Two-wheelers are considered the best and most trusted companion across the country. During the day or night, you see bikes on the roads. They are not just helpful for commuting, but you also use them for leisure rides, racing, long-distance travel, and off-road riding.
Banks are offering a Two-Wheeler Loan to customers, making them financially stable to buy a bike. It is easy to apply and specially designed to ensure you can buy your dream bike or scooter. You also find schemes with attractive repayment options in monthly instalments. The following are the reasons to apply for it:
Fulfils Dreams
A bike that you aspire to own can now become a reality. However, research and comparison are necessary when buying a bike and applying for the Loan. You can repay your borrowings in affordable instalment payment methods. Whether it is the festive season or any special occasion, you can always fulfil your dream with attractive bank offers.
Safety and Affordability
Banks offer a safe, secure, and transparent borrowing option regulated by government and RBI guidelines. The charges are evident, along with your repayment schedule. You can apply for the Loan at attractive interest rates and pocket-friendly repayment methods. You receive the money in your Bank Account instantly after successful document verification and fulfilment of eligibility criteria.
Investment
You can use the available funds for investing in instruments of your choice, including Mutual Funds, Bonds, Stocks, etc. You earn decent returns and build savings for education, marriage, or retirement. Alternatively, you can calculate your repayment amount and affordability using the Bike Loan calculator. It is an online tool available 24×7 on finance websites for customers’ use.
Emergency Corpus
The bike cost is substantial, meaning you need to pay money to enjoy a ride and own it. Instead of using up all your savings, applying for a Loan helps you free up your funds. Keep cash aside as emergency corpus or urgent requirements. You can repay the borrowing in easy and pocket-friendly instalments over 12 to 48 months and own the bike you desire.
Tax Benefits
If you are a self-employed professional, you can claim tax benefits on interest repayments and depreciation benefits on your two-wheeler. It applies when you use your two-wheeler for business or professional purposes. Expenses like Insurance, fuel, maintenance, and Two-Wheeler Loan interest repayments are allowed as a deduction from your profits.
Conclusion
You should pay your instalments on time, ensure a good credit rating, and apply for Loans from reputed banks and lenders to get the best deals. Online applicants also receive reminders for instalment payments on their registered mobile number and email address from the bank.
