The perils of traffic congestion are simply too many! While some of us are perpetually running late for work, some are dreaded by a constant threat of rampant accidents increasing on Indian roads. Given this situation, not every millennial can afford compromising his/her professional commitments; however, that which is doable is to get analternative mode of commute! Yes, we are talking about a two-wheeler! If the idea sounds convincing to you, but unfortunately is not backed by adequate cash in your pocket, a two-wheeler loan might be of great help! Two-wheelers help you cut through heavy traffic, and in the long run you’d also know that the overall expenses incurred on a two-wheeler are a lot lesser than that of a car. This is one of the primary reasons so as to why demand for two-wheeler vehicles in the market is increasing day by day. It is almost safe to say that in recent times, for every millennial on the go, customer-friendly two-wheeler loans are a breather.
What you need to know before choosing the right two-wheeler loan
Before opting for a two-wheeler loan, it is important that you do a thorough research of the market. You would not want to end up paying more than what you should have, right? So, get yourself adept with an in-depth knowledge about all the two-wheeler loan options available to you before applying for one. Analyze the following facets minutely and only then progress with sealing the deal!
- Lower rate of interest;
- Easy application procedures;
- Flexible repayment schemes; and
- Quick approval – Add Finserv MARKETS element.
Remember, the key to getting yourself the best two-wheeler loan in the market is to first identify a loan that best suits your own specific needs and requirements. Let’s make it simpler for you!
Choose a two-wheeler loan with the best rate of interest
While analyzing two-wheeler loans offered by various lending institutions, it is of utmost importance to compare the interest rates being charged by each of them. Do not make hasty decisions and opt for a loan from the first lender you come across on the internet. You should conduct adequate market research and find out which company has the most lucrative rate of interest to offer, thus reducing your financial burden in the long run.
There are a number of financial institutions that are now focused on providing customers value for their investment. Most of these companies extend seasonal offers that can prove to be beneficial in the scheme of your 2-wheeler loan. These offers could include anything ranging from discounts provided at the time of purchase, free gifts, reduced processing fees, free insurance and so on. The onus however is on you to stay alert on when these companies are rolling out such lucrative offers for their customers.
What should be your limit
One of the key aspects of this two wheeler loan guide is to acquaint you with the consequences of over-borrowing. Over-borrowing could turn out to be catastrophic for you in the days to come! It is important to be responsible while taking financial decisions especially in the case of vehicles. It is easy to get carried away, thereafter buying a more luxurious model than what you had intended. Take into account your monthly income and other expenditures before finalizing your EMI outflow. It is advisable to keep your savings aside for any unforeseen expenditure that may arise in the future. It is recommended that you use an EMI calculator and assess the amount of money that you can afford to shell out for the two-wheeler you wish to purchase.
Have a repayment plan in place
Another important principle of taking a 2 wheeler loan is having a proper repayment scheme in place before going ahead. Avoid stretching a loan for too long in a bid to lessen the monthly financial burden on your shoulders. Your repayment tenure should be put in place after taking into cognizance your regular monthly income. The sooner you waive off the burden, the better it is for you! You must also keep your age in mind when you sign up for a repayment scheme. Also, choose a lender who offers you flexible EMI options to repay your loan. Visit Finserv MARKETS to get best two wheeler loan and benefit from the features such as lowest interest rates, low EMIs, minimal documentation, quick disbursement and much more.
You can also apply for a bike insurance and learn the benefits of availing a 2 wheeler loan online only at Finserv MARKETS.
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!