Traveling by public transport especially during peak hours may be very difficult. Additionally, you may spend hours stuck in traffic, especially in buses that take long routes, which is very inconvenient. In several areas, public transportation services are intermittent and often not very reliable. Commuting from one location to another in such situations may be tough.
The best way to overcome your commuting woes is by owning a two-wheeler. A motorcycle will provide you convenience and flexibility to travel. You may be thinking that you do not have the money to pay for the two-wheeler.
Do not despair. Most financial institutions in the country offer two-wheeler loans. These loans are easily available at affordable interest rates. Here are six major advantages of availing of this loan.
- Lesser financial burden
You may face financial difficulties if you pay the entire amount upfront. However, a loan reduces your initial outlay, thereby making it convenient for you to own a motorcycle. Furthermore, the purchase price may be paid over a period of time in Equated Monthly Installments (EMIs). This reduces your financial burden at the time of making the purchase.
- Higher loan amount
Most lenders provide a higher loan amount, which reduces the margin required to own your bike. Financial institutions offer up to 95% of value as the loan amount.
- Flexible repayment schedule
You may choose a flexible repayment tenure of up to five years. This ensures you do not face any difficulty in repaying the loan on time. You may choose a duration that best suits your financial situation.
- Quick and simple procedure
Documents required for a motorcycle loan are minimal. You need to submit your name and date of birth, residence and office address proof, bank account details, and identity proof. The entire procedure is completed within a short period, thus ensuring you ride home your bike at the earliest.
- Affordable interest rates
Contrary to common perception, the two-wheeler loan interest rate is affordable. This ensures you do not face financial constraints in repaying the amount. Most institutions do not levy any additional fees and charges, which makes such loans extremely convenient and affordable.
- Improvement in credit history
If you do not have any credit history or want to improve your credit score, availing of this type of loan is recommended. These facilities are of a lower amount when compared to automobile loans and may be repaid over a shorter duration. This enables you to improve your credit score in a short period. However, you need to ensure you do not default on any EMI to prevent any negative effect on your credit score.
Availing a motorcycle loan is very simple. You may conduct extensive research about the different loans offered by various institutions online. This medium provides information on the interest rates, tenure, EMI, and other terms and conditions on a single page, which helps you, make a quick and an informed decision. It is recommended that you check your eligibility before applying for the loan. This information is easily available on the lenders’ websites.
So, apply for a loan today and easily purchase your bike on EMI!