In recent years, two-wheelers have become one of the most preferred modes of transport. Why, you ask? The obvious answer is the congestion on the roads and also the fact remains that two-wheelers are cheaper to purchase and maintain compared to cars. Several car-owners and buyers are preferring two-wheelers for short distance, intra-city transport. Having said that, the price of the mid to high end two wheelers makes a direct cash or one-time-payment purchase difficult. In such cases financial institutions have come up Two Wheeler loans to make purchasing a two-wheeler much easier.
Two Wheeler Loans
Two-wheeler loans have proven to be a boon to consumers who cannot afford to or do not want to pay the entire amount. Interest rates on two wheeler loans are reasonable and can be paid off in easy EMIs.
Unlike some other financing options a two-wheeler loan is relatively easy to acquire. They get processed faster than the normal loans and research shows us that a majority of individuals don’t struggle while repaying it.
Where to avail Two Wheeler Loans?
Several financial institutions in the country at this moment provide these loans. You will be able to connect with them from the showroom you are purchasing the two-wheeler itself. The good thing is that now you can even apply for a two-wheeler loan online! Like any other loan application along with your documents you also need a good credit score. The online loan will take the same amount of time to process as a bank would take.
Benefits
Two-wheeler loan interest rates vary from institution-to-institution and you should be careful while opting for one. But the good part here is that, these loans generally have a low interest rate attached to it, making it manageable. They have a very flexible repayment period, which means there is minimum hassle while repaying them.
Make sure to compare two-wheeler loan interest rates and benefits across financial lending institutions before deciding which two-wheeler to buy. There are a few leading players in the market that provide two-wheeler loan services which can be considered: Mahindra Finance, Capital First and Fullerton India to name a few. Capital First is a leading NBFC providing instantaneous loan approvals. Know more about it here.
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One response to “Two Wheeler Loans and their Benefits”
These are some of the benefits of availing a two wheeler loan. In case of two-wheelers, banks provide low-interest rates for making big purchases convenient. … Furthermore, due to an increasing abundance of two-wheelers, the overall interest rate provided by banks has decreased over the years.