Are you planning to purchase a bike or a scooter? If yes, you should consider financing your dream two-wheeler with the help of an NBFC. Read on to know the significant benefits you can avail by taking a bike loan from NBFCs.
Benefits of availing bike loan from NBFCs
In the last decade, there’s been a major spike in the demand of two-wheelers in India, especially among today’s youth. The most significant driving factor in determining the surge in the sale of two-wheelers is the easy availability of loans and the minimum bike loan interest rate. These affordable loans are offered by a few renowned non-banking financial corporations (NBFCs) like Muthoot Capital Services Limited. It’s not just confined to metropolitan cities, but these loans can also be availed by people living in the country’s remotest areas. Along with low-interest rates and easy availability, there are various other benefits of availing a bike loan from NBFCs. Here are a few of them:
- Less complicated eligibility criteria:
The foremost thing that a person is likely to check before applying for a bike loan is the eligibility criteria that need to be fulfilled. There are no particular guidelines for the eligibility criteria, and every lender is known to have some different requirements for different products. However, NBFCs make sure that their customers don’t go through any complexities regarding eligibility criteria. That helps you acquire your dream bike with ease, without the need to go through much trouble with eligibility.
- Minimum Documentation:
NBFCs offer hassle-free loan processing to their customers who have all the required documents in proper order. Therefore, it’s recommended that you keep the necessary documents such as address proof, income tax details, identity proof, etc., ready and hand them over to the lending company’s officials when requested for.
- Affordable interest rates:
With the increasing demand for the purchase of products on credit, NBFCs are giving fierce competition to their banking counterparts by lowering their bike loan interest rates. Subsequently, this turns out to be advantageous for buyers to get their dream bike or scooter and make the most of the current competitive situation. With a lower interest rate, you will have to pay a lower EMI and, therefore, repay the loan comfortably.
- Quick disbursal time:
With the ever-evolving technological world, most lenders are trying to reduce the loan processing time and disburse the money in quick time. That has been possible due to the streamlining of various processes with the use of the Internet. Few renowned NBFCs like Muthoot Capital Services Limited ensure that you get the bike loan amount disbursed to your account in less than 24 hours.
- Availability of various specialized schemes:
Nowadays, lenders offer various special schemes with an affordable bike loan interest rate. For example, an NBFC will provide you with a loan amount for the entire amount of the two-wheeler with lesser interest and an additional insurance scheme. However, these schemes are confined for some particular models and brands of two-wheeler vehicles. Hence, ensure that you inquire about the available schemes to know if some additional benefits can be acquired from a particular lender.
- No indifference among customers having poor credit history:
Most lenders consider credit score as the sole factor in determining a person’s repayment credibility. Subsequently, this makes it difficult for a person with a poor credit history to own any vehicle for fulfilling its commuting purpose. With NBFCs, this is not the case as they understand the importance of having one’s own vehicle and don’t differentiate while offering bike loans to people with poor credit history.
- The maximum amount of loan available:
There can be a major disparity in the amount of bike loan offered by the lending organizations. For instance, you will find a few NBFCs like Muthoot Capital Services Limited providing loans of up to 100 percent of the two-wheeler vehicle price. In contrast, some other lenders will finance a certain percentage of the vehicle’s price. Hence, make sure that you know the exact amount or percentage that a lender is willing to offer for the vehicle.
Therefore, consider the benefits of obtaining a bike loan from an NBFC mentioned above to acquire your dream bike at the best price possible.