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Is it Better to go for a Two-Wheeler Loan or to Use Cash?
Posted on Friday, June 4th, 2021 | By IndusInd Bank
Do you want to purchase a two-wheeler?Are you confused between two options: Cash or Loan? Well, every person has adifferent preference when it comes to choosing the payment option while buying anycommodity.
Many people find issues in self-financing, and they consider a two-wheeler loan. Nowadays, many banks provide loans and help a person in making his dream come true. Two-wheeler loan interest rate may vary by different banks. Let us discuss about the two-wheeler loan in detail to help you decide the better option for buying a bike or scooter.
- Easy Budgeting: When you apply loan for a two-wheeler, you can pay the down payment by cash and other modes. You can pay the rest in installments. For a middle class person, taking a loan is quite an affordable option because he can spend a little amount every month.
- No Financial Burden: When you pay your bike’s amount in cash, you spend all your savings once. In this way, you end up with nothing. But when you take a bank loan for a two-wheeler, you stay in budget. You do not experience any financial burden, and you can spend a little amount every month clearing a big amount. You can choose the number of installments and a flexible repayment tenure for completing the EMI.
- Healthy Credit Score: When you pay two-wheeler loan on time, you get a good credit score. It helps in creating a good credit history that later helps you to get approvals for more loans.
- Get Satisfactory Interest Rates: Many banks offer different interest rates during festivals or special occasions. It is quite profitable to get an easy two-wheeler loan on these occasions to access more profits. You can buy your bike with less interest rate.
- Easy Process: Many people do not understand how to get a loan for two-wheeler. They feel that it could be a complicated process, but fortunately, it is not. An eligible candidate must have the necessary documents to get a loan. You can settle everything with your agent and get your dream scooter.
- Get Your Dream Bike: There is no need to compromise your choice for the sake of price. You can buy an expensive two-wheeler of your choice by taking a loan. It is fine if you pay the little amount every month without paying it in one go. In this way, you can get your dream bike without thinking much about its high price.
- Get Extra Benefits: There are chances of getting extra benefits when you get a two-wheeler loan online. Many banks are connected with bike dealers, and they offer amazing extra benefits like cash backs, no registration fees, discounts, etc., to clients.
The Bottom Line
Nowadays, people prefer loan for buying a two-wheeler to avail many benefits even when cash is choice for many people. Choosing the right payment depends on your preference. If you are in need of a two wheeler loan, IndusInd Bank has some lucrative options for you. The vehicle loans come with attractive interest rates and flexible repayable tenures. Enquire now at IndusInd Bank to know more about the vehicle loans.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
