In today’s time, owning a vehicle is more of a necessity than a luxury. Having a registered vehicle not only aids commutation but also saves a lot of travel time and cuts down on extra expenses. This is because a significant portion of our lives which was spent on commuting through overcrowded public transports will no longer be a routine. Hence, investing in a vehicle is a beneficial decision for the long run. Also, a two-wheeler is a more preferable and practical option for most families in India. It is quite low-maintenance transport as compared to four-wheelers.
The purchase process is even more eased since the introduction of Two Wheeler Loan. In the current scenario, a loan is a lot better option than paying the entire cost in one go.
SOME PROMINENT BENEFITS OF LOANING A TWO-WHEELER ARE:
1. Easy eligibility and Quick approval
Simple eligibility criteria make availing loans an easy process. The minimum income amount for being eligible for a credit is on the lower side of the income range. The income threshold is an excellent reason to apply for a loan.
Moreover, with the shift from on-site to the online application, the approval process has become super quick.
2. Increased CIBIL score
CIBIL stands for Credit Information Bureau (India) Limited. A CIBIL score is used to represent one’s credit history. One’s CIBIL score usually ranges between 300-900. A number on the right extreme denotes an excellent CIBIL rating. This means that the person has shown responsible behavior at times of repayment in past instances.
When you opt for a two-wheeler loan,you are often able to repay the loan without any delays. This is because of low-interest rates offered on a Two wheeler loan as compared to other premium loans. All you need to do is use the two-wheeler loan EMI calculator to know the precise EMI amount and pay it within the due date. This behavior elevates your CIBIL score and credibility.
3. Freedom to bring home your dream bike
Given that you need to pay only 10 percent of the cost as down payment, you have the flexibility to choose a two-wheeler of your interest. Had you decided to buy the vehicle immediately instead of taking a loan, the budget restrictions would have made you settle at less.
4. Balanced expenditure
Easy installments foster stable finances. You can prioritize without giving up on your dream. This is because the savings are now spent on meeting other significant expenses.
5. The lesser burden on the pocket
Several factors determine the interest rate. These deciding factors include:
- The choice of your home bank
- Your income,
- Loan tenure,
- The make of the two-wheeler
Yet, in most cases, these interest rates are substantially low. Hence, the burden is less, and the privileges are more.
6. High coverage
One of the most significant advantages of applying for a loan when buying a personal two-wheeler is the coverage amount. You are allowed to state the on-road price instead of the showroom price. This will enable you to cover extra travel-specific expenses. And, the good thing is this higher expense coverage won’t go out of your wallet. All you are required to do is to pay a timely Equated monthly installment. Precise and accurate EMI calculation is aided through a Two wheeler loan EMI calculator.
7. Additional advantages
This is not it when it comes to a two-wheeler loan. There are a few add-ons as well—for example, the schemes and offers which are curated to offer you extra benefits. Most financial corporations provide vehicle insurance, along with loans at low rates. These rates are usually much lower than the ones which include both the utilities bought separately. Moreover, you can also buy accessories and gears along with the loan to save a few extra bucks.
All in all, opting for a two-wheeler loan service is a feasible and an excellent decision. The loan comes with a variety of perks without compromising on other necessities.