India has one of the most vibrant two-wheelers markets with brilliant offerings across all age groups, income levels, and price ranges. Owning a bike is a dream for many. Bikes are expensive and most people cannot afford to make the upfront payment needed. One can still purchase a bike through instant personal loan and pay the loan back in parts later. Some of the reasons why one should opt for a personal loan to buy a bike are:
1) No down payment: You can enjoy 100% financing, without spending anything upfront your pocket. Unlike a personal loan, other loans typically finance only up to 80% of the bike costs.
2) Instant ownership: Personal loan bestows you the ownership instantly which demands only a processing fee of up to 2% of your loan amount.
3) Interest rates: The interest rates are low starting at around 10.85% and are independent of the segment or choice of the bike.
4) Credit history: Generally, two wheeler loans ask for a good CIBIL score, great employment history and more. The personal loan eligibility criteria are easier to qualify as compared to two-wheeler loans.
5) Online application and quick disbursal: Many leading banks like Bajaj Finserv offer a quick online application and approval process. Leading banks send their representative to customers’ doorstep for collecting the documents, and approve the loan within a quick 24 hours time frame.
6) Eligibility criteria: Minimum income required to be an eligible borrower is just Rs.20,000. No guarantor or collateral is required, making them easier and hassle-free.