A two wheeler is a great asset that everyone likes having. While a two wheeler is less expensive than a four-wheeler, it still costs a large sum of money. Not everyone has that much cash lying around and this is precisely why many people opt for the two wheeler loans. The two wheeler loans are easily available from many banks and non-banking financial companies. Many NBFCs also have launched their own apps through which one can easily and quickly get their two wheeler loans at attractive rates of rates.
Read on to know more about why it is always a good idea to take a personal loan to buy a two wheeler and then buy a bike or scooter of your choice.
1. 100% loan –
When you opt for a home loan or even a car loan, you are asked to make a downpayment from your own pocket. This happens because the lender only gives about 80% of the total value as a loan. This proves to be a problem as arranging for the down payment becomes a liability.
The easiest way is to opt for a personal loan for the entire amount and then buy a two wheeler with the same. So, with personal loans to buy a two wheeler, you do not need to pay a down payment, as the entire value of the vehicle is available as a loan. For example, if your bike costs INR 75,000, you can get a loan of the same amount and then buy your vehicle with ease.
2. Attractive rate of interest –
two wheeler loans is secured loans. Basically, your vehicle is used as collateral and hence the interest rate is lower. This allows you to get the loan at lower rates of interest. As a result, the volume of the EMIs are lower and you get to repay the loan easily, without having to worry about defaulting at any time.
3. Easy repayment options –
There are many flexible EMI options available on the two wheeler loans. You can pay a lump sum amount in one go and then pay smaller EMIs. You can also choose a uniform EMI structure. Loan prepayment options are also available. These facilities make it easy for you to repay the loan on your own terms, at your own convenience.
Some of the good personal loans to buy two wheelers also have a long repayment tenure to fit your budget.
4. Good way to improve credit score –
A very important reason to take two wheeler loans is to improve your credit score. If you have a bad, or even a non-existent, credit score, you need to take certain measures to improve it. The credit score gets improved when you pay your loan EMIs properly and on time. If you have two wheeler loans and you pay all the EMIs diligently and also clear the entire loan on time, your credit score will instantly improve. If you don’t have any credit history yet, you can easily begin in this manner. This is a very common tactic used by many to get a good credit score. This is because a two wheeler is a cheap and easy loan to take and repay and you too should take full advantage of this.
5. Easy way to own a vehicle –
And last but not least, you can become a vehicle owner when you take two wheeler loans. Many people want a bike, or even need one for their daily work. However, due to limited funds, they cannot get the bike when they need it the most. If you find yourself in a similar situation, do not hold back. Just opt for a good two wheeler loan from a good lender and achieve your dream of owning a vehicle today. Since you do not need any down payment and the EMIs are also small, the two wheeler loans become very easy to manage and clear.
These are the top reasons that tell you why it is always a good idea for you to take a loan and then buy a two wheeler.
In a nutshell
Opt for two wheeler loans if you have decided to bring your dream bike home. A two wheeler offers a lot of value as it gives you the comfort and flexibility of travelling in your own vehicle. If you need a simple loan, you can opt for a personal loan as well. Just download the app of a good loan application company like Navi and make an online application. You will receive instant approval and can then have the loan amount reach you in just a few hours. Choose a good EMI scheme and repay your loan properly. As you saw from the points mentioned above, there are many benefits you get when you opt for two wheeler loans, so go for it at the earliest and enjoy the benefits on offer.