Owning two-wheelers is a dream for most Indians. In a country, where most of the population has a modest lifestyle, buying a bike/scooter for the first time feels excellent for two-wheeler enthusiasts. However, rising inflation also means that there is a price increase in the vehicle commodity as well. Interestingly, it is now easier to own a bike with the advent of flexible and customer-friendly financial options.
While some do argue that using surplus funds to buy a two-wheeler is a good option, availing finance towers over other options due to the below reasons:
Competitive interest rates: Purchasing a two-wheeler through Bike Finance is becoming common these days due to the influx of heavy competition in the lending market. Several top banks/NBFCs are ready to provide loans at competitive interest rates so that borrowers have multiple offers to choose from. However, to qualify for a lower interest rate, you should meet the requirements of the lender, i.e. income capabilities, existing loans etc.
Faster processing and approval: Saving funds to buy your dream bike can take some time if you have to meet other monthly expenses. There is also the risk of losing the best offer on your scooter if you are dependent on surplus funds. In such instances, a lending institution can come in handy as they provide bike loans with quicker processing and approvals. Nowadays, almost all the bike dealers have a partnership with lenders to offer faster loans. You can also use a bike loan EMI calculator available online to know about the details of the loan in a few clicks.
Smart budgeting: If you believe in intelligent budgeting, you would agree that exhausting around 80k-90k of your surplus fund can dent your savings. You can alternatively use the savings amount for emergency purposes or an investment to rake in more money. With more and more competition in the two-wheeler finance market, you can get the best deals if you opt for bike finance, thus the whole scenario becoming a win-win situation for you.
Increase in credit score: Not many know the significance of credit score in the lending process. Suppose you are looking for loans for both personal and professional purposes. In that case, you should look for ways to improve your credit score, which is an indicator of your creditworthiness and something which can instill confidence in your lender. You can increase your credit score through timely repayments, and by availing of bike finance over cash, you are finding ways to improve your credit score.
Loan coverage: Note that the on-road price is always higher than the showroom price when it comes to buying a scooter/bike/superbike. You might be disappointed at large if your savings amount is not able to cover such expenses and, in such scenarios, two-wheeler loans work as a savior. In addition to such costs, you can also use loans to cover miscellaneous costs like insurance cover, accessories, seating arrangements, etc. Post payment, you shall have flexible tenures and easy EMIs to repay the amount.
Don’t settle for anything lesser: You might be having your eyes on your dream bike, but your budget might not accommodate the same. Rather than compromising on your preference, you can use the loan option to purchase the two-wheeler. With easy repayment options, you can own your favorite two-wheeler with a reduced burden on your budget.
Conclusion
Comparing between various lenders and using an online bike loan EMI calculator is one of the smartest ways to avail of two-wheeler finance and own your dream bike quickly and without any hassles.
