Looking to purchase a two-wheeler vehicle for commuting? Spotted your preferred bike model in the showroom, but was it too expensive to purchase? The good news is that you can now fulfill all of your ambitions by getting a simple loan for two-wheelers and bikes. To learn how to get a bike loan, India, continue reading.
A two-wheeler is by far the best means of transportation in cities, where traffic is only becoming worse. It is your go-to car for all types of commutes, whether they are local or long-distance. There is also the good ol’ motorbike, which is convenient and stylish and can be used for any distance. If you want to flaunt some style as well as convenience. There is only one little issue here. Bikes and other two-wheeled vehicles are not necessarily inexpensive. What should you do when you consider buying a new bike?
Best Method in India for Financing a Bike or Two-Wheeler
You’ve been wanting a two-wheeler or your preferred model of bike for a while, but the price seems prohibitive. You now have a straightforward, hassle-free method of paying for your ideal two-wheeler. So you don’t need to put off or give up on the notion of purchasing one.
One of the easiest ways for buying a new bike finance a bike today is to apply for a loan. The fact that so many financial institutions and other entities now offer easily bike loans. To their customers makes this dream appear attainable quickly.
If you live in India, there are two great options to finance your bike:
- Applying for a two-wheeler loan at a reputable financial institution
- Getting a loan from a Non-Banking Financial Company (NFBC)
These two companies are the finest options for financing because they issue loans to clients very simply. Additionally, all two-wheelers are offered in India at on-road prices, for which banks and NFBCs provide financing. This indicates that the customer can simply buy the car with no money down!
Features of a Two-Wheeler Loan in India
Before applying for a bike loan, India, it’s a good idea to be aware of the following features:
- There is no additional cost to the buyer because the bike loan covers the two-registration wheeler’s fees. Additionally, the loan includes the cost of the bike insurance policy that must be obtained at the time of the two-wheeler purchase. Because all of these costs are included in the loan’s EMI, the bike owner does not need to pay any of them separately.
- The interest rates that apply to bike loans often range from 9% to 26%, depending on the borrower’s credit score, age, source of income, type of job, and other factors.
- A secured loan is obtained from a bank or other financial institution to finance a two-wheeler since the bike or two-wheeler serves as collateral for the loan.
- A two-wheeler loan can often be taken out for up to 4 years, although it can occasionally go as long as 5. The borrower is given the freedom to select a loan term based on their ability to repay.
- If you already have an account with a bank, you may easily apply for a loan there because the bank prefers to lend to its current clients. Additionally, the loan funds will be immediately deposited into your account and are accessible.
- Due to partnerships with financial institutions and other entities, the majority of bike and two-wheeler dealerships allow you to apply for a bike loan at the same time that you purchase the bike there.
- There is minimal documentation, which makes the whole procedure simple and hassle-free for the applicant.
Most loans for bikes and two-wheelers can now be obtained at rates of interest that are comfortably within reach. They are therefore appealing to potential bike customers. You can easily purchase the bike or two-wheeler model of your choice by obtaining a bike loan, India, without having to worry.
Hence, for buying the new bike of your dreams, there is no need for any kind of compromise. You may even think about purchasing superbikes using simple bike financing. Choices if you want to be a little more daring.