Bikes are the most common and dependable mode of transportation in India. However, a lot of people find it difficult to purchase a bike and often make compromises due to the expensive price range. But you no longer have to delay the decision of bringing home the bike of your dreams as you can easily get it financed. There are many financial institutions and money lenders who offer incredible loan deals at best bike finance interest rates. Such consumer-friendly loans are available on all the bike brands and models, and at the same time, they demand minimum documentation work.
All you need is some time to do a thorough research of the market to select that lender who can offer you the lowest interest rate along with favourable terms and conditions. Additionally, it is important to note that the interest rate may significantly vary on the type of the bike. Along with this factor, you also need to check your budget and the ability to make repayments before applying for the loan.
Key advantages of getting the bike financed
When planning to purchase a bike, it can get a little confusing to decide whether to make one-time cash payment or get it financed and pay the amount in monthly instalments. If you are struggling with the same dilemma, take a look at the benefits of the financing facility to make an informed decision.
• Takes off the financial burden – One of the major benefits of opting for a bike loan is not having to deal with any financial urgency. It allows you to pay back the money you owe within one year or more and at a fixed interest rate. So, whether you want a basic model or a latest two-wheeler, you can easily get a loan with acceptable terms.
• Attractive interest rates – In India, the interest rates for bike loans usually range between 12%-27% and are influenced by factors such as bike specifications, your income, credit history, time of employment etc. Also, due to a consistent increase in the demand of two-wheelers, the bike finance interest rates have experienced a downward slope over the last few years. It has become highly beneficial to apply for the loans.
• Flexible and quick process – Gone are the days when you had to wait for months to get your loan approved. With major improvements in the loan approval process, the loans now get sanctioned within a day and with minimum formalities. Additionally, you can enjoy the flexibility of making the repayments in 12-48 months without experiencing any financial liability.
• Helps with your credit score – A number of loans such as homes loans, car loans and bike loans demand a good credit score. At the same time, since the cost of buying a two-wheeler is less, the loan can be easily paid off and it helps the young professionals to start maintaining their credit history which can also provide a range of benefits in the future.
Conclusion
It is always better to purchase the bike by getting it financed instead of purchasing it solely with cash. You can find a plethora of financial institutions that can offer a loan with low bike finance interest rates and with flexible repayment options. Along with buying your favourite bike, the loan also allows you to improve your poor credit score. So, before taking any decision, consider the above-mentioned benefits of the bike financing facility.