Loan on Two Wheeler: Get There Faster on Your Own Bike or Scooter
True though it is that a two-wheeler can add a substantial dash of convenience and flexibility to your life, do not make the mistake of purchasing it through your savings. There is the option of loan on two wheeler that will not only enable you to accrue the benefits but also render the deal financially feasible.
So why should you rely on a two wheeler loan for two wheeler to purchase the dream bike that you have been saving up for? Reasons vary from ease and convenience to affordability and tax benefits, all of which justify relying on a loan. To convince you further, discussed as follows are some of the most obvious benefits of a bike loan that can speed up the process –
It is a safe, secure and affordable option. Owing to being closely regulated by the relevant authorities, the loan on two wheeler is one of the most secure and transparent financial solution. When you avail of this loan, all aspects ranging from processing fees to penalties, extra charges and repayment tenure are mentioned clearly. Courtesy of the absence of ambiguity, this option emerges as safe and secure.
Affordability arises from reasonable interest rates, which in turn translates into manageable monthly instalments that do not disturb your monthly budget.
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It protects your savings. An alternative to the two-wheeler loan for two wheeler is to use personal savings to buy the vehicle. However, there is a catch in the situation, wherein spending your stash for buying a two-wheeler implies that you will hardly be left with anything for an emergency. So, availing of a two-wheeler loan protects your savings while still providing you with the finance for a new vehicle.
It helps to improve your credit score. As compared to a personal loan or a home loan, the two wheeler loan for two wheeler is easier to repay. Particularly if you have used the EMI calculator to plan your monthly instalments, repaying the loan would occur on schedule. These transactions would lead a positive credit trail, which in turn would reflect well on your credit profile and improve your credit score.
Going ahead, a healthy financial report card would render you suitable for pre-approved loans and other special offers.
It grants you freedom of choice while buying a two-wheeler. The loan on two wheeler truly comes in handy if the brand and model that you have in mind exceeds your personal savings. Using up your savings can be stressful mentally and financially, and even more so if the amount falls short of the requisite purchase price. Rather than compromise on the functionalities or settle for a cheaper model, you can avail of the loan and buy a two-wheeler of your choice.
It is easy to avail of courtesy of a simplified process. Courtesy of the absence of collateral and minimal documentation required, the process of filling and submitting the application form is quick, easy and simple. Assuming that all the information provided by you in the form is accurate, lenders take the shortest possible time to verify the details and grant approval. Following approval, it takes only a few hours or at the most a day for the funds to be disbursed into your account.
Lack of lengthy applications, elaborate documentation, and long waiting periods are some features that render this loan attractive and worthy of serious consideration.
It encourages you to maintain fiscal discipline. Anytime is a good time to start practicing financial discipline, and availing of a two-wheeler loan can become a part of the process. While the loan on two wheeler enables you to buy a vehicle of your choice, it also implies that you would need to pay a certain amount to the bank as monthly instalment every month. Honouring this commitment would require you to be mindful about your expenses, set budgets every month, and maintain a minimum amount in your account.
Cultivating fiscal discipline is easier when you have a loan to repay as opposed to relying on your personal savings. Therefore, take this opportunity to buy a two-wheeler and also learn how to best manage your finances.
It provides tax benefits. For a salaried person, taking this loan would mean availing of tax benefits in form of income tax deductions. A self-employed person can also enjoy benefits by paying the tax and depreciation, like maintenance, fuel and other expenditure, from the profits. In this way, you will have saved on taxes while still fulfilling all the payment commitments.
How many times have you had to postpone the decision to purchase the latest bike model to cut down on the travelling time, or just to avoid public transport due to the pandemic? Now that you are aware of the possibility and benefits of a loan on two wheeler, check your eligibility and ascertain the amount that you can pay every month as EMI. Then apply for the loan, complete the formalities and enjoy buying the new bike.
Use the two wheeler loan for two wheeler to acquire the dream companion that will get you faster physically and financially.