A Two wheeler is a like a loyal companion. It is a preferred mode of transport for all ages. Whether it is running errands, cruising through the peak hour traffic to work, or a bike ride away from the city, a two wheeler is the most convenient vehicle to own. It is economical and comes with low maintenance compared to other vehicles. If it is out of your budget however, you can always avail a personal loan to buy a two wheeler. When you avail a two wheeler loan, you will usually be asked to keep pledge the two wheeler as collateral. This is not the case with a personal loan. Here are a few reasons why you should purchase your two wheeler by availing a personal loan.
1. Instant Availability
As soon as you decide on which bike to buy, you can avail a personal loan for it. As there are online portals of all major banks and NBFCs, you can apply for a personal loan online itself. The process is simple and convenient and you get an approval on the spot.
2. No Restriction on Model or Dealer
When you take a personal loan instead of a bike loan to purchase your bike, there is no restriction on the choice of dealer or anything.
3. Complete Ownership
The two wheeler is not kept as collateral with the Bank or NBFC when you take a personal loan to buy it. As soon as you buy the bike you have complete ownership of it.
4. 100% Financing for the Two Wheeler
Through a personal loan, you can finance the overall cost of the bike. This includes the road price, accessories, insurance, add-on etc. You can avail a loan for an amount higher than the cost of the bike and incur these expenses too.
5. Zero Down Payment
You do not have to pay any down payment for the bike when you buy it using a personal loan. The entire vehicle is paid and bought for in one go.
6. Simple Eligibility Criteria
The eligibility criteria for a personal loan is as simple as a two wheeler loan, with the added benefits mentioned above. You do not have to keep any security. The banks look at your monthly income, age, nationality, credit score etc.
7. Flexible Tenure
A personal loan gives you the flexibility to repay the bike loan emi based on your repayment capacity. You can choose a tenure which suits your needs. You also have the option of pre-payment if you have a sudden inflow of money.
The above 7 reasons should be enough for you to set out and buy a bike right away. The personal loan interest rates do not burn a hole in your pocket unlike two wheeler loan interest rates. Avail a personal loan to buy that super bike and forget your worries. Ease of commute awaits you!