The public transport has always been the easiest mode of transportation. However, with the ongoing pandemic, it has become extremely important to have personal transport. Traveling using the metro, bus, or hired cabs is not a wise decision. Hence, having a bike has become increasingly relevant during these difficult times.
If you are planning to buy a new bike amidst this pandemic, you can opt for a two wheeler loan to keep your savings intact. There are many advantages of applying for a bike loan that you should know.
Let’s first understand the importance of owning a two-wheeler during the pandemic:
It is one of the significant features that make having a bike a better alternative to public transport during this time of crisis. Traveling on a private bike is safer as compared to public transportation. It is because you are the only one who will be using it most of the time. Thus, making it easier to maintain social distancing norms and also avoid crowded places with ease.
A common grievance associated with public transport is the lack of convenience. Generally, any form of public transportation has a pre-set schedule. It is often suitable for everyone. Public transport vehicles have a fixed route and since multiple passengers on board and de-board several times. So, the amount of time required to reach your destination will be significantly higher.
On the other hand, by having a two-wheeler, you can quickly reach your destination and have the least interaction with passengers.
Now since the necessity of having a bike has been established and you want to purchase one, you should also consider opting for a two-wheeler loan. You should know that if you opt for a bike loan, you can avail of these benefits:
1. No Need to Compromise
Sometimes you may have your heart set on a particular bike that ranks on visual appeal and offers benefits like great mileage. But it can be a bit expensive. And buying a bike from your saved money will drain it and put stress on your financial health. It may also restrict you from purchasing the bike of your choice as you may end up buying one that fits your budget.
But opting for a two-wheeler loan will solve the monetary issue and enable you to purchase the bike of your dreams. This bike loan will prevent you from denting your wallet.
2. Low-Interest Rates
Due to the tremendous popularity of two-wheelers in our country, buying a two-wheeler loan is hassle-free as the interest rates are low. Usually, most banks offer different rates of interest according to your income level, the price of the two-wheeler, and the market variations. Generally, banks compete with each other to offer affordable and reasonable rates of interest.
Thus, before you opt for a bike loan, you should compare the interest rates offered by numerous banks to make a profitable choice.
3. Helps Your Maintain a Good Credit Score
If you are opting for a two-wheeler loan for the first time, you should know that this loan could be a great way to start your credit score. As these loans are comparatively easy to pay off within a short period, you can ramp up your credit score quickly. Also, as the chances of defaulting on a two-wheeler loan are pretty slim, your credit score will not be negatively affected in any way. Instead, this good credit score due to your bike loan will make it easier for you to get any loans approved by the banks in the future.
While these are a few advantages of opting for two-wheeler insurance, you should research online and understand the benefits in detail. You can opt for reliable banks like Axis Bank that offer detailed information on their website. They offer a two-wheeler loan as well as a super bike loan to suit individual needs. If you face any problem relating to the plans, you can contact them, and their professionals will be happy to help you.