In our country, be it a metropolitan city or a town, congested roads and unsettling traffic jams is a routine faced by many. A two-wheeler is the preferable mode of transport in public opinion. When compared to a four-wheeler, it tends to be more fuel-efficient, low on maintenance costs, easy on pockets, better resale value, and best suitable for a faster commute.
The two-wheeler range from Rs. 30,000-100,000 depending on the features. To purchase your two-wheeler, you often start making compromises to reduce your daily expenditure and set aside some cash. But today, you have enough financial options for a two wheeler loan to buy your own two-wheeler without compromising on your budget.
Many of you might be wondering – ‘Why to consider a two-wheeler loan instead of making the whole payment in one go?’ Here are the top four reasons to take a loan instead of spending all your savings in one go:
1. Alluring interest rate
The surging demand of two-wheelers in the country due to its accessibility has made the bike loan interest rates go down in recent years. Lower interest rates make the loan pocket friendly to the customer. In this competitive environment, financial institutions are trying hard to provide affordable interest rates to customers. The rate of interest, and the total cost of the loan depends on various factors like income, employment status, price of the bike, etc.
2. No need to settle for less
Even though the essential utility to purchase your two-wheeler might be for your daily commute, you are interested in a particular model with certain features. A loan would help you fulfil your desire without letting it pressurize your monthly budget targets. Using a credit will let you buy the two-wheeler of your choice with all the visual appeal and features you wish to have.
The loan covers 90% of the cost of buying; thus, it is easy in your pocket.
3. Boosts your credit score
Two-wheeler loans are affordable in terms of 2 wheeler loan interest rate and repayment. Thus, it is possible to pay the loan without any glitches. When you pay the monthly instalments on time, it helps to boost your credit score. Satisfactory credit history makes it easier to bag a bigger loan with low-interest rates and other benefits in the future.
4. Ideal for all income groups
Buying a two-wheeler is the need that runs through all the income groups. Financial institutions offer the loan to cater to the needs of the lowest of the income groups. Thus, any individual, despite his or hor her er earning capacity, can avail of the credit.
Financing through loans while purchasing your two-wheeler reaps various benefits. Instead of spending the savings on buying a two-wheeler, it could be of use to pay your child’s school fees, plan a vacation, and invest to earn better returns. In this competitive environment, where financial institutions are ready to provide the most affordable interest rates, you can quickly negotiate on processing fees and interest rates.