Narrow roads, traffic at peak hours and security concerns in public transport are common issues we all face daily. But it is easy to beat the traffic when you have your motorcycle. Two-wheelers loans are the most sensible and economically sound option if you are considering financing a motorcycle.
A two-wheeler or motorcycle loan is easy, and bike finance in Delhi is what more people consider when buying a two-wheeler. Here are the top reasons why you should consider a Bike Loan to finance your dream bike.
7 Reasons Why You Should Getting a Motorcycle Loan
When purchasing a two-wheeler, you can either finance it from your savings or get bike finance in Delhi or any other city you live in. However, getting a Bike Loan is more prudent than spending your savings on a vehicle. Here are the reasons why:
- Less burden on pocket: Instead of using savings to purchase a two-wheeler, you can consider getting a Bike Loan and keep your savings intact. Moreover, a two-wheeler loan gives a comfortable payback option to customers in the form of EMIs (Equated Monthly Instalments). In this, you can decide your EMI based on your budget and pay back the loan amount without taking up an unrealistic financial burden.
- More choices: Take a motorcycle loan to increase your options regarding bike models and brands. And select a bike that would otherwise be out of your budget. This way, without compromising the features and design, you can get the bike you want. A Bike Loan helps you easily afford the more expensive models of bikes like sports, electric, and cruisers.
- Attractive interest rates on Bike Loans: Bike Loan interest rates are designed to accommodate more and more individuals. Lenders like Muthoot Capital offer Bike Loans at interest rates starting as low as 0.99% per annum. With such low-interest rates, it is now easy to afford a bike. You should note that the Bike Loan interest rates depend on various factors like the loan applicant’s income level, the bike’s model, the borrower’s repayment capacity, and the bike’s market and resale value.
- Improving the credit score: Along with the obvious benefits a motorcycle loan offers, a chance to improve your credit score. A Bike Loan EMI is affordable, and if you maintain discipline in repaying the loan on time, it reflects positively on your credit history. An improved credit score can help you negotiate better on loans of higher amounts in the future.
- Convenient loan process: Most leading lenders like Muthoot Capital offer a quick, hassle-free, and convenient online process for availing a Bike Loan. A borrower can get his loan sanctioned within a day of document verification. The customer-friendly online loan procedure saves you from long queues at the lender’s office and helps you arrange quick finance for your dream bike.
- Up to 100% Finance: Some models and brands of bikes can fetch you a 100% loan on them. It saves you from the burden of making a downpayment on the bike.
- No need for income proof: Some leading lenders like Muthoot Capital have loan options for customers without income proof. This feature benefits customers with insufficient proof of employment to provide for a Bike Loan.
A motorcycle loan offers various benefits to the borrower and allows them to purchase a good mileage bike of their choice without any hurdles or stress.