A bike can be your saviour. Whether you want to commute to your office or go grocery shopping, your two-wheeler will be your most trusted companion. There can be no better option to negotiate the heavy traffic jams on the Indian roads.
But why should you apply for a bike loan? Well, it is the easiest and fastest to finance the purchase of your favourite bike. You might not have that much liquid cash. So, a loan can help you out.
Let us look at the top reasons why taking a two-wheeler loan is the best option to buy your bike.
Let’s say you choose an expensive bike model. Its majestic looks and premium features might have stolen your heart. But what if you don’t have enough funds? Dipping into your savings can be stressful. It can mess up your finances. So, going for a loan is the best option.
Taking a two-wheeler loan will ensure that you don’t have to compromise on your choice.
You don’t have to pay the entire amount at once. A bike loan eases out your financial burden.
You can repay the loan in easy EMIs. You can choose a loan amount according to your budget to keep the EMIs low. That will help you manage your finances like a pro.
Taking a two-wheeler loan will make you eligible for tax benefits. You will be able to get an income tax deduction on the interest amount.
Moreover, if you are self-employed, you can enjoy greater benefits. That is because the insurance amount, fuel, and maintenance cost will get deducted from your profits. Thus, you will enjoy depreciation benefits.
If you have the habit of unplanned spending on things you don’t need, taking a loan can save you. That’s because you will have to keep a sufficient balance in your account so that there are no payment defaults.
So, taking a loan to buy your bike will make you wiser in your spendings. Thus, it will help you save money.
Bikes are becoming more popular every day. To take advantage of the increasing demand, lenders are lowering their interest rates on loans.
You can get a bike loan at a rate of interest of around 10 % per annum. Compare the rates offered by different lenders before taking the loan. That will help you get a better rate.
If you have a good credit score, you will be able to get lower interest rates. So, don’t ignore your credit score too.
When you take a loan, your transaction gets recorded. It will affect your credit score. If you pay the EMIs of your bike loan on time, you will be able to boost your credit score. As a result, you will get better loans in future.
A bike loan is a small loan and easy to repay. Building your profile with it will help you in applying for business and home loans in future.
Before applying for the loan, you can check your EMI amount in a Bike loan EMI calculator. That will help you plan your finances in advance. It will also help you choose the perfect loan.
Now you know the advantages of taking a bike loan. There is no better alternative if you are planning to buy your dream bike.
So, why are you waiting? Go and get your favourite two-wheeler now.
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