Why prefer a two-wheeler loan: Your bike demand is expensive or not. It doesn't matter because the amount to pay EMI will be divided as per the tenure you opt for which you need to pay some part from your regular salary with that you can maintain a savings account.
· Quick Approvals: Those times are gone when you used to wait for approval of your desired loan. Now you can have the loan service even at the purchase shop. Almost at every showroom or purchase shop, you will be asked for financing your two-wheeler, and then on behalf of you, they will fill-up the form and all required details. All you need is required documents.
· Ideal Interest Rates: The best feature of availing of the two-wheeler loan is you will get an affordable interest rate. Many lenders offer 12% to 27% of interest which all depends on your relationship with the bank. But based on the interest rate you can choose the affordable lender for you. SBI Two Wheeler Loan offers low interest for the common population’s needs already.
· Can have additional Discount: If you are opting for financing the two-wheeler then you may get an additional discount as well. Since many lenders tie-up purchase authority at that time, they decide to provide some discount if they use their financial help.
· Large Repayment Tenure: Since repayment tenure can opt for up to 60 months your range of choice can increase too for purchasing a better two-wheeler.
· Improvement in Credit Score: It is one of the easiest ways to improve your CIBIL score which is ideally set at 750 for every bank. Two-wheeler loan repayments can help you in increasing your CIBIL score by which you can avail larger loans too like home loans, car loans, personal loans, etc.
If you are a regular salaried person with low income you can enjoy this facility and banks are always ready to help the customer more than the high-income person. Even if your salary lasts at Rs. 12500 you can still choose the loan offer for purchasing a new vehicle for you which can be a bike, scooter, cycle, etc.
