At times, loans can be a highly confusing topic. It happens because some people say you should go for them while others say they just increase your liabilities. But whatever they say, we all know that life in the current world isn’t possible without loans. Plus, there are several benefits you can obtain by borrowing the amount from a reliable lender. We have brought six such advantages of getting a loan for two-wheeler vehicles. So you will be able to see why you must opt for it in the case of need.
#1 There Are No Unnecessary Eligibility Criteria
Unlike other loan procedures, you need not follow extensive eligibility criteria while opting for a two-wheeler loan. Most lenders keep their standards suitable for almost everyone who has at least Rs.96,000 per annum of income. Even if you are self-employed, you can still get the loan by showing that your annual profits cross the mark of Rs.1,20,000. There is also an age restriction that states your age must be between 18-65 when you are applying for the loan.
This shows that appropriate age and income are the only two factors required for applying for the loan.
#2 100% Valuation
One of the significant perks of opting for a loan for two-wheelers is that there are minimal down payment requirements. Apart from that, the lender will offer you 100% funds against the value of the vehicle. It makes purchasing much more convenient as you need not save any money in advance for the same.
#3 Quick Processing
The processing of a loan can be a hectic process. Usually, the lender asks you for various documents and other records as proof of your provided details. It can take several days or sometimes months to verify these documents. What makes it worse is that the funds get transferred only after this validation. However, there is no such hassle with loans for two-wheelers.
As its eligibility criteria are straightforward, you need not provide the lender with unnecessary proofs. The usual documentation includes basic records, such as:
- ID proof
- Income proof
- Address proof
- Latest passport-size photograph
- Asset proof
Therefore, the processing of these loans is quick and simple.
#4 Reasonable Interest Rates
A loan for two-wheelers is generally available at reasonable interest rates. It means you don’t have to pay an extensive amount above your borrowed amount. If you wish to get the best interest rates, you will have to conduct a study of various loans available in the market. This way, you will be able to find the lowest rates and the most beneficial loan for your purpose.
#5 Flexible Tenures
It is your preference whether you want to repay the loan in just one year or you want to stretch it up to four years. The longer tenure you choose, the lower will be the EMIs. Therefore, it will become highly convenient for you to repay the loan. Contrastingly, you can also opt for shorter tenures if you wish to get over with the responsibility.
#6 Convenient Repayment
While fulfilling your dream of a two-wheeled vehicle, the loan also ensures that the repayment doesn’t stress you out. That is why lenders keep an easy EMI option with these loans. Under this, you can return the sum and interest to the lender in monthly installments. The amount of these EMIs is also affordable for almost everyone. You can check out a bike EMI calculator to see the exact value of monthly EMIs. With that, you will be able to plan your finances without much hassle.
Once you begin using your own vehicle, you will realize the fun you have been missing out on. So don’t waste any more time and apply for a loan to get your dream two-wheeler.