Is it Wise to Opt for a Two Wheeler Loan to Fund Your New Dream Bike?
With increasing traffic troubles, and new, advanced models in the market every year, two wheelers are and have always been the vehicle of choice for many Indians. In fact, last year alone, a whopping 21 million two-wheeler units were sold in India, marking an all time high for the industry.
In particular, when it comes to motorbikes, there is a wide variety of stylish and efficient two wheeler options available in the market for customers of all kinds. More often than not, the only thing that holds back a motorbike enthusiast from going for his bike of choice, are the necessary funds.
If you too have a dream bike in mind, it is possible that you have been running over some possible funding options. One option certainly is to set aside a certain amount of savings or buy a bike within your current budget. But when it comes to something as essential as a two wheeler, there should not be any compromises on its features.
Which is why it is often recommended to instead finance your bike purchase by going for a simple and convenient two wheeler loan instead. In particular, the bike loan available online is a favorable choice to help you purchase your dream bike. This bike loan essentially a personal loan specifically customized to help customers like you meet their two wheeler purchasing needs. It comes with all the benefits of personal loan such as quick disbursement and no collateral and much more.
However, if you are still unsure about whether two wheeler loans truly are the best funding option for you, it might be worth going through their many benefits. Here are a few reasons to avail a two wheeler loan might be right for you to finally fund your dream bike:
- It lightens your financial burden
At first, it might seem more convenient to fund your bike purchase by simply dipping into your savings. Since it is a big purchase, you might even have to adjust for its cost from other major areas of your monthly expenditure.
However, with a two wheeler loan, you do not need to worry about this financial pressure. The cost of your bike will be paid gradually in simple EMIs over a longer period of time. This helps you avoid any sudden stress on your finances and allows you to repay in good time.
- There is no need for down payments
Traditional two-wheeler loans typically come with one big challenge. They ask for a down payment, the amount of which is to be negotiated with the lender. Even so, they often offer only 80-90% of the financing required for your bike’s price.
This never becomes a concern with personal loans that come in the form of two wheeler loans. With these types of loans, you are guaranteed to receive the entire loan amount you apply for provided your application is approved. There is no down payments required and you can utilise the entire sum to purchase the bike of your dreams.
- The interest rates are lower
Another advantage of two wheeler loans is that they offer lower interest rates than traditional two wheeler loans. Keep in mind that if your two wheeler loan interest rate is low, so will be your monthly EMI amounts. As a result, you will be able to pay off your bike loan amount in a far shorter amount of time.
- You enjoy flexibility in repayment
Speaking of paying off your bike loan, with two wheeler loans you can also enjoy immense flexibility in how you repay your loan amount. Especially, with the Bajaj Finserv bike loan available on Finserv MARKETS, borrowers can select repayment tenures ranging from 1 year to 5 years. Therefore, according to your paying potential, you can easily choose a repayment tenure for your bike loan, as you see fit.
- It requires no collateral
Most importantly, these two wheeler loans do not require a security or collateral from your end. Since bike loans, are essentially personal loans, they are unsecured. So, you never have to worry about placing an asset at risk just to be able to afford your dream bike.
All in all, availing a two wheeler loan proves to be a beneficial funding option for anyone looking to buy the two wheeler of their choice. With benefits such as these, personal loans for two wheelers in particular, offer immense freedom and flexibility to your borrowing experience.
So, if you are looking to purchase the bike of your dreams, some finance company offering bike loans available online may guarantee loan approval in 3 minutes flat and you can even receive your loan within a time period as short as 24 hours.
Moreover, due to the transparent loan application process on Finserv MARKETS, fast online processing and minimal paperwork, availing a two wheeler loan has become a popular option, becomes easier than ever. With the trust of over 100 million customers across the country, this bike loan is the most suitable and reliable funding option for you.