Owning a two-wheeler has become an indispensable requirement in today’s day and age for many people. They deliver maximum convenience – be it passing through the endless traffic jams of urban India or navigating through the narrow streets of rural India. They have become a huge aid for the vast masses of the country, whether it’s the modern woman running errands on them or the farmer using them to transport harvests. We all know their value is incredible in the country to get things done faster and with convenience. For these reasons and more, two-wheelers have emerged and become fairly popular in almost every part of the country.
With the growing demand, availing two wheeler loan has now become a hassle-free process. The possibility of quick finance has peaked in today’s time with the emergence of online applications. Owing to these reasons and more, many people are turning to online two-wheeler loan – which has also resulted in advantages in terms of flexible loan tenures ranging anywhere from 12 to 30 months.
Following are 5 major reasons why you should purchase a two-wheeler with a personal loan:
- Interest rates: With two wheeler loans, borrowers have sufficient time to pay back the loan in regular, small instalments. Moreover, the interest rates are currently facing a downward trend over the last few years, due to the increase in their usage. The interest rate mostly ranges anywhere from 12 to 25%, depending on the particular financial institution.
- CIBIL score: This is one of the best reasons to avail two-wheeler finance. More often than not, loans that involve a lot of loan amount, such as a home, car, and personal loans – require that the borrower have a good CIBIL score. This score, in the financier’s eye, should ideally be 750 or above. Any financial lender will take a look at this score before providing the loan to the borrower. The better the CIBIL score, the higher the chance of availing a loan. Based on this score, even the interest rate is set by the financial institution. Since the cost of taking two-wheeler is not massive, it makes these loans the easiest to be paid off in a timely manner.
- Additional benefits: Under the Indian Motor Act, two wheeler loans come with accidental coverage and insurance, which is a huge advantage. Banks and NBFCs now offer two-wheeler loans with these additional benefits, which has made the process quite attractive and feasible for the vast population of India. Furthermore, many loans now also cover more additional charges like registration and accessories.
- Consolidation of debt: With the lower interest rate provided by personal loans, you can use this to consolidate high-interest debt that is at your disposal. Depending on your situation, you might be able to use one larger personal loan to pay off different smaller debts with high interest.
- Reduce the burden on your budget: This is quite obvious but important. Even if you can afford a two-wheeler for yourself, it is more efficient to avail a loan and pay easy instalments rather than paying the entire amount at one go.
Clix Capital is a leading modern-day digital NBFC that provides feasible online applications and minimal documentation for two-wheeler finance. It provides a hassle-free loan experience for anyone looking to avail a two-wheeler!