Is It Good Option To Avail For A Bike Loan To Buy Two Wheeler

While it is a common dilemma whether or not a two-wheeler loan is an excellent option to buy a bike, the following reasons will help you in deciding as to why the two-wheeler loans are helpful and beneficial.

What is a Two-Wheeler Loan?

A two-wheeler loan helps you own your dream bike without going through any financial burden. You can avail of this loan with hassle-free documentation and the flexibility of paying the amount back in installments while also escaping the financial obligations. 

Benefits of availing a Two-Wheeler Loan

1. Interest Rates:

Low-interest rates are provided by banks in the case of two-wheelers so that there is no financial burden on you, making it convenient to purchase your dream bike. The bike loan interest rate varies depending on your income and the two-wheeler market prices. Since the supply of two-wheelers has increased over the years, it has led to a decrease in the interest rates provided by banks. 

2. Rapid Approval of Loans:

The two-wheeler loans are approved quickly and don’t take a long time which is another reason to avail of a bike loan. It makes it easy to make the purchase, and you do not have to use your savings. You can apply for the loan, and the amount will be disbursed in your bank account by just following a simple process on the website. It does not put you under financial obligations; instead, it provides finance to pay for your two-wheeler. You can also contact the organization you want a loan from and get all the required information.

3. Beneficial during a Low-Budget:

Purchasing a bike is a considerable investment, and even if you are comfortable paying the whole amount at once, it is always better to pay instalments. The bike loan will help you retain your savings and your salary making it easy and convenient for you to pay the amount. Paying in instalments is also efficient and also provides you with the advantage of saving more as you pay your equated monthly instalments. Moreover, the bike loan helps you improve your credit score and credit history making it easy for you to avail a loan in the future.

4. High Coverage of Loan Amount:

Covering all the expenses while purchasing a two-wheeler is significant, and that is where the high coverage of the loan amount comes to your rescue. It is advisable to consider the on-road price of the vehicle instead of the showroom price if you need high coverage. If you are on a tight and low budget, the bike loan makes it possible for you to purchase a two-wheeler that you have always wanted.

5. Ideal for Any Two-Wheeler:

Two-wheeler loans assure to cover all your costs, making it safe for you to buy a bike without worrying about finance. Since you can avail a two-wheeler loan with ease, you do not have to worry about saving money for numerous years to possess the bike you have always wanted. 

6. Flexibility in Repaying:

One of the most significant advantages of taking a two-wheeler loan is the flexibility with which you can repay the loan amount. You can decide on the equated monthly instalments schedule along with the tenure you are comfortable with, which makes it easy for you to repay the loan without defaulting.

7. Avail Extra Benefits:

Along with the two-wheeler loans, you also get an insurance cover or an accidental cover which is beneficial. Sometimes you even get accessories, seating options and the loans can also cover some of the additional costs during the purchase of the two-wheeler. Therefore, availing some additional benefits is another reason why availing a two-wheeler loan is a great option. 

Documents Required:

Salaried person:

  • ID Proof: Passport /Photo credit Card/Pan Card /Driver’s License /Voter’s ID/Aadhaar Card/ Identity card with applicant’s photograph issued by Central/ State Government Departments, PSU.
  • Two recent passport size photographs
  • Address Proof: Passport/Driver’s License /Voter’s ID/Utility Bill/Aadhaar card/Bank account or Post Office savings bank account statement. It should be computerized documents issued by PSU, Pvt Sector or MNC Banks only. / Property or Municipal Tax receipt; Address proof in the name of the applicant’s spouse or parents name is acceptable
  • Last 3 month’s salary slips/ Form 16/Latest ITR
  • Last 3 month’s bank statement is mandatory

Self Employed:

  • ID Proof: Passport /Pan Card/Driver’s License/Voter’s ID/Aadhaar Card
  • Two recent passport size photographs
  • Address Proof: Passport/Driver’s License /Voter’s ID/Utility Bill/Aadhaar card/Bank account or Post Office savings bank account statement. It should be computerized documents issued by PSU, Pvt Sector or MNC Banks only. (All banks except corporation bank)/ Property or Municipal Tax receipt; Address proof in the name of the applicant’s spouse or parents name is acceptable
  • Latest Income Tax Return (ITR)
  • Last 3 month’s bank statement is mandatory

Availing a two-wheeler loan is an excellent option to buy a two-wheeler because of the reasons mentioned above.

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