Most people look for financing their purchase of a two-wheeler with a bike loan. If you are someone who does not have an asset for security and want to buy a two-wheeler, then a personal loan is your best option. 

Why choose a personal loan for a two-wheeler purchase?

1. No collateral: A personal loan is an unsecured financial tool, where you are not required to pledge any security. Based on your application form, uploaded documents and the credit score, a personal loan can be availed easily. 
2. Completely digital: With a personal loan, you can skip all the long lines and apply for the loan digitally. Also, the personal loan processing and disbursal is a very quick process since no collateral verification is required.
3. 100% road price: For a 2 wheeler loan, the borrower is required to give a down payment. However, with a personal loan, you do not have to get in the loop of down payment and directly pay the entire bike cost upfront. 
4. Simple eligibility criteria: The eligibility criteria for a personal loan are fairly simple, and if you have a good credit score, your loan approval chance at a reasonable interest rate is assured. 
5. Flexible EMI and shorter tenure: With a personal loan, you get the freedom to choose your own tenure. You can either keep it small for faster payment or long if you do not have enough cash. You can use the bike EMI calculator to determine the monthly repayment amount.

Conclusion

Though the interest rate for a personal loan is slightly higher, it is a great option even if you want to buy a brand-new or second-hand two-wheeler.

Must Read: A Smart Approach to Select Your Two-Wheeler Loan Tenure