The infuriating traffic congestions on Indian roads are a common problem these days. People prefer to commute via a two-wheeler vehicle than a car for quick and convenient travel. Not only does a bike and scooter slide smoothly through the rough and narrow lanes, but it is cost-efficient also. The maintenance and repair of a motorbike are cheap. Additionally, two-wheelers offer more mileage than a car. However, lack of funds or savings may not let you ride your dream bike. Fret not, as the best bike loan is now instantly approved and hassle-free with minimum documentation.
New scooters and bikes adorn the vehicle market rapidly. Better designs and features attract more customers. The cost also varies based on the capacity and mileage of the vehicle. Young people are prudent and may not wish to spend their entire savings at once on their dream bike. Therefore, financial institutions offer accessible loans on two-wheelers to boost the sales of bikes and scooters.
1. Budget-friendly loans
You escape a blow to your monthly budget by applying for a loan when purchasing a bike. Any two–wheeler loan EMI calculator is under the guidelines of RBI and thus is safe. The monthly instalments can be decided mutually and are usually flexible. The rates of interest are low as well.
2. Lower Interest rate
The varying interest rates depend on multiple factors such as the cost and resale value of the bike, the buyer’s annual income, and the credit score. Bike loan interest rate witnessed a steep downfall due to competition among the formal institutions and private lenders. Sometimes, the number of instalments also decides the interest rate. Floating and flexible rates encourage buyers to opt for two-wheeler loans.
3. Instant approval
If your income is good, and you do not have any defaults in the past loan amounts, processing a two-wheeler vehicle loan is simple. The processing of these small sums, loans do not take much time and require very little documentation.
4. Enhances Credit score
Better Credit Score ensures quick approval of the loans in the market. For first-time applicants, your annual income plays an essential role in claiming the two-wheeler loans. The chances of approving bigger loans are good when you regularly pay the instalments of the small loans.
5. Flexible choice
As you decide on taking a loan on your bike, you can choose any high-end brand and model without hesitation. Small EMI payments are convenient and give you an option to save funds. Instalment amounts and tenure of repayment can also be flexible as mutually decided by the lender and buyer.
Even low-income groups can apply for a bike or scooter loan with smaller EMIs. Even small income brackets are eligible for a two-wheeler loan.
7. Simple processing
Since the loan amount is usually small, the processing is quick and guided by the RBI.
A large segment of the population opts for two-wheelers for their everyday work. Acquiring a bike on loan is more convenient since the market is competitive, paving the way for flexible EMIs and low-interest rates.