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Why Apply For Bike Loan Online?

A bike loan is definitely the best way to buy a bike. As a matter of fact, more than half of the total number of bikes sold in India were financed in the past year. Bike loans are a preferable option not just when you do not have the entire amount needed for buying the bike. Even when you have the money, not paying the entire amount at the time of purchase, is a much preferable option. Along with that, with more availability and accessibility of such loans, you can easily apply for bike loan online or even apply for one during the time of purchase.

Why Is A Bike Loan A Better Option?

There are several reasons why bike loans are a better option than paying cash upfront for purchasing a bike. Amidst the recent COVID-19 pandemic situation, two wheelers have been a preferred mode of transportation in India. It is more safe, sustainable and saves a lot of time on Indian roads. That being said, even though two wheelers are not very expensive, it completely depends upon the model and make you are choosing. Regardless of your choice, if you do not have the entire amount of purchase with you right now, it does not mean that you cannot buy the bike of your dreams.

This is when the option of financing the purchase comes in. Even when you have the entire money with you, buying a bike with a bike loan is a much better and financially-wise decision. This is due to the following reasons:

  • Bike loans are very easily available all across India. There are numerous banks and finance companies providing bank loans to salaried and self-employed professionals.
  • Applying for a bike loan is really easy and simple. There are a lot of companies offering bike loans and you can easily apply for bike loan online or you can apply for one directly at the dealership from where you are buying the bike. You also have the option to visit the bank branch or office of the finance company to apply for the loan.
  • Bike loans generally have 3-5 years of repayment tenure. This length of time is good enough for you to pay back the loan in the form of EMIs without having to face any financial difficulties or burdens. The entire loan amount along with the interest charges are divided into EMIs, which mostly turns out to be a very small amount in comparison to the actual price of the bike.
  • Bike loans generally come at a very nominal interest rate calculated on the principal loan amount. There are no hidden charges or exorbitant processing fees if you choose the right lender.
  • Even when you have the money, you can keep it with you as savings for any emergencies and future purposes. You can invest the money in other finance instruments like stocks and mutual funds. This might help you earn much more than what you pay as interest charges for the loan.
  • Bike loans are quite easily approved and people with no credit record or even a decent credit score can get a bike loan. The documents required for bike loan are minimal and with some basic documents, you can easily get your loan application approved.
  • Some lenders also offer zero down payment bike loans so you may not have to pay anything at all at the time of purchase. The entire purchase amount is financed and even the processing fees of the loan is also added to your EMIs.

Final Thoughts

The above discussion makes it clear that bike loans are definitely the best way to go when it comes to purchasing a bike. Just because you have the money, you do not need to pay it all at one go. It can be put to better use by keeping the money with you while buying the bike with a bike loan. Most lenders allow you to apply for bike loan online so you can very much get the loan approved from the comforts of your home itself. Simply choose your preferred lender and visit their mobile app or website and search for “two wheeler loans.” You will get all details about eligibility and documents required for bike loans and then apply for the loan accordingly.

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