Commuting by public transport can be a nightmare especially if you have to traverse the busiest highways of your city to get to work. Driving an expensive car, looking for parking and manoeuvring it through narrow lanes is not feasible either and that’s why two- wheelers are the popular choice. The popularity of two- wheeler Loan in Ahmedabad testifies to this fact by enumerating the number of professionals who choose to buy their own vehicle to commute. Not only professionals but also students, elders and home makers prefer to have a two- wheeler at hand to run quick errands, get to nearby places, pick up or drop the kids. Even if you cannot pay cash down for a vehicle, the presence of so many two- wheeler finance companies in India makes it easy for you get ready finance to make the purchase.
Here are the top advantages of taking a two- wheeler loan:
Easy to get
Unlike most other loans, getting a two- wheeler Loan in Ahmedabad is a relatively simple affair. There isn’t as much paperwork involved as you would see with a home loan, and the documentation is simple and straightforward. Bike loans are also easily approved and do not take a long process and wait time before they are sanctioned. The verification process, in particular, is quick and easy. This makes it easy for you to get a loan quickly as soon as you decide to get a two- wheeler to end your commuting woes.
Simple eligibility criteria
The eligibility criteria varies among the two- wheeler finance companies in India but in general, they are relaxed enough so that almost anyone can avail of a loan. Even a self- employed individual can apply for a two- wheeler loan, which may not be possible for, say, most home loans. The minimum income per annum requirement is also low enough to allow most people to take advantage of loans to get their new bike.
Many repayment options
Most two- wheeler finance companies in India offer great flexibility in the repayment options you have to pay back the loan. You have the freedom to tweak the tenure option as per your choice so you either pay high EMIs for a shorter duration or low EMIs for a longer period.
Make sure you are calculating the EMIs correctly before choosing your tenure and EMI option. You can use an online EMI calculator to help you before you finalize anything. This calculation helps you understand exactly how much monthly outgo you will be taking on with this loan.
Up to 100% financing
One of the biggest advantages of taking a loan to fund your two- wheeler purchase is that you can cover the entire cost of the new bike. This allows you to keep your down payment low and avoid dipping into your savings heavily for this purpose. The 100% cost coverage via loan allows you to buy your two- wheeler even when you are not in a financial position to make an investment. Of course, it is critical for you to ensure that you will be able to pay the EMIs on time without fail because otherwise you will end up with penalties or worse, repossession of the vehicle.
Thanks to the popularity of two- wheelers in India, there is immense demand for loans to purchase bikes. This has ensured that there is plenty of competition in the market with numerous loan providers vying for customers in this space. The competition ensures that the interest rates offered are reasonable enough for you to repay them easily. However, do spend enough time to carry out some comparison shopping to find the best providers with the lowest rates before you sign up with one for your two- wheeler loan.
Now that you know the many advantages of a two- wheeler Loan in Ahmedabad, go ahead and start searching for a reliable provider who offers attractive rates and good service. Your two- wheeler showroom may have its own financing kiosk too with a lender right there offering to take over the entire loan process. Again, it helps to do your homework beforehand so that you know if this lender is giving you the best terms possible for your purchase.