Having a two wheeler in the house is more of a necessity than a luxury. For many a reason, getting a two wheeler might just be out of one’s budget. This is where a two wheeler loan comes in handy. Two wheeler loans are a great option, but come with their own set of limitations at times. A personal loan can often be the perfect alternative to a two wheeler loan, when you are trying to get the funds. Here is why you should apply for a personal loan over a two wheeler loan to buy your bike.
1. Complete Ownership of the Two Wheeler
When you take a bike loan, your bike is hypothecated by the bank or NBFC. This means that till the time you do not repay the full loan amount; the bike is owned by the bank or NBFC. A personal loan is an unsecured loan. In case of a personal loan, there is no hypothecation as the loan does not require you to keep anything as a collateral or security.
2. Competitive Interest Rates
The interest rates for a personal loan are competitive as compared to two wheeler loans. Yet personal loans provide more benefits than a two wheeler loan. The personal loan interest rates at Indiabulls Dhani start from 11.99%.
3. Minimal Documentation
When you avail a personal loan, there is minimal documentation. All that we need here at Indiabulls Dhani is your identity proof, address proof, bank and employment details. There is no need to submit any papers relating to the purchase of your two wheeler.
4. Instant Two Wheeler Loan Approval & Disbursal
You can now apply for a personal loan online through the Indiabulls Dhani website or through our mobile app. The process is quick as it involves minimal documentation. Once the loan is approved, you get the money disbursed into your account in minutes.
5. Cover Other Expenses
You can take a personal loan for a higher amount than the cost of the vehicle. This way you can cover other expenses such as insurance, additional accessories etc.
6. No Restriction on Type of Model or Dealer
When you avail a personal loan there is no restriction on vehicle types or dealers. You are free to buy any two wheelers you want from any dealer of your choice.
The above, are only a few benefits of availing a personal loan to buy your two wheeler. Take a personal loan and bring your two wheeler home without any hassle.