In cities today, we rely heavily on public transport for our daily commute. However, although Government owned buses and railways are cheap, they are not convenient and the convenient ones like auto rickshaws and private cabs are expensive. To make matters worse, we also have heavy traffic congestion on roads. Purchasing a car is also not a viable option given the ever-rising cost of fuel and maintenance. The most rational option left for daily city commute is to buy a two-wheeler.
There are several advantages of using a two-wheeler for intra-city travel, the biggest one being that they give the best mileage amongst motor vehicles, making them the most fuel efficient option. It is extremely easy to navigate traffic on a two-wheeler. The cost of maintenance for a two-wheeler is negligible. And last but not the least, it is an easily affordable purchase.
While the pros of owning a two-wheeler definitely out-weigh the cons, there are still several consumers who can’t pay the full amount required. Recognizing this gap, several financial institutions specifically provide ‘two-wheeler loans’. Affordable interest rates and quick processing are the key features of two-wheeler loans.
In the process to apply for a two-wheeler loan it is first essential that basic KYC documents such as age proof, residence proof, salary slips etc. are in place.
As two-wheeler loan interest rates vary across institutions, it is essential to compare two-wheeler loans and then calculate whether the EMIs fits into one’s allocated monthly budget. Like every other loan even two-wheeler loans won’t cover the complete amount, but if all the documents are cleared then up to 85% of the amount may be disbursed.
Once you apply for a two-wheeler loan, and if everything goes right, a brand new two-wheeler can be brought home in just a week! Want to know more about two-wheeler loans? You can know more about them here.