Various reasons for availing a Two-Wheeler Loan

With the increase in the population in India, there is a lot of traffic congestion. The movement of increased vehicles on the road has brought heavy traffic. Two-wheelers are now the most preferred mode of transport among the people.  People feel hectic and tedious to travel in the peak traffic for their work. It takes every individual plenty of their time to make their daily journey in the city roads. People escape the woes of traffic and harmful pollution with the use of two-wheelers.

Bikes have become the ultimate solution for comfort and time-saving mode of transport. Now many women prefer to use the two-wheelers as it helps them solve their daily household works in the purchase of groceries and stuffs. They are the most practical means of transport available for every individual.

More and more people have now started to opt for the purchase of two-wheelers. With the more easy availability of two-wheeler loans, the purchase of bikes has become more affordable.  It is now a status symbol own a bike to distinguish oneself from others. The availability of finance has made two-wheelers the most preferred mode of commute.

The availing of a two-wheeler loan to purchase a two-wheeler will ease the burden of the person. There are many reasons for availing a two-wheeler loan. It varies from one individual to another based on their needs. Two-wheeler loans are very secure and affordable for everyone.

The Reasons for Taking Two-Wheeler Loan

  • They are very safe and affordable

    As per the regulations of government and guidelines under the Reserve Bank of India, two-wheeler loans are very safe and transparent for every borrower. The charges involved with the loan as well as the fees are mentioned in the two-wheeler loan. The loan repayment schedule and pattern is clearly stated.

    There is an affordable and attractive rate of interests involved in two-wheeler loans. The repayment of loans is very friendly with the borrower as it is under their reach. The loan amount will be credited very quickly once the process for the application is done.

  • There is no necessity to settle for something less, as one can reach the dream bike

    Any individual can achieve their dream by purchasing the bike they desire irrespective of the modelor price involved with the bike. When one wishes to own a bike with high visuals and advanced output, two-wheeler loans can come in handy to ease out the burden by financing it. When the bike is purchased from the savings or hard-earned money, it will put a financial constraint on the individual for monthly expenses. Many individuals will settle for a low model because of the high cost.

    Availing a bike loan will solve all these issues as it will not give a financial constraint. It will reduce the financial burden of the individual and helps in proper financial management. A two-wheeler which may be out of reach can be purchased with the finance provided by the two-wheeler loan. The two-wheeler loans with Easy EMIs for loan repayments.

  • Cash for emergency usage

    The cost involved in the purchase of the two-wheeler is substantial. There is no need to use the bank balance for the purchase of two-wheeler loan when one has the two-wheeler finance. One can have cash for every emergency and personal needs or expenses. The instalments for the loan varies from 12 to 48 months.

  • Use the money for other investments

    One can use all the money to make additional investments such as fixed deposits, mutual funds, insurance, other assets, and stocks. One can make any future investments with the money in hand when availing a two-wheeler loan for purchasing a bike.

  • It brings proper financial discipline

    When a two-wheeler loan is availed, one must make EMI payment for every month on a timely basis. There must be an availability ofsufficient funds in the bank account to make the repayment regularly. This loan will enable a financial discipline in the borrower for calculating the expenses in a planned manner.

    The individual will have the clarity to do planning for future costs. This will teach long term financial savings that will help in saving money effectively. The proper usage of savings and allocation of funds will bring discipline to every individual.

  • Enjoy better tax benefits and depreciation benefits

    When a self-employed individual with business is planning to avail a two-wheeler loan, there will be many tax-deductible benefits on loan availed. The individual with business can reap the benefits of tax-deductible interests. When a vehicle is purchased in the name of the company, one can save with additional payments on a certain amount of money.

    There are many other payments apart from loan interest repayments such as fuel, insurance, maintenance as charges are deducted from profits. This will enable one to enjoy the depreciation benefits. For an individual to avail these benefits, the vehicle must be used for business or professional purposes.

  • To build up a credit profile

    When the individual takes up a loan, the financial behaviour is checked and looked upon. A credit profile is created, and it is needed to track the financial information of the individual. The timely repayment of loans and proper closure of loans will ensure a good credit score. A good credit score will ensure higher chances of getting lower interest rates.

    It is essential for creating a good credit profile. Some individuals are first-time loan applicants. The two-wheeler loans are an essential way to improve or create a credit score.

  • They come with low-interest rates

    With the increasing popularityof bikes in India,  the purchase of two-wheeler loans is hassle-free and affordable as the interest rates have gone very down making them very reachable for all individuals. Many financial institutions are now competing with each other in the market by offering many affordable and reasonable interest rates.

    This will increase their chances of having their loan to be availed by every individual. There are flexible EMI tenures for making easy repayments by the individual. These loans are custom made to suit any individual needs.

  • They are very much affordable for Low-Income individuals

    When the individual has a very low income, one can still avail the two-wheeler loan for the purchase of the bike. Many financial lenders offer two-wheeler loans to low-income group individuals and also other individuals with a very low or zero credit score. It gives much priority for the repayment capacity of the individual and will offer loans to the individual.

  • There are other Extra benefits

    Most of the lenders in the financial markets have tie-ups with bike dealers that will help the applicant for availing many additional benefits and offers. The benefits include discounts, no registration fees, free insurance cover, cost of accessories, cashback, and many more exciting offers. It will be beneficial to avail a two-wheeler loan for the purchase of a bike and also make use of benefits that come with it.

Footnote:

With the above-listed advantages in availing of a two-wheeler loan, one can make the best use of it. Two-wheeler loans have become an essential financial tool for every individual in owning a two-wheeler as they are very affordable. Every individual owns a  two-wheeler with ease with the availability of the two-wheeler loans.

You Must Also Read

Autonomous Vehicle Market Grow at 34.1% CAGR up to 2027

Leave a Reply

Your email address will not be published. Required fields are marked *