Do you want to buy your dream bike, but taking a two-wheeler loan scares you? You are probably under the impression that loan processing takes a long time, two-wheeler loan interest rates are high, and dealing with EMIs is burdensome. However, educating yourself about the advantages of a two-wheeler loan can help debunk these myths you have harboured for so long!
Akshay, a banking professional and budding cricketer, was in a similar situation to you a week ago. He was in dire need of a two-wheeler for his daily commute but was in a dilemma as to whether bike financing would be the right choice. Upon a friend’s recommendation, Akshay called Manba Finance to discuss his needs and two-wheeler loan benefits. Right after the call, he applied for a bike loan, and today, he travels on his bike everywhere, balancing his office and sports commitments smoothly!
What did that one call change for him? Let’s go through their conversation to find out!
Akshay: I want to opt for an easy bike loan, but the idea of being in debt is scary. Are two-wheeler loans beneficial?
Manba Finance representative: While paying fixed monthly instalments may seem overwhelming, it is a way better option than a one-time lump sum payment. If you think carefully, even the most economical bikes start from 60-70k onwards. To pay that significant amount upfront, you must exhaust the savings you may have kept for medical emergencies, education, travel, or home renovations. However, if you choose bike financing, your savings can remain untouched. That’s one of the biggest advantages of a two-wheeler loan.
Akshay: But won’t it be challenging to manage EMIs?
Manba Finance representative: No, absolutely not! You have the choice of deciding the most comfortable repayment tenure for you. The best two-wheeler loan options in India offer a flexible loan term between 12-60 months. An EMI calculator can help you plan your finances and select an affordable payback duration. Secondly, you can improve your CIBIL score when you pay your monthly instalments on time. So, if you ever want to retake a loan, your favourable credit history will make the task easier.
Akshay: Two-wheeler loan interest rates must be pretty high, right?
Manba Finance representative: There’s no black-or-white answer to this. You can compare several of the best two-wheeler loan options in India and discover a deal that best fits into your monthly budget. An insider tip is to wait for festive offers, as interest rates tend to reach their lowest during such times!
Akshay: Will I get the bike of my choice?
Manba Finance representative: Of course you will! A two-wheeler loan improves your chances of getting your desired bike that may be out of your budget otherwise if you use your savings for the purchase.
Akshay: How to apply for a two-wheeler loan? Is it easy?
Manba Finance representative: One of the many two-wheeler loan benefits is its simple online application process. First up, you need to check your eligibility. You should be between 21 and 59 years old, an Indian resident, and have an operative bank account. You must also have the necessary documentation, including proof of identity, residence, and income. Next, you can register on the website using your mobile number, enter personal details, submit the documents, select your preferred two-wheeler, and get loan approval in a minute!
Akshay: I’ve heard that two-wheeler loan disbursal takes a lot of time. Is it true?
Manba Finance representative: If you follow the loan application process correctly, you can get your two-wheeler loan within 24 hours—it’s that quick and easy!
Secure your easy bike loan at Manba Finance.
Now that you are adept with the advantages of a two-wheeler loan and know how to apply for a two-wheeler loan, it is time to accelerate the process and book your dream bike! If you have any more questions besides those discussed earlier, feel free to call Manba Finance today!