A car can offer more convenience but their cost is much higher. Furthermore, the ownership cost is high as well.
Motorcycles are more fuel-efficient than cars. The rise in the prices of petrol and diesel has contributed to the increase in bike sales in India.
One can buy a bike using cash but that will reduce their savings.
So what is the solution?
It is to buy a bike through financing.
Why?
First of all, one would not need to use their savings. Secondly, buying a bike through a loan will boost the credit score of the borrower with every EMI payment. Furthermore, a bike bought using a bike loan will not add to the financial burden of the borrower.
How to find the right lender for a two-wheeler loan when India has many lenders offering loans?
Well, there is a solution to this problem as well.
Every lender will have its unique sets of eligibility criteria.
Make sure that you are meeting the eligibility criteria of your preferred lender.
It is the only way to avoid loan application rejections and related issues.
Always choose a lender offering a loan with the principal amount of your choice.
The borrower may want to buy an expensive bike. If the lender offers only small bike loans then the borrower would need to use their savings.
A big loan will have a high rate of interest. Hence, striking a balance is essential while applying for a loan.
Additional Read: How to Choose the Best Two Wheeler Loan?
Always choose a lender which offers and provides loan in least possible time and with minimum documentation. By choosing such lender, one can easily get his loan approved in hassle-free manner and can concentrate back on his/her daily routine tasks.
Lenders provide loans with a motive to make money. A borrower should study the terms of the loan carefully.
One of the most common ways lenders try to make profits is by adding miscellaneous charges.
Most lenders will be unable to clarify what those miscellaneous charges are.
Hence, for the best results, choose a lender that offers you quality assured services without hidden charges.
Choose a lender that offers flexible repayment options to its borrowers.
There could be times when you have excess funds with you. You might want to clear a large portion of your loan using that money. Hence, it is a good idea to choose a lender that offers loan repayment flexibilities to its borrowers.
Apply for a loan from a lender that follows a paperless loan procedure.
In this way, you would not have to visit the lender’s premises. You can upload the necessary documents from your home using your laptop. You can also choose a lender that can send officials to your home to help you out.
Furthermore, lenders who follow paperless loan procedures, usually complete the formalities within a day. In this way, the loan amount is disbursed to your account quickly. In this way, you will be able to ride your dream bike on the same day!
India has many offering bike loans. However, some lenders offer attractive benefits along with their bike loans.
For example, you might be getting attractive rates of interest or zero processing fees.
These special offers are usually given during the festive season.
Additional Read: How to Choose Two Wheeler Loan Tenure Wisely
The borrower should consider the quality of the customer services offered by the lender.
You might face difficulties with your bike loan repayments if the lender has a poor customer service cell.
Consult with the past and present clients of the lender. You will learn about the overall quality of customer services the lender offers to its clients.
One must also make sure that they are reading the fine print of the final loan document(s) carefully before signing. It is the only way to ensure that the terms of the loan are at par with your requirements. In case of discrepancies, ask the loan officer to alter the terms.
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