Is it Better to Go for a Loan to Buy a Bike?

A two-wheeler is the best mode of transport to drive errands sliding through heavy traffic. It is a part of every household in India. Buying a bike is on everyone’s checklist owing to the convenience it offers. Everyone needs a two-wheeler for different purposes owing to its practicality and style. It could be a bullet for a trip to Leh or a scooty or pulsar for the daily commute to the office. This practical mode of transport comes at a price range of approximately Rs. 41,015 – Rs. 1.32 Lakh in India. 

Many save for their bike and buy it thinking going for a loan is a hassle. Additionally, loans are considered a liability and an extravagant choice. But the fact is that a two wheeler loan comes with various benefits that many do not understand.

Let us see what they are.

Why Is It Better to Go for A Loan to Buy a Bike?

Bike loans make it more accessible for people across varied incomes to make their dream into reality. There are several reasons why it is best to opt for a two-wheeler loan to buy your bike rather than paying the lump sum. A few of them are listed below. 

  • Reduced Interest Rates

availing a two-wheeler loan through digital methods is the most convenient way to purchase a bike without any hassle. Additionally, digital apps have competitive interest rates that will save you more money than otherwise. The bike loans have become so popular in India, that the interest rates for these loans have been reduced drastically. Nowadays, the lenders charge an interest rate of about 8 to 28 per cent two-wheeler loans.  Additionally, if you have a good credit history and a pre-existing loan with your lender, it will be easy for you to strike even a better deal with the interest rates.

  • Zero Down payment

Many lenders offer zero down payments on your two-wheeler loans. Not paying any amount in advance is an excellent option if you don’t have finances in hand yet need to buy a two-wheeler for an emergency. The zero down payment option will save you from the stress of paying the lump sum from buying the bike, as your lender will provide you 100% of your loan at attractive interest rates.

  • Flexible Repayments

You can choose your instalments and opt for an easy repayment schedule based on your finances. Most lenders offer flexible repayment tenures that you can repay up to 3 years giving you the time to pay the monthly EMI’s in small installments within your budget.

  • Reduced Eligibility Requirements

Though the eligibility requirements to avail of a two-wheeler loan may vary based on the lender. Additionally, the rejection rates of these loans are very much lesser than others. Bike loans have minimum eligibility and age requirements, making them accessible for people across all income ranges.  

  • Reduced Financial Burden

Paying small portions for your necessity will considerably reduce your financial crunches than paying a total amount. With bike loans, you only have to pay a negligible amount on down payment and pay the rest in monthly EMI’s. You can use a bike loan calculator to calculate your estimated EMI and come up with the optimum amount that you will have to repay. Estimating your EMI instalments will help you plan your finances well in advance by choosing your instalment strategy based on your ability to repay them.

  • Hassle-free

Gone are the days when one needed to do a lot of paperwork and documentation to avail of two-wheeler loans and wait until they are sanctioned. With the advent of digitization, loans are available through apps at the top of the button nowadays. One has to enter their information and upload the necessary documents. The documents are verified through digital processing, and the amount is credited within 24 hours to their bank account if all documents are intact. 

Taking loans will help you make your dream come true without burdening you to pay the entire amount. These are just a few of the many benefits that make a two-wheeler loan an excellent choice.  

If you want to avail yourself of bike loans at the best interest rates, then Fullerton India’s two-wheeler loan is the best choice for you. We are one of the most trusted lenders in India who offer affordable interest rates and an array of benefits to our customers. Apply Today!