Two-wheeler’s have become one of the most preferred modes of transport in the recent years due to their low maintenance costs and better resale value. Due to the high levels of congestion in metropolitan cities, several car-owners and buyers are opting for two-wheelers for travelling short distances. Having said that, making a direct one-time purchase seems to be difficult for the vast masses. Hence, getting a two-wheeler loan from financial institutions is of great help.
Let’s have a look at some of the advantages of two-wheeler loans and their impact on making the masses travel freely:
- Attractive interest rate: Due to the increase in the number of two-wheeler consumers who wish to travel quickly and efficiently, the interest rates have been facing a downward trend over the last few years. The interest rates for a bike loan in India varies anywhere from 12%-27% depending on the bank or NBFC you are approaching for the loan. Keep in mind to calculate your expenses, engage in proper research, and talk to various lenders to compare interest and overall costs before taking the loan. Some of the factors that play an essential role in availing loans are your current assets and liabilities, income statements, and credit score. The better your credit score, the higher is your power to negotiate the interest rates. Having a good credit score avails you some great offers like zero processing fee, free insurance, and free accessories.
- Flexible and convenient process: Most NBFCs and banks offer quick and flexible two-wheeler loans that can be availed easily. Due to the improvements made in loan approval processes, the sanctioning period has come down to a single day for two-wheeler loans. Moreover, it also has benefits in the repayment processes as the period of repayment is varied from 12-28 months, making it convenient for the borrower to repay the amount in smaller installments. With Clix Capital’s flexible repayment deals, getting 2 wheeler loans has become a far more convenient process.
- Additional services: Due to the Indian Motor Act, two-wheeler loans are now sanctioned including the insurance coverage of the vehicle and an accidental cover as well. This additional benefit has made such investments more attractive and accessible to the borrowers. Furthermore, most loans also cover the extra costs such as insurance, accessories, and registration.
- Helps improve CIBIL score: A good CIBIL score is essential for loans involving a significant amount of money like a home, car, or personal loan. It is one of the primary factors when assessing the eligibility criteria for individuals seeking these loans. Since the cost of buying two-wheelers are low, it makes this loan the easiest among all other kinds of loans to be paid off timely and in proper installments. It is an excellent opportunity for young people to lead the way to a good CIBIL score for future requirements.
- Eligibility is widespread: An average two-wheeler ranges anywhere from 50,000-75,000 INR so when you avail the loan, the amount to be paid every month is quite low and seemingly less due to the low overall cost. Unlike other loans, it is not mandatory for you to have an annual income within taxable income range. So, even an individual who earns around 1,00,000 INR per year can get the two-wheeler loan approved without much headache.
In today’s day and age, buying a two-wheeler loan is no longer a luxury that most can’t afford. Due to the constant changes in policies and laws, the loan accessibility and approval procedures are making it hassle-free for the common man to avail them.
If you are considering getting two-wheeler loan , head over to Clix Capital’s convenient and quick loan processes.