Purchasing a new bike could be need-based for some and an aspiration for others. The convenience of daily commute along with savings on fuel costs is unmatched. In addition, two-wheelers can be a lifesaver during traffic jams. Many people purchase their new bikes with cash or debit cards. However, it’s not a prudent financial choice. Instead, opting for a bike or two-wheeler loan is recommended. Finding the right lender can help you choose the best two-wheeler loan in the market.

What are two-wheeler loans? 

Two-wheeler loans are unsecured credit products that help individuals purchase a two-wheeler, such as a bike or a scooter. The loan can be repaid through affordable monthly instalments as per the agreement with the lending institution. The 2-wheeler loan interest rate offered by reputed lending institutions like Fullerton India is affordable. However, the exact interest rate is contingent on your credit score, income, and repayment track record. 

Benefits of choosing a bike loan over cash purchase 

Most people might find the idea of choosing a bike loan over a cash purchase absurd as there is a cost of borrowing involved, i.e., the interest rate. However, you will be surprised to learn the benefits of choosing a bike loan. Here are some crucial ones.

• A bike loan can help you build a good credit history and make you eligible for high-value loans. 
• You don’t have to arrange all the funds; therefore, the financial burden is lower.
• Bike loans can help you purchase the dream bike even if it’s currently beyond your budget. 
• In addition, bike loans make you eligible for attractive discount offers from lenders. 

Also Read: Know HowTwo-Wheeler Loan EMI Calculator can help you to calculate EMI