing popularity of two wheeler loans is that it is affordable. A two wheeler loan is readily available at amazing finance rates. This is further coupled with easy repayment options in the form of Equated Monthly Installment (EMI). This further offers the borrower a chance to repay the loan within specified months and years.
Advantages of Two-Wheeler Loans
• An applicant stands to get a bike or motorcycle within no time.
• Banks and financial institutions take around 48 hours to sanction the two wheeler loan, but only upon document verification.
• It is offered with low finance rates with great repayment options
• The repayment tenure is flexible, and a borrower can choose to repay the loan amount within 12, 24 or 36 months.
• Minimum documentation.
• It is a hassle-free process.
• No security or guarantor is needed.
The minimum two-wheeler loan amount offered by the bank depends upon your repayment cability. The maximum amount tends to depend on the motorcycle or bike type, whether new or used. Before you start with all the 2 wheeler loan application process, it is wise to know you have good credit score. Banks and financial institutions tend to consider applicants only if they have a good credit score of 720 and above. One of the primary reason why you need good credit score is because it gives an assurance you will repay the loan amount on time.