Two-wheeler loans are becoming an increasingly popular and efficient way for buyers to purchase their bikes in the automobile market. These loans are offered to people who don’t want to face the added burden of paying the full amount for a two-wheeler. So let's take a look at the ins and outs of two-wheeler loans.
They are a form of secured or unsecured loans that either requires you to keep your vehicle as collateral or it involves no security at all. These bike loans are offered to customers with many free perks and involve hassle-free documentation and application process. Generally, the interest rate of these loans is their most important advantage.
A two-wheeler loan can be repaid in a host of different ways. However, the most common way to go about paying for these loans is through something known as an EMI ( Equated Monthly Payments). You can find out more about this by referring to our bike loan EMI calculator.
Due to the traffic situation in most Indian cities, a personal vehicle is essential to get around. On the one hand, Public transport is too unreliable, and on the other hand, an auto or taxi is too expensive for daily transportation. Most of the public has learnt this lesson, and those people who could afford to do something about it have bought new or secondhand automobiles. However, two-wheelers are more popular amongst the youth with men & women both preferring bikes or scooters to traditional autos or taxis.
Purchasing a two-wheeler also requires you to have the funds. Although bikes do not cost as much as a car, good bikes don’t come cheap. It becomes unaffordable for the middle and lower-middle-class segment to splurge their entire savings on a stylish bike. For this reason, many Indian banks and non-banking financial companies (NBFCs) offer bike loans online.
Traditionally there was only an offline way to apply for a bank loan. However, with technology becoming more reliable, you can avail these loans online as well.