Many wish to purchase their dream bike, but not everyone is able to do so due to financial constraints. However, there are many banks and Non-Banking Financial Companies (NBFCs) that offer attractive loan options to those seeking to purchase a bike.
There are numerous advantages of borrowing a bike loan. Following are five reasons why availing of a two-wheeler loan will make your life easier.
- Lowers financial burden
Paying the entire amount upfront for purchasing a new two-wheeler exerts a huge strain on your finances. Instead, you may opt for a two-wheeler loan. Such a loan has to be repaid over a period of time through Equated Monthly Installments (EMIs). You may budget your finances accordingly. This facilitates effective financial planning, and prevents any kind of financial pressure.
- Gives you the power to purchase
A loan provides you with the power to purchase your dream bike, which you would not be able to afford otherwise. Many use their lifetime savings to purchase a vehicle, and are hence, left with little or no cash to meet contingencies. Some try saving for a long period of time, yet fail to accumulate the required amount to make the purchase. A loan ensures that you have quick access to funds, thereby enabling you to buy your favorite bike quite easily.
- Provides attractive offers and discounts
To attract potential customers, many banks and NBFCs provide attractive terms on the loan. Some financial institutions offer competitive bike loan interest rates, thereby reducing the loan amount significantly. Moreover, they provideflexible loan tenures, quick processing, affordable installments, and quick online approval, besides many other benefits. Some lenders also levy affordable fees and charges, such as prepayment fee, foreclosure charges, part payment fee, and processing fee, among others.
- Offers flexibility and convenience
Earlier, it was required that you visit a nearby branch of the financial institutionto avail of a loan. Besides, you had to fill a physical application form and submit a physical copy ofyour documents. You would need to make multiple trips to the branch in case you left any document at home. The advent of digitalization eliminated such issues. You may now enjoy a great degree of convenience by availing of a loan through the Internet. You may fill the application form and upload all the necessary documents online. Besides, you may also make payments and track your repayment schedule through the Internet.
- Helps in improving your credit score
Making timely repayments of EMIs has a positive impact on your credit score. Home loans, education loans, or car loans involve a huge amount of money as compared to a two-wheeler loan. Since the cost of a two-wheeler is comparatively less, it is easier to make repayments on a regular basis. This would help in improving your credit score to a great extent.
Purchasing a bike on EMI has numerous advantages. You may avail of the aforementioned benefits of a two-wheeler loan and ride home your dream bike without any financial difficulties.