3 Reasons you need to buy a two-wheeler with a personal loan
Nowadays it is mandatory for all people to have two-wheelers bikes. Whether you are a family man with all the family responsibilities on your shoulder, or a fresher just out of college or high school with a newly landed job, whether you live in a very small town with no traffic, a bike is always an all-weather friend. As compared to the bike or cars, two-wheelers provide a very lower and economical option for commuting.
There was a time when the only men used to ride a two-wheeler. However, in India at present, women are also nowhere behind than men. Here, we are going to discuss the top 3 reasons that you need to buy a two-wheeler with a personal loan.
3 Reasons to Buy a two-wheeler with a personal loan
Rate of Interest
Usually, when you are going for a bike loan, the interest charged depends on the segment of the bike. For example, when you are going to get a sports bike or premium bike, the fee charged is much higher than the interest charged on a normal bike. But when you go for a personal loan for a two-wheeler, the interest charged is completely independent of the bike segment and is levied according to your profile and the personal loan can be the best thing when you go for a loan. For a bike with a higher price in the form of a two-wheeler loan, the interest that is charged will be higher, somewhat near 30-35% depending on your bike, and when you go to take a personal loan to buy your bike it will cost only 16-20% which is much cheaper than the two-wheeler loans.
Generally, a personal loan will give you immediate ownership for your two-wheelers, as you get an immediate amount that too at the same time, so you can pay it at the same time to buy your bike. Whereas in case of a bike loan, the ownership will not come to you unless you pay the last monthly EMI from your bike loan or two-wheeler loan. The monthly EMI that you pay for your personal loan is completely independent of your two-wheeler and its ownership.
Nowadays, personal loans are available online from many banks like Axis Bank, HDFC Bank, ICICI Bank and etc. Personal loans can be availed through these banks only by visiting their official website and applying online for it. Thus, online availability can save both the time and effort of borrowers who have to repeatedly locate the bank to apply for a bike loan and again run after them to get it sectioned.