One Dream, Two Wheels, Easy Finance

by Gopal Gidwani on April 19, 2017 · 0 comments

in Financial Planning

2 wheeler

(Source: profit.ndtv.com)

Buying a two-wheeler is one of the major financial decisions. With many expensive models in the market, it becomes difficult for individuals to purchase a two-wheeler of their dreams.

The starting price of a two-wheeler is approximately INR 40,000 to INR 45,000. However, if you wish to purchase the latest model, the price may be even higher.

Don’t let the price tag stop you from buying your dream bike. Avail of a bike loan and simply make a small down payment and repay the outstanding loan amount through Equated Monthly Installments (EMIs). While buying a bike on EMI, you have to repay the amount over a pre-defined period of time, known as the loan tenure.

Features of two-wheeler loans

  • Competitive interest rates and flexible repayment tenure
  • Minimal documentation requirement
  • Online loan approvals

Loan eligibility and documentation
To avail of a loan, it is important to meet the minimum age criteria, income criteria, and other requirements specified by the lender. Upon successfully meeting the eligibility criteria, you have to submit proof of identity, residence, and income. Once the application has been approved, the amount is disbursed into the chosen account.

Tips to consider while borrowing
There are a few things that have to be kept in mind before availing of a two-wheeler loan. Borrowing an amount higher than your repayment capability will cause a huge financial strain in the long run. Therefore, plan your finances and understand how much of your income you may utilise to repay the loan. Thereafter, conduct extensive research on various lenders in the market and select one who offers the best terms on the loan. Also, check the lender’s bike loan interest rates and various fees and charges. Conducting a thorough research will provide you with numerous options, thereby helping you get the most competitive interest rates. By considering the aforementioned points, you can buy your dream bike at a relatively lower cost.

Approximately 77% of India’s vehicle market is dominated by two-wheelers as per the Society of Indian Automobile Manufacturers (SIAM). This indicates a high potential for further growth in this segment. Therefore, lenders offer competitive two-wheeler loan interest rates and flexible repayment options to potential buyers. You may, therefore, easily avail of a bike loan and fulfill your dream.

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