Having a personal vehicle in which to commute for work or pleasure is a desire of many people. Today’s fast-paced life, with its over-crowded public transportation and unreliable auto-rickshaws and cabs, needs a convenient and efficient mode of transportation, and two-wheelers are just that. With a two-wheeler, one can zip around the city for work or pleasure much better as compared to travelling in a car. In addition, parking issues are also greatly reduced with two-wheelers since they are much smaller than cars.
Cars are expensive and not affordable for a large chunk of India’s population. Although one can get a used car loan at an affordable used-car loan interest rate, it is still burdensome for many to pay back the loan. In this case, two-wheelers are the solution to many people’s commuting headaches. There are many lenders offering 2 wheeler loans. Some of the salient features of two-wheeler loans are:
- Easy to Pay off – Bikes are cheaper than cars and most used cars, moreover, they have a higher resale value than cars when viewed over the long term. Moreover, a two-wheeler loan is shorter and of a smaller amount, that car loans thus can be paid off easily without financial burden.
- Makes Bikes and Scooters Affordable –
Two-wheelers are considered entry-level vehicles in India. Many people prefer two-wheelers to cars since cars are much more expensive than bikes and cannot be afforded by most Indians. However, paying upfront for a bike may also be troublesome for many, in this scenario, two-wheeler loans are really helpful to a large chunk of India’s population for purchasing a new or used bike for work or recreation.
- Lower Interest Rates –
In general, the rates of interest on two-wheeler loans are lower as compared to used or new car loan interest rate in the market, thus making the purchase affordable through easy to pay Equated Monthly Installments. One must note that they can find low-interest rates in two-wheeler loans by comparing and researching the available loan offers.
- Easy and Quick Processing –
The processing formalities for 2 wheeler loans are much simpler as compared to the processing formalities compared to new or used car loans owing to the lower loan amount. Very often, two-wheeler loans are sanctioned instantly at the bike showroom itself. Almost all loan providers also have tie-ups with two-wheeler dealers making the whole process of obtaining a two-wheeler loan very simple and efficient.
At present, two wheeler loans are being provided by a host of banks and other non-banking financial companies. This has resulted in lenders becoming competitive when it comes to providing two-wheeler loans with the lowest interest rate, which is a boon for consumers.
A two-wheeler loan is a great way to buy lifesaving bikes and scooters that are a boon in the horrific city traffic. However, one must note, with so many lenders offering loans, it is best to compare and contrast different loan offers to choose the one with the lowest interest rate and low processing fee making it affordable.