India is the largest market of two wheelers in Asia. Not only is this mode of commute pocket-friendly but given the traffic condition in India, it does save one a lot of time. Because of the huge demand for these vehicles, there are multiple agencies that provide funding for two wheelers. Almost every household owns at least one two-wheeler. Opting for a loan for bikes is a good idea because you don’t have to pay a huge sum in one go.
Let’s discuss how taking a loan for two wheelers is beneficial to the borrower:
1. Easy on the Pocket
On purchasing a bike, you just have to pay a nominal down payment and that’s it! You are the proud owner of a new bike! The EMIs are extremely pocket-friendly and the interest rate is also very low which takes off the burden regarding paying a huge sum at one go.
2. CIBIL Score
CIBIL score is the most important factor as it is a measure of your creditworthiness. It is critical for your loan application(s) in lieu of your financial needs. Buying a bike on loan is the best way to boost your CIBIL score as the minimum loan amount is easy to repay and to build a good credit history.
3. Interest rates
In India, many banks or Non-Banking Financial Institution (NBFC) like Finserv MARKETS offers two-wheeler loans at attractive interest rates making it easier for people to buy. With the growing demand, lenders have really leveraged this demand making it beneficial both for the lender and borrower to benefit and repay with ease.
4. Income Eligibility
A two-wheeler comes anywhere between Rs. 50,000 – Rs. 75,000, therefore, getting a loan on this even with a minimum taxable income of Rs. 10,00,00 is very easy. The EMI remains less, and it makes it more appealing for the borrower to take the plunge.
5. Add on Benefits
The loan amount also covers bike accessories. Also, under the Indian Motor Act, the loan gives comprehensive two-wheeler insurance including the accidental cover. This is a very attractive package for anybody to start off their vehicle purchase with.
6. Quick Process
Loan processing for two-wheelers are done within a day’s time now, approvals are quick and repayment tenure range from 12 to 48 months. The tenure makes it easy to pay smaller instalments without burning a hole in your pocket. If people need extensions for repayment, it even goes up to 60 months making it more flexible for the buyer.
Looking to purchase a new two-wheeler? If yes, then we are here to help. With Finserv MARKETS, applying for Bajaj Finserv Two-Wheeler Loan is easy, quick and completely hassle-free. What’s more? You can take advantage of a plethora of features and benefits of two wheeler loan right from the comfort of your home. So why wait? Head over to Finserv MARKETS, and apply for a two-wheeler loan with us, today!
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!