Owning a two-wheeler has several benefits ranging from financial reasons to aesthetics. Here are six reasons why riding a motorcycle is advantageous.
- Easy commute
As the number of vehicles increases, there are huge traffic jams, especially during the peak hours. Commuting on a bike makes it easier to navigate the traffic and reach your destination on time.
2. Ecologically better
Compared to cars, motorcycles are fuel-efficient making these environmentally friendly. Modern bikes adhere to stringent environmental standards reducing the harm caused by emissions.
A motorcycle is not as expensive as a car, which makes it easier for you to own a bike. Moreover, you may easily fund your purchase with a two wheeler loan offered by most financial institutions. Additionally, compared to car insurance, the premium on bike insurance is lower thereby reducing your expense.
4. Lower maintenance
Cars are difficult and more expensive to maintain. The periodic servicing costs of a car are significantly higher when compared to the expenses spent towards bike maintenance.
5. Convenient to park
In most metro cities, finding parking space is a challenge. A motorcycle requires lesser parking space compared to a car. Therefore, owning a bike is more convenient.
6. Wide choice
Unlike the past, today you have a wide choice of motorcycles manufactured by some of the best companies across the globe. Additionally, most dealers tie-up with financial institutions to offer competitive 2 wheeler loans to make it easier for you to own a bike.
Having understood the benefits of owning a motorcycle, here are four advantages of availing a loan to fund your purchase.
7. Loan amount
Lenders finance up to 95% of the bike’s value reducing the need for self-financing. A higher two wheeler loan amount reduces your burden of making a greater upfront payment on your bike.
8. Repayment tenure
To ensure you do not face any difficulties in paying the Equated Monthly Installment (EMI), lenders offer you with flexible repayment tenure. Financial institutions offer up to five years repayment period on your loan.
9. Competitive rate
Contrary to belief, the two wheeler loan interest rate is not very high. This combined with longer repayment tenure ensures you are able to service the loan without any trouble.
10. Quick and easy
The documents needed to avail of a loan are minimal. You need to submit name, identity proof, and address proof (residence and office) along with your bank statement. The entire procedure is completed within a short period ensuring you enjoy your bike on EMI without any delay.
Most financial institutions offer such loans, which is why comparing the different options is important. You may research about different loans online to make an informed decision.
Apply for a loan and ride away on your motorcycle today.