A two-wheeler is something that appeals to individuals of all ages. Owning a bike has probably been the dream of every boy since childhood. A bike is one of the most efficient ways of travelling. Owning a bike will save a lot of time of waiting in long queues for buses or handling the expenses of a cab. Travelling through public transportation is also a solution for a less expensive travelling, but because of the volume of commuters that are travelling using public transportation it becomes overwhelming. A car is an expensive venture which are affordable only to a few. A bike is the most efficient solution for handling the commutation without any troubles.
But sometimes the expenses attached with the purchase of a bike are immensely high which a lot of individuals may not be able to bare. Thus, financial institutions have introduced a bike loan. A bike loan is a loan product that is provided by financial institutions to the customers who wish to purchase a new or a secondhand bike. A bike loan will provide the financial assistance to the customer for the purchase of the bike with affordable repayment options. In a bike loan the financial institution will provide the loan amount to the customer for the purchase of the bike. The process of availing a bike loan is generally hassle-free and affordable for the convenience of the customer. A two-wheeler loan is the simplest and fastest way of getting financial assistance for the purchase of the bike. A bike loan is the best solutions for the purchase of a bike. The repayment on a bike loan is done through equated monthly instalments. The customer has to make monthly instalments for the repayment of the loan for a set tenure period. If the customer fails to make any of the repayments, the financial institution has the right to seize the bike.
Features of a bike loan:
- A two-wheeler loan has a high resale value against cars in the long term. Thus, when the payment on the loan has been done, the owner of the bike can sell off their bike and get a new bike.
- Since bikes are entry level vehicles, the Indian population prefer them over cars. But, the general working middle class population cannot afford to buy the vehicle in a single lump sum payment. Thus, two-wheeler loans are really helpful in handling the finances of buying a bike.
- The process of availing a bike loan is hassle-free and involves minimal documentation to make the process of loan sanctioning much easy for the customers.
Some of the financial institutions are offering bike loans at competitive interest rates.