A motorbike is considered an important mode of transportation for every man. While buying a bike, you need to keep your every requirement in mind and also go through certain parameters to track down the right bike for you. You can choose from road bikes and cruisers, depending on where you will be commuting more (routes with more bumps and potholes or long-distance routes). The bike loans can help you get both new and second hand two wheelers, depending on your requirements!
2 Wheeler Loan Or Bike Loan
After leading the Two-Wheeler Loan market, we have now introduced Bike Loan in the Indian market so that now everyone could achieve their dream of having at least one two-wheeler in their garage. Bike loans are collateral free quick and easy loans made for just one purpose: helping an individual buy or upgrade a bike by providing the required sum of money in a quick, easy and hassle-free manner.
The 2 wheeler loan providers also have tie-ups with all the bike dealerships to provide the best finance options. Since the lender provides money for up to 90% of the price of the bike, you need not empty your savings, or borrow from anyone just in case you do not have sufficient amount of money saved up. The 2 wheeler loan is only for students with a valid identity proof in hand. The best thing about this finance scheme is that one can either choose to return the bike after 2 years or pay only 5 percent of interest on it, that too on a manageable EMI option.
A Two wheeler loan is a great option to build your credit history and have a high CIBIL Score without disrupting your finances. However, both secured and unsecured two wheeler loans have their own pros and cons. An unsecured 2 wheeler loan has lower interest rates but needs collateral – hence making it a better long term solution than a secured 2 wheeler loan. A secured two wheeler loan requires the borrower to provide a collateral, which is usually the vehicle itself; however, this can be taken back from the borrower in case of non-payment. The amount of the loan would normally be between ten thousand
Personal Loan
Personal loans can be availed at a much lower interest rate than credit cards and secured loans. So, if you wish to save the interest on your secured or unsecured personal loans on your family or business expenses, then apply for free no obligation online quotes from a wide range of lending institutions which offer personal loans to individual borrowers.
Instant Online Availability
Instant online availability is one of the required features for availing of an online personal loan in India. With instant online availability, the borrower is able to get a loan instantly, without any hassles involved. Some of the banks that offer instant online personal loans are Bank of Baroda, Muthoot Capital, IDBI bank, etc.
Interest Not Dependent On The Bike’s Segment
When you go for a national bike loan the interest charged is not dependent on the bike’s segment. You can borrow up to 40 -50 percent of the resale value of the bike on a two-wheeler loan. The tenure will vary from 6 months to 72 months depending upon your monthly installments and income. You can even apply for a bike loan both under secured and unsecured segments. Muthoot Capital Services Ltd. was incorporated in 1994. Today’s Muthoot share price is 374.6. Its current market capitalization stands at Rs 616.12 Cr.