In the current times, and the age of competitive interest rates, flexible Equated Monthly Installments (EMIs) and convenient tenures, loans are just another way to meet your financial goals and personal needs.
And when it comes to making an expensive purchase like a two-wheeler, loans offer ease and practicality; especially if you do not want to compromise on your wants. If you have been thinking of availing a two wheeler loan, here are some advantages that you can benefit from:
- Available at affordable interest rates: Two wheeler loan eligibility can differ for each loan provider, but the one common thing is the affordable rate of interest. The interest rates for bike loans are relatively low. For example, you can avail of a Tata Capital two wheeler loan at an interest rate of only 10.75%.
- Offers financial cushion: Buying a two-wheeler with cash can upset your other financial plans and overall budget. A loan, on the other hand, can help you buy the bike of your choice with greater ease. Two-wheeler loans offer loan tenures of up to 60 months; so, your monthly expenses are not affected.
- Faster approvals: Getting a bike loan approved is fairly easy and quick. You need minimal documentation and can have a loan sanctioned in the least possible time. All you need are the following documents:
- Your salary slips for the last three months
- Your bank statements for the last three months
- Identity proof and address proof
- Helps improve credit score: Maintaining a good credit score is extremely important if you wish to avail bigger loans like a home loan or a car loan in the future. Since two wheeler loans usually come with a low rate of interest, it is easy to repay them. The successful repayment of a bike loan positively impacts your credit score.
- Offers additional discounts: Many loan providers offer discounts and additional offers in collaboration with bike manufacturers from time to time. You can make the most of features like cashback, discounts, free insurance, and sometimes even a waiver of the registration fee. You will come across many attractive schemes during or around festivals and special occasions.
- Brings more affordability and choice: Paying for a two-wheeler in cash can restrict your preference and budget options. However, a two wheeler loan brings more alternatives and increased affordability to the table. You can choose from more brands, models, and types of two-wheeler with the financial backing of a loan.
Conclusion Scooters and motorcycles are known to be affordable than a four-wheeler. This is why they are such a popular consumer commodity in the country. If you are planning to buy one, check out Tata Capital’s two wheeler loans. These are available at loan tenures of 6 to 60 months with flexible EMI options. The simple application and approval process will help you bring your preferred bike home with ease.