.Since the whole COVID-19 situation arrived in India, social distancing has become the new norm. Hundreds of people who earlier used to take public transport to and from work are now considering the option of purchasing a two wheeler. Although it is an option that crosses every individual’s mind at some point of time in life. Today is the best time to bring home a brand-new scooter or a bike. However, given the current economic situation. It may not be wise to spend all your savings to purchase any basic to premium two wheeler model. But you do not have to worry, as nowadays, there are many lending institutions that provide a well-customized loan for two wheeler.
Usually offered at competitive interest rates and with a flexible repayment structure, such loans allow you to make your everyday travel easy and safe, without burying yourself under any financial stress. In fact, before agreeing to the terms and conditions of the loan. The borrowers can use an EMI calculator to check whether or not they can comfortably pay the monthly installments. Above all, you just have to maintain a good credit score to quickly seek the approval. And to gain a position to negotiate the terms with the lender. If you are still not sure about how these loans can be useful for you. Then here are a few advantages that you should consider.
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You get a brand-new two wheeler –
Undoubtedly, the most obvious advantage of taking a two wheeler loan is that you receive a brand-new two wheeler of your choice. This way, you no longer have to adjust your schedule and priorities as per the availability of buses, cabs, and trains. Along with this, you get to travel safely and without the fear of contracting the deadly virus. Moreover, a bike or scooter is not only affordable but is also cheaper to insure in comparison to a new car.
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Help you in managing your finances –
Like stated above, purchasing a two wheeler solely through cash can cost a heavy burden on your wallet and can actually meddle with your other monthly expenses. This is not the case with a loan for two wheeler, as you can pay the entire cost of the vehicle in the form of well-equated monthly installments while effortlessly paying for your other expenses.
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Can improve your credit score –
Larger loans such as home loans and car loans demand a higher credit score in order to get the approval. Since a two wheeler loan involves a comparatively smaller amount and is provided at an attractive rate of interest, it becomes easier for you to timely make the repayments. And once you make all your payments on time, you get to improve your credit score and make yourself eligible for home and car loans.
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Quick online approval process –
Thanks to the arrival of digitalization in India. More and more financial institutions have transferred the entire application to the approval process online. In this manner, it has become absolutely convenient for the applicants to file the application. And seek the approval for their loan. In fact, all you need is your phone or laptop to apply for a two wheeler loan from anywhere. Also, once approved, the lenders disburse the funds in your account within a day or two.
What are the eligibility conditions for taking two wheeler loans?
- The applicant must be 18 years of age while applying for the loan and less than 65 years before the loan matures.
- The applicant must be an Indian national. Residing at the same address for a period of a minimum of 1 year.
- The Both salaried and self-employed individuals can apply for the loan. But must have a work experience of at least 1 year.
- The applicant must have a positive credit score in order to qualify for the loan. As well as to demand a low interest rate.
- The applicant must provide all the KYC documents demanded by the lender for the process of verification.
Conclusion
To sum up, whether you require a new bike or a scooter, a loan for two wheeler can effortlessly meet all your requirements while ensuring minimal financial stress. This is all about financing your bike or any other light motor vehicle. All you have to do is thoroughly scout the markets to choose a reliable lender and then make sure to meet the eligibility conditions in order to seek a quick approval for the loan. Moreover, you must read every piece of detail clearly before signing the agreement.