Owning a bike is a blessing. This popular vehicle helps you get to places relatively quickly. It enables you to swerve through heavy traffic and reduces your dependency on public transportation. But although relatively cheap, it is still a significant investment. Not everyone can afford the sum.
Hence, many individuals apply for a Bike Loan. It enables them to buy a two-wheeler. It provides the necessary financial assistance required to make such a purchase. Besides this, it also garners various other benefits that justify its demand:
Quick approval
Usually, Loans take considerable time to get approved. This wait often leads to significant anticipation. But when you apply for a Two-Wheeler Loan, you do not face such a situation. It gets processed and approved quickly. If you provide the required documents, you can have the funds disbursed to your account on the same day.
Flexible repayment structure
Nowadays, Loans come with easy repayment schedules. In most cases, banks offer repayment terms of 12 to 48 months to borrowers. This way, you get enough time to repay the Loan and enjoy lower Equated Monthly Instalments. You can even compute the EMI amount instantly through tools like the Bike Loan EMI calculator.
Reduces financial pressure
Buying a bike is comparatively cheaper than buying a car. However, it still imposes a financial strain on those without sufficient funds. In such cases, this Loan significantly reduces this economic pressure. Many banks even offer customers a reduced interest rate. This empowers them to buy their own bike without any monetary constraints.
Insurance coverage
You put yourself and your bike at risk of unanticipated accidents on the road. Considering this valid issue, such Loans come with Insurance and accident coverage. The objective is to safeguard you and your two-wheeler effectively.
Improves credit scores
Thanks to the easy repayment option, you can quickly pay off a Bike Loan. An indirect advantage of this is that it improves your credit score. For example, you opt for a loan to buy a bike. You repay the Loan amount on time as the EMI is not high. This timely repayment reflects on your credit history. In return, it effectively improves your score.
Tax & depreciation benefits
Self-employed individuals and business professionals can claim tax benefits on their interest payments. They also get specific depreciation perks on their new two-wheeler, provided it is used for professional purposes.
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