A lot of times, financial consultants and experts encourage two-wheeler customers to choose a suitable personal loan to purchase their desired bike. Getting a two-wheeler loan by way of a personal loan is highly practical today. A lot of reasons are applicable, which shows evidence that selecting a personal loan to purchase a bike is an excellent initiative. Two-wheelers are a favorite mode of transportation in India because they are lightweight, fast, and time-saving when traveling from one location to another.
If you don’t have sufficient funds to purchase a bike or don’t want to waste your savings on shopping for a bike, then go for a bike loan so that the buying is hassle-free. You can opt for a bike loan or personal loan to shop for a new bike or motorcycle. A Personal Loan Gives the Applicant the Benefits of an Unsecured Loan Offering any kind of collateral/security is not required. The rate of interest is also quite inexpensive. By and large, the loan expenditure for being a bike-owner is low. With the help of some adequate and orderly financial groundwork, you will be confident in handling optional monthly spending. You don’t have to inform the lender/bank that you are buying a bike with the personal loan. You don’t really need to specify to the bank the objective for getting a personal loan. When you apply for a personal loan to purchase a bike, you can benefit from 100% funding of the final price. This is extremely useful as most banks give only 80% of financing. By this method, you needn’t fret about loan down-payments. If you’re thinking of buying a bike with your two-wheeler loan, a fixed down-payment is necessary. The down-payment is usually decided by way of negotiation with the bank. When you avail of a personal loan to buy a two-wheeler, a down-payment won’t be required. You will obtain full-financing for the bike’s cost/price. What If I Want a Bike Loan? If an applicant opts for a bike loan, the bank will request for their credit history or a CIBIL credit rating/score. If you do not have a favorable credit history, you will not be eligible for a bike loan. You can alternatively opt for a personal loan. Banks request CIBIL ratings/scores for personal loans too. Some Indian banks may grant the loan applicant a personal loan following a careful review of their income/salary, employer information, the status of employment, expenditures, etc. If your financial profile looks satisfactory and the bank is assured that you will make the loan repayment promptly, the personal loan is likely to be approved. You may avail it to purchase the bike you have chosen. Generally, when you apply for a bike loan in India, the interest rate is low.
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September 2021
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