Two-wheelers are a preferred mode of transport for middle-class Indians in rural and urban India and where most of the households use them for daily commuting. An increasing number of two-wheeler buyers now prefer to take a two wheeler loan due to the number of benefits it offers. If you are planning to buy a two-wheeler but cannot make a downright payment, then a two-wheeler loan is a good option for you.
Benefits of Taking a Two Wheeler Loan:
- Taking a two-wheeler loan can significantly reduce your financial burden if you are short of funds and unable to make the entire payment upfront. You can repay the loan amount comfortably in Equated Monthly Installments (EMIs) every month by deciding a tenure that suits your best. Banks and private lenders have a two-wheeler loan EMI calculator on their websites which can be used to calculate two-wheeler loan interest rates and EMIs for a particular tenure.
- Low-interest rates on two-wheelers can be another motivating factor for the two-wheeler buyers. The rising demand and popularity of two-wheelers in India has brought down the interest rates on two-wheelers considerably and it makes sense to avail a two-wheeler loan at a lower interest and not touch your savings for this purchase. It is easier to pay off a two-wheeler loan as the amount is small, and this helps in improving your credit score with the credit rating agencies. The eligibility criteria for two-wheeler loans are also quite simple, which improves your chances of getting the loan approved without much difficulty.