Are you tired of paying rush hour high charges for cabs and frustrated by not finding autos for going to the office? Then why not eliminate all these hassles by buying a bike for yourself? In this modern time, buying a two-wheeler is not a far-fetched dream as it was a few years ago. It might be possible that your choice of the bike could come with a hefty price tag. But that’s why two-wheeler loans are for!
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Unfortunately, When two-wheeler loans offer the most convenient way to purchase the dream bike, most people are still not sure about opting for an EMI option. One of the biggest debates at the time of buying a two-wheeler is whether they should use their savings or go for the bike loan option.
Bike loan VS cash payment
The main argument lies in which one to opt for either the bike loan or cash payment option. If you plan for the cash payment mode, you may not have enough money in your account at the time of any uncertain needs. On the other hand, if you choose a two-wheeler loan, you have to make an EMI tenure. Either way, you must make a financial plan for the next few months.
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Advantages of availing a bike loan
If you are unsure about the bike loan and think it’s an extra burden to pay EMI every month. Here are some practical advantages listed below of availing of a bike loan:
- Get the power to purchase the bike of your choice
If you are falling short of cash for your dream bike, you can fulfil your wish with the help of a two-wheeler loan. Most two-wheeler loan providers offer 90% of financial assistance for the bike price. You only need to pay 10% of the total amount as a down payment. Use the bike loan EMI calculator to know about the EMI instalments so that you don’t miss any due EMIs. All you need is to select a tenure amount and keep in mind the due date of paying the EMIs every month.
- Less financial burden
Even if you have enough amount of cash, it’s not advisable to purchase your bike in cash. You might end up short in cash at the time of any emergency need. A loan is a more comfortable option as it allows you for better budgeting. You can easily pay a small amount of EMIs monthly to clear the loan. So, the bike loan will help you choose your favourite bike and ensure that your other expenses are not affected.
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- Easy application process
Most people do not opt for bike loans because they think it’s a complicated process to avail a two-wheeler loan. But, fortunately, it’s not! These days, getting a bike loan is an easy and quick process. Most loan providers offer a hassle-free application process and easy-to-meet eligibility criteria. If you fulfil the eligibility criteria, they only demand a few necessary documentation processes to finance your bike.
- Improved credit score
Since bike loan comes with comparatively lower interest rates, paying the EMIs on time becomes easy, reducing the chances of default. It will further help you to improve your credit history. And with a healthy credit score, you can avail of easy loan approvals in future. It’s like hitting two birds with a single stone.
- Competitive interest rates
During the festive season, the loan providers come up with outstanding festive loans and pre-approved loan offers at the best interest rates. At that time, you can opt for a suitable loan for yourself.
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Pay EMI or use your savings
Opting for a bike loan is not as difficult as you think. As long as you meet the lender’s eligibility, have a good credit score, and submit all the required documents, applying and getting a loan sanctioned is effortless. On the other hand, using savings does not require any documentation, but you might end up with less money for your other daily requirements.
Making a choice
Deciding the mode of payment, whether it is cash payment or an EMI, totally depends on you. Nowadays, availing a two-wheeler loan s much more accessible and convenient. Where you can have exciting offers like a bike insurance policy, low-cost maintenance and tax benefits.
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What you should keep in mind is if you have enough cash to spare, choose the cash payment method. On the other hand, if you have a steady income and have fewer savings, a two-wheeler loan is the better option for purchasing your dream bike.
