Significance of buying Two-Wheelers
Two-wheelers are the most popular mode of transportation and are having a maximum demand in the market. It is not only a style statement but has become the need and necessity of a commoner. For a youngster, a bike is a style statement; for a businessman, it is a mode to go to the shop, and for a professional, it’s a time-saving way of reaching the office.
The reason for the increase in the popularity of two-wheelers is that it is an easy-to-go vehicle and designed especially for a lower and middle-class section of society. The benefits associated with two-wheelers are easy to carry in long distances, cost-effective, and saves a load of traveling time.
Everyone is not capable enough to purchase a bike with their savings. They may also feel a need to apply for a two-wheeler loan. Even those who are having surplus cash may also sometimes get confused between these two financing options.
Why do people prefer to buy a bike using cash?
Firstly, people are scared of loans and consider them as a liability—the reason being interest paid on the principal amount. As a result, one ends up paying slightly more as compared to the actual price of the bike. Secondly, people don’t have much time to stand in long queues and are often concerned with a lengthy documentation process. Thirdly, the fear of losing the bike in the case made a default on installments.
Downsides of buying a bike using cash
When you choose a self-financing mode to buy a bike, you need to provide the entire amount. For instance, if you decided to purchase a sports bike, it would be a costly deal. It results in hampering the daily expenses, in case all savings get exhausted. At times of financial emergencies, you need to struggle hard.
How purchasing a bike via a loan is the right choice?
With many bikes available of so many brands, it is quite common to get spoiled for the choice. Sometimes our eyes are stuck on one, but due to cash shortage, it reaches out of budget. At that time, applying for a bike loan is the best way of buying a bike of your choice and let money not be a barrier. The two-wheeler bike loans come up with easy EMIs and flexible tenure.
Benefits of Bike loan over cash
1. Here you get the power to buy a bike of your choice: All those who are falling short of cash, with the help of a loan you can buy a bike of their choice. Loan resistance removes all the barriers between your bike and you. Most two-wheeler loan providers offer up 90% of financial assistance based on the market price of the bike. The applicant is only required to make 10% of the balance amount as a down payment.
2. Bike loans act as a financial relief: It is not wise to exhaust all your hard-earned savings in purchasing a bike. The funds are required to deal with emergencies also. We all know that bad times never come up with a notice. It is the reason, buying a bike on loan is considered as a right decision than using cash for the same. To save interest pay-outs, you can pay a huge down payment and lower the rate of interest charged on the principal amount. Opting the strategy of choosing flexible tenure and easy.
3.No effect on your monthly budget: Rather than exhausting your savings or going out of pocket, applying for a two-wheeler loan is the best way to come out of the financial dilemma. When you are short of cash, take a loan. You can repay the same in easy EMIs and reduce your financial burden. Paying a small amount each month is far much better than living in a situation cash-strapped. Two-wheeler loans not only solve your shortage of cash but also makes you leave with enough expenses to pay off necessary medical bills, life insurance premiums, and other daily necessities of life.
4. Bike loans are available at competitive interest rates: In India, most people prefer to purchase bikes during festive seasons only. The lenders come up with a festive loan, and pre-approved loan offers with the customers at the best interest rates to make the loan affordable.
5. Easy application process: If you meet the set eligibility criteria of applying for a two-wheeler loan, loan disbursal takes place in a few hours. Online sitting from the comfort of your home, one can apply for a two-wheeler loan for a bike purchase.
6. Get insurance cover: It is one of the most significant advantages of bike loans over cash. Nowadays, almost each of the financial institutions has collaborated with the bike dealers for offering the benefit of free insurance cover, discounts, and cashback, etc. It works truly more than merrier.
So, when it comes to convenience for daily commuters, going to the office, or visiting the grocery store, commuting with a two-wheeler is considered as the practical and time-saving traveling option. Need and necessities can never be compromised; availing a two-wheeler loan proves to be the best financing option.
From the point of view of finance, two-wheelers are a kind of low-cost maintenance and fuel-efficient. The plus point about purchasing a bike is that it has a good resale value and comes with easy accessibility.
If you are in search of a two-wheeler loan, apply for the same with Shriram Finance Limited. We are offering quick loans in a hassle-free manner by asking to go through with minimal documentation procedure. We are equipped with a financial expertise team who make sure that you ride the bike of your dreams without compromising on money. We offer the lowest interest rate on two-wheeler loans. If you are looking for 100% financing on the bike, we will make sure you get the same.
Shriram Finance Limited has collaborated with the best scooter and motorcycle deals and is working as their financing partner. Our team is highly dedicated and committed to offering you the best financial assistance in buying a two-wheeler loan.