Want to buy your dream bike? Buying a bike is a momentous occasion in one’s life. While for some buying a bike is a passion, for few it is a necessity as it helps one commute easily. People tend to spend all their savings on getting their hands on their dream bike. However, for many buying a bike by exhausting all their savings may not be a wise thing to do. Hence, lenders in Bangalore now offer a personal loan if you want to buy a bike that helps you experience the thrill of having and riding your own bike.
Why to avail Personal Loan for your purchase?
Easy online application: You can now avail a personal loan for the bike in Bangalore anytime owing to the easy online application process offered by several lenders online. Application for a personal loan for a bike can be made from the comfort of your home by downloading the lender’s app or through the website.
No collateral required: Personal loan for bike can be availed without having to keep any collateral. Since personal loans are unsecured in nature, you don’t have to pledge any of your assets to get the loan. This type of loan is offered at an interest rate that is included in the monthly EMI you pay.
Affordable: Some people shy away from getting a personal loan thinking that this type of loan is expensive and would further land them in financial trouble. However, the reality is different and instead of personal loans are offered at cheaper interest rate depending on your credit score and other eligibility criteria. The monthly EMI that you pay consists of the principal amount and interest as well which ensures you don’t have to pay back the amount at one go and can repay it as per your convenience. This type of loan is offered for a tenure of 12 months-60 months. Longer the tenure, lesser the EMI you would be paying.
Helps you improve your credit score: This is quite a lesser-known fact, but to build a strong credit history it is important you avail a loan. Your credit score determines your credit behaviour i.e. your capability of repaying the loan. Hence, if you avail a personal loan in Bangalore for your bike and repay the EMIs on time, then such good credit behaviour is recorded in your credit report, thereby increasing your credit score and also the chances of getting another loan. Having a good credit score also helps you get a personal loan at low EMI.
Instant approval: Contrary to traditional bankers, online lenders and offer you instant approval and disbursal. With the technology available at the disposal of online lenders and fintech companies, it becomes easy for them to assess your loan eligibility and further process your loan application. With quick approval process also comes the benefit of fast disbursal with easy repayment options. This thus ensures that you don’t have to wait long to ride your favourite bike.
Minimum documentation: Application for a personal loan in Bangalore for bike can be made online as today many lenders have a fully functional online website or app that allows you to submit documents online. By filling out a few details, submitting KYC and bank statements online, you can get your application approved instantly. Unlike banks, online lenders offer without any paperwork.
Build your credit score: Banks usually require you to have a good credit score to get a two-wheeler loan. However, with online lenders, you can get a personal loan for a bike without a high credit score even. This score is a representation of your credit history and determines your repayment capacity. Having a high score is considered to be a sign of good credit behaviour. Online lenders offer you personal loans for bike even with a low credit score of 650. If you repay the loan on time, then chances of your credit score increasing increases. Similarly, if you haven’t availed any loan from a bank, then availing a loan for the bike from an online lender is a good way to start building your score.
Reduces your burden: Rather than paying the full amount for purchasing the bike, you can easily opt for a personal loan and repay the amount in EMIs. To buy a bike, you have to shell out Rs. 50,000- Rs. 1 lakh. Hence, it is easier to repay the amount in EMIs instead of spending a huge amount at once. This type of loan thus allows you to accumulate your savings while you pay the money back to the lender in installments.
Purchasing a two-wheeler does give you a sense of freedom to travel as per your convenience, without having to be dependent on public transport. And this freedom can be attained by becoming a proud owner of the bike by getting a personal loan in Bangalore.
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