Due to global pandemic, the way we used to travel has changed a lot. You will have to travel by buses and public transport, putting your life at risk. Why not use a personal vehicle for commuting from home to work or to other parts of the city? You can have your bike financed using motorcycle loan. It is one of the quickest and hassle-free ways of getting your dream bike.
Anyone can buy a motorcycle or scooter with a bike loan whether you are salaried or self-employed. It helps you in purchasing a two-wheeler without paying the whole amount of money upfront. You can repay the borrowed amount along with interest later in easy EMIs. You can use a two wheeler loan EMI calculator to check the amount you have to pay monthly.
Top 6 advantages of availing two-wheeler finance from NBFCs are listed below:
1. Less burden on finance:
With the help of a loan, you can purchase your favourite bike without burning a hole in your budget. You can make the repayment in easy EMIs or instalments. Many lenders can finance the amount in full, i.e. you only have to pay processing charges upfront.
2. Improvement in CIBIL score:
Two-wheeler loans are much easier to pay than other loans. If the loan is paid off entirely without any late payment, it adds to your credit score. With an improved credit score, you apply for more loans, having a more considerable amount and better interest rates.
3. Easy and fast sanction:
One of the benefits of availing two-wheeler finance from NBFCs is fast and convenient sanctioning of the loan. You can even apply for a bike loan from your home at your comfort. It prevents you from the tedious banking procedures and takes less time for loan approvals.
4. No prepayment charges:
Some lenders tend to charge money if you want to repay your loan earlier. But in some cases, NBFCs do not take any prepayment charges. You can choose to repay any time you wish to at your convenience.
5. Easy affordability:
Due to a long repayment period two-wheeler loans are a great deal. Due to an extended period, the amount of monthly EMIs is less, making it easy to repay your loan. Due to these flexible, easy monthly instalments, people have made their dream come true of owning a new two-wheeler.
6. Attractive offers:
Many lenders offers attractive deals such as free insurance or accessories, and many more. Make sure that you know about all the proposals presented by the lender. Many lenders also offer low-interest rates if your credit history is good. You can always negotiate with the lender for better offers.
Conclusion:
Two-wheeler loan can be a gateway to getting your dream vehicle. The process of applying for these types of loans has been made easy by NBFCs. This article will help you research the advantages of two-wheeler loans provided by NBFCs. So, refer to it before finalizing a lender and then inquire about the different deals and offers.
