A huge chunk of the population uses two-wheelers in India to commute on daily basis. Increase in traffic has made reaching schools, colleges, and offices on time a daunting task, making two-wheelers one of the most preferred modes of transport for Indians lately. With the increase in the number of people wanting to travel quickly and safely, the demand for two-wheelers has skyrocketed, and so has the need for two-wheeler loans.
Buying a bike or scooty on EMI is one of the easiest options today. Here are some of the benefits of getting a 2 wheeler loan:
1. Affordable: Low interest rates, processing fees and documentation charges!
The two wheeler loan interest rate depends upon income, bike specifications, etc. However, in the recent past, due to high demand for bike loans and increasing number of players in the two wheeler finance market, the interest rate trends are falling, making it affordable for most individuals. Moreover, the processing fees and documentation charges are low. In addition to that, there are a lot of special offers and discounts available for various categories like special low interest rates for women customers.
2. Easy and quick: Easy application and quick processing!
Gone are the days when people had to stand in long queues at banks and offices for hours to apply for loan and wait for more than a month to get it approved. Over the last few years, there have been a lot of improvements in the loan application and approval process. Unlike other loans, loan application process for two wheelers is quick, easy and customers can also apply for it online. Moreover, once the application is done, the processing time can be as low as 2 to 3 working days. Also, the documentation is minimal, making most people eligible for the loan. Therefore, the entire procedure of loan application, processing and sanctioning is just a matter a few days. Customers also have the benefit of repaying the amount in smaller installments.
3. Increasing rural penetration
Even in the rural areas, where there are very few banks, customers have a lot of options to get loans. People living in rural areas, who have low credit score or have been rejected by banks can access non-banking finance companies (NBFC), which makes it convenient for such borrowers to purchase a bike on EMI.
4. Low financial burden and high CIBIL score
One of the biggest benefits of a two-wheeler loan is to not face any financial dilemma. As the bike loan comes with nominal monthly fixed interest rates, it is easier to pay every month. This is an ideal option for the young professionals, as it is a good opportunity for them to build a good CIBIL score.
Do not perceive a loan as a burden – its purpose, after all, is to take that financial burden off your shoulder. Make the most of the two wheeler loan and solve most of your financial problems