Purchasing a two-wheeler is, for many means, a fresh
air of independence.
That first college bike or scooter means being
independent; for some, it is the beginning of a youthful romance. For some
Indians, it’s their lifeline. A scooter, for the homemaker, means independence.
It helps her in dropping her children to school but also running errands and
taking control of her daily life. For some, it is the quickest mode of
transport to their workplace.
In rural areas, a two-wheeler is not just about a mode
of transportation but also about greater financial freedom. A small-town
building contractor can travel to his faraway projects and a village doctor can
travel faster to remote places during an emergency.
With the travel-related stress in commuting in the
city, a two-wheeler is like a boon. You can go out to buy groceries, pay a
quick visit to the ATM, or go on a short road trip with your loved one. A two-wheeler
can serve many objectives and make your life easier. Here are some benefits of
owning a two-wheeler:
Gives better mileage
Contributes less pollution
Maintenance is cheaper
Good resale price
Inexpensive
Can easily be parked
If you need to purchase a bike, you may need some kind
of funding. For most people of India, that means seeking a loan from a
financial company or bank since that is the simplest way to secure a two-wheeler loan
for your bike. The biggest reason why most customers favour bike financing it
is not difficult to get one. Bike loans are easier to apply for
compared to other loans, offer affordable interest rates, women's special
schemes, simple paperwork and flexible tenures.
There are quite a few doubts that shall come in your
head if you are considering financing a two-wheeler for the first time. Will
you be eligible for a loan? If so, how much?
There will be a list of questions, so let's get
started on some helpful information that will clear all your doubts regarding a
2-wheeler loan.
Fee and charges: Most banks charge a one-time processing fee
and include some additional charges here and there to cover up the costs for
the paperwork.
Promised rate of interest: This is where your credit record
and other factors come into the picture. If you have a good credit score, ensure
to go for a hard bargain by making comparisons of interest rates.
Plan benefits: Are there any supposed benefits of selecting
this bank over another? Does the lender give you a lower interest rate for
existing customers? Is there an extra benefit of selecting one lender over the
other?
Processing time: Check out the turnaround time for the bike loan. Shorter the
time, it is better for you.
Extra offers: Buying it during the festival season. Many offer
deals and discounts such as giving a gold coin or an opportunity to win a house
or get free insurance.
Prepayment advantages: Is prepayment allowed, and is there a
limit to the amount?
