Bikes have become a necessity for practically every generation. Two-wheelers are essential whether you need to go to a grocery store or your office. The value of owning a bike has increased, particularly in an affluent metropolis like Mumbai. However, if you don’t have a bike yet, you should look for an online bike loan.
The two-wheeler loan in Mumbai offers several advantages. Read this blog to know about the benefits in detail.
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Less Financial Burden:
Purchasing your dream bike with an online bike loan lessens the burden on your wallet. The lender gives you the option of repaying a portion of the loan each month. This way, you can pay off your entire dues in 3 to 4 years without even realising. As a result, a two-wheeler loan in Mumbai allows you to drive your ideal bike without jeopardising your other financial obligations such as medical bills, child’s education fees, and so on.
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Gives you the Option to Explore the Market
The market for two-wheelers is vast. A bike ranging in price from a few thousand rupees to several lakhs of rupees is widely available. However, most sports bike enthusiasts opt for a commuter bike due to their modest budget. Given this scenario, a two-wheeler loan in Mumbai helps boost your budget. With the easy availability of online bike loans, you don’t have to compromise on anything less than your dream bike.
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Build Credit Score:
The lender hypothecates your vehicle under this kind of financing until the loan is repaid in full. The lower credit risk involved in this loan allows you to apply for a two-wheeler loan in Mumbai even if you are a first-time borrower and have an average monthly income. As such, the loan is known for building a credit history.
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Competitive Interest Rate
A two-wheeler loan in Mumbai can somehow be referred to as a secured form of financing. In case the borrower defaults, the financial institution has an option to auction your bike and recover the outstanding dues. As a result of the low credit risk, online bike loans with many financial institutions are available at a low-interest rate.
However, while deciding on the interest factor, there are various other aspects as well that are taken into consideration by the lender. Some of them include your credit score, employment and income stability, and a few more.
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Hassle-Free Loan Process
With everything going digital, obtaining funds to purchase your dream bike is no more a tough task. Nowadays, almost every financial institution is offering this loan through its website. To acquire a two-wheeler loan in Mumbai, all you need to do is follow the steps mentioned below.
- Go to the two-wheeler loan lender’s website.
- Fill out the online bike loan application.
- Submit your KYC documents
After completing the above steps, the lender will evaluate your profile. If the profile is found satisfactory, the funds will be credited directly to the dealer’s account.
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Covers Cost of Accessories
There are various high-end accessories that can be installed at the showroom during bike purchase. The best part of applying for a two-wheeler loan in Mumbai is that it covers the cost of these accessories as well.
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Covers Cost of Registration
The cost of registering a newly purchased bike with the concerned authority is considerable. However, with an online bike loan, you don’t need to be concerned about these expenses. The two-wheeler loan in Mumbai not only covers the registration costs but also pays for the insurance cost as well.
As such, we can say that this financing covers practically all of the costs associated with buying your dream bike.
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Festive Offers
Another benefit of a two-wheeler loan in Mumbai is that the lending institution may offer you a low-interest loan or other enticing deals during festivals. The lender may lend you up to the entire value of your bike or waive the processing expenses. It means that festivals give people the opportunity to gain from both the lender and the dealer sides.
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High LTV Ratio
Last but not least, the online bike loan comes with a higher loan to value ratio. You can get funds for 95% of your bike value. In terms of value, most lenders offer this loan for the maximum amount of Rs. 1 lakh.
To Conclude:
If you are hesitant to apply for a two-wheeler loan in Mumbai because you’re not aware of the numerous perks, we are confident that your concerns have been addressed for the time being.
