In recent years, there has been a steady increase in the number of female bike enthusiasts in India. This is a welcome change and a strong example of women empowerment. Riding motorcycles has always attracted people from all sections of society. The reasons are plenty but the strongest one is the sense of freedom a motorcycle can offer to a rider. Women in India are finally embracing this idea and getting their hands on their dream bikes.
In case one reading this post is thinking about buying a bike then they should apply for a bike loan.
Why?
Well, the benefits of two-wheeler loans for women are countless and some of them are enunciated in the sections below –
Often applying for a loan was something that was frowned upon no thanks to the long procedures. Those days are gone.
Women can rejoice as they can apply for a loan with a simple tap, swipe or scroll on their smartphone! Women can also choose a lender who can send a representative to the applicant’s workplace or home. One can also follow the traditional process. They go to their preferred lender and get the funds they need to buy a bike in no time.
Most (if not all) lenders now follow paperless loan procedures. This change has cut down the time needed to approve a loan by many folds.
Generic bike loans offered by traditional lenders come with high-interest rates. There are some non-traditional lenders like Bajaj Finance though! Companies like Bajaj Finance offers loan at low-interest rates to women who want to apply for a bike loan.
Additional Read: How To Choose Two Wheeler Loan Tenure Wisely?
0-downpayment loans are ideal for women. It allows one to refrain from paying a single penny to the dealership while taking their dream bike home. The whole upfront cost of the bike will be paid by the lender.
There is a catch though –
0-downpayment loans come with high-interest rates. Furthermore, the EMIs that a woman would need to pay each month will also be a substantial amount.
For more details about 0-downpayment loans*, it is strongly advised that one gets in touch with their preferred lender.
Women can also benefit from the fact that bike loans designed for them come with scalable EMIs. Furthermore, the repayment plans too can be altered on the fly.
Additional Read: How To Buy a Bike on EMI ?
Standard bike loans offered by traditional lenders come with tenures in the 6 - 36 months range. However, bike loan schemes for women come with longer tenures. They could be as long as 60 months!
Consult with your financial advisor for more details.
The eligibility terms put forth by most lenders in India that offer bike loans for women are as follows –
Women who are either self-employed or are associated with a company would need to provide the following documents –
For more details, one should consult with their financial advisor.
