If you are thinking about buying a bike or scooter soon then you should know all relevant details of regarding the purchase. Even if you have sufficient funds to purchase the bike outright, you should consider a two-wheeler loan. While it may appear odd to use a loan even if you have adequate funds, you should at least consider the benefits offered by two-wheeler loans. Additionally, having surplus cash is always a benefit as you know never know when you might need it. So, what are the features of two-wheeler loans that offer you benefits that you would consider to incur two-wheeler loan interest rate?
Features of Two-wheeler Loans
Based on the face value, a two-wheeler loan may appear to be a liability. However, if managed effectively and efficiently, a bike loan can help you save money for a rainy day fund. The features of bike loan are:
- Adequate tenure of loan
- Manageable EMIs
- Can be used to purchase secondhand bike or scooter
- Two-wheeler loan interest rate are not very high
- Exclusive deals with numerous dealers
- Use EMI Calculator to know the exact amount of your EMIs.
Now you know the features of two-wheeler loans, but you still may feel that using cash is better. However, consider the fact that you will be able to decide the value of your EMIs. Additionally, the two-wheeler loan interest rate will be dependent on your credit score and annual income. Moreover, lenders often have business association with bike dealers; thus, you may be able to enjoy a discount or an accessory on your purchase.
Instant Two-Wheeler Loans at PaySense
If you are convinced about the benefits of the loan but still do want a loan as you fear a documentation that never ends or constant trips to the lender; then do not fret. PaySense brings to you instant two-wheeler loans up to INR 2 lacs. With PaySense, you will not have to worry about the length of the documentation process. Compared to the processes almost of all of the banks the documentation process at PaySense can best be described as completed within a ‘blink of an eye’, figuratively speaking. So, download the app now!
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs