Laying out a large amount of money to purchase a two-wheeler can make a huge dent in your bank balance. But paying for your two-wheeler with a personal loan or a two-wheeler loan enables you to keep your savings where they belong.
In this article, we’ll discuss the benefits of using an online personal loan to buying a two-wheeler.
Benefits of Buying a Two-Wheeler with an Online Personal Loan
The loan application process is flexible and quick.
The personal loan procedure is simple and online. You just need to visit the website of the lender of your choice or download the app. Fill in the required details. You reach the pre-approval stage of the loan application process in just a few seconds.
You can enjoy attractive interest rates.
Due to a lot of fintech companies evolving in the finance sector, you can get a personal loan at a competitive interest rate.
Financing isn’t tied to your two-wheeler’s price tag.
With an unsecured personal loan, you can borrow more than the two-wheeler’s cost (provided you are eligible for a larger amount) and use the rest of the funds to cover the other costs incurred such as insurance, accessories and registration.
You can buy a better two-wheeler that you otherwise cannot afford.
You may get a personal loan of up to ₹ 5 Lakh or more. With that kind of money, you can purchase the bike of your dreams.
You can get 100% finance.
Traditional two-wheeler loans may cover 70% to 90% cost of your two-wheeler purchase; the rest of the money, you need to pay as a down payment.
A personal loan for two-wheeler can fund 100% of your purchase. You don’t need to pay anything from your pocket.
You can give a boost to your CIBIL score.
A personal loan provides an opportunity for young professionals to build their CIBIL history. Also, taking a personal loan and maintaining financial discipline by repaying your loan EMIs on time improves your credit score.
You enjoy flexible repayment options.
You can spread the amount borrowed over a longer period ranging from 2 to 5 years. This convenient and flexible repayment option gives you the choice to either select a short repayment tenure with high EMIs or a long repayment tenure with low EMI outflow. You can choose the right loan tenure depending on your capacity to repay.
Use an EMI calculator to work out your monthly repayments
Before you apply for a personal loan for a two-wheeler, use an EMI calculator to work out how long it would take to pay off your two-wheeler loan and how much you’d need to repay each month. This understanding can help you plan your finances better.
A personal loan is quick and likely to be one of the cheapest ways of getting finance for buying a two-wheeler.