To purchase a two-wheeler is a fresh air of freedom, for
many reasons.
The first college bike or scooter means to be independent;
it is the beginning of a youthful romance for others. It is their lifeline, for
some Indians. A motorcycle means freedom for the homemaker. It helps her to
drop her kids to school but also to do errands and take care of her daily life.
To others, this is the quickest form of transportation to their place of work.
A two-wheeler in rural areas is not only about a mode of
transport but also about greater financial independence. A small-town building
contractor may fly to his faraway ventures, and during an emergency, a village
doctor can travel faster to remote areas.
A two-wheeler is like a blessing with the traffic-related
tension in the city ride. You can go out with your loved one to buy groceries, pay
a quick visit to the ATM or go with your loved one on a short road trip. A two-wheeler
can meet several purposes and make life easier. Here are some advantages of
owning a two-wheeler:
Easy to move in traffic as compared to cars
Gives superior mileage
Causes less pollution
Maintenance is lower
Good resale price
Inexpensive
Can easily be parked
If you need to purchase a bike, you may need funding. That
means applying for a loan from a financial institution or bank for most people
in India as this is the easiest way to secure a two-wheeler loan to buy the
bike. The main reason why most customers favour bike loan, it is not difficult
to avail one. Compared with other investments, a bike loan is easier to apply
for, offer competitive interest rates, special offers for women, easy paperwork
and flexible tenures.
There are quite a few questions that will come into your
mind when you consider for the first time funding a two-wheeler. Do you apply for two wheeler
loan? How much, if so?
There will be a list of queries, so let's get started on
some beneficial information that will clear all your questions regarding a bike loan.
Fee and charges: Some banks charge a one-time
processing fee and have some extra fees to cover the administrative costs here
and there.
Promised rate of interest: This is where your credit
record and other factors come into the picture. If you have a decent credit
score, make sure you go for a tough bargain by making interest rate
comparisons.
Plan benefits: Are there any designed advantages of selecting
this bank over another? Does the bank give you a lower interest rate for
existing customers? Is there an additional benefit of choosing one lender over
the other?
Processing time: Check out the completion time for
the two-wheeler loan. Shorter the time, it is better for you.
Other offers: Purchasing it during the festival
season. Many offer deals and discounts such as giving a gold coin or an opportunity
to win a vacation or get free insurance.
Prepayment advantages: Is prepayment permitted, and is there a limit
to the amount?