Two-wheelers are best for getting through traffic and reaching another location quickly. A two-wheeler is affordable and does not dig a hole in your pocket.
Also, a two-wheeler is durable and can be your companion for many years. You don’t have to spend much on the maintenance of a two-wheeler as compared to a four-wheeler.
Individuals who don’t have enough cash can count on a two-wheeler loan. A loan will provide you with the funds required to purchase a two-wheeler upfront.
You can repay the two-wheeler loan in small installments/EMIs. Read on to understand some pros of a two-wheeler loan in India.
6 Important Benefits of a Two-Wheeler Loan
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Easy approval process
You don’t have to visit a lender physically for a two-wheeler loan. You can choose a two wheeler Loan apply online using your smartphone on the websites of top NBFCs like SMFG India Credit. Individuals above 18 years of age can easily secure two-wheeler loans online.
The applicant should not be over 65 at the loan’s maturity. Also, one must be salaried with a minimum work experience of a year for a two-wheeler loan. Since the eligibility conditions are simple, anyone in India can secure a two-wheeler loan.
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Fast approval
Are you starting a job tomorrow and need a bike urgently? A two-wheeler loan will provide you with instant funds to purchase a two-wheeler. Besides an easy approval process, NBFCs offer quick two-wheeler loan disbursal.
The online approval process decreases the waiting time for a two-wheeler loan. Submit all the required documents and details online for fast loan approval. Ensure you provide accurate details in the two-wheeler loan application to speed up the loan process.
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Flexible repayment options
You don’t have to stress about returning the two-wheeler loan amount at once. One can choose a term of up to 36 months for a two-wheeler loan. The entire two-wheeler loan will be divided into small instalments/EMIs.
However, an interest charge will be applied throughout the two-wheeler loan term. One can use the two wheeler loan EMI calculator to learn about the two-wheeler loan EMI. Even if you use a small part of your monthly income, you can repay the two-wheeler loan easily within three years or less.
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Complete financing
A two-wheeler loan provides full financing to purchase a vehicle. The borrower does not have to ensure funds from their end to make a purchase.
The lender will finance the cost of the bike you intend to purchase. Why bother selling an asset to buy a motorcycle?
With an affordable two-wheeler loan, you don’t have to sell anything to make the purchase. You can choose the instant two-wheeler loan application option now and purchase within a few days.
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Affordable two-wheeler loan interest
Some lenders apply high interest on two-wheeler loans. As a result, the two-wheeler loan EMI amount increases for the borrower.
Don’t trust unreliable lenders that might apply a high interest on the two-wheeler loan. Reputed NBFCs offer two-wheeler loans at better rates. With a better credit score, you are eligible for better rates on two-wheeler loans.
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Chance to improve credit score
When you repay a two-wheeler loan in small parts, you are building a credit history. Keep making timely EMI payments, and your credit score will increase. Once you close the two-wheeler loan, you will become eligible for higher loans.
Conclusion
Two-wheelers are perfect for gliding through traffic in India. With a two-wheeler loan, you can easily make the purchase. Also, you can enjoy affordable interest on the two-wheeler loan from top lending institutions.
The entire process is online, and applicants don’t have to visit physical offices for two-wheeler loans. So, apply for a two-wheeler loan online right now!