Bike loans and personal loans are two different entities. Both of them have different parameters to gauge the borrower’s credibility before approval. Many banks and private lenders offer personal and two-wheeler loans after doing a background check of the borrower and verifying the requisite documents. In today’s time, it has become a lot easier to get a personal loan or a bike loan as these loans are sanctioned without any collateral security and can be easily repaid in Equated Monthly Installments (EMIs).
A personal loan is usually taken to meet any emergency requirements and can be availed without giving any reason to the bank. A bike loan is availed to buy a two-wheeler of your choice as it is an easy option for prospective buyers.
Additional Read: Minimum Down Payment for Bike Loan
|Features||Bike Loan||Personal Loan|
|Loan Amount||Depends on Vehicle Amount||From 2-20 Lakh|
|Loan Sanction||Same Day*||Within 2-3 Working Days*|
Though both the loans meet the goal, you should take into account your financial goals and abilities before finalizing the loan.
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Additional Read: How To Buy a Bike on EMIApply For Bike Loan