Public transport is advantageous in many ways – from costs to efficiency, but having a personal vehicle has a whole other level of appeal altogether. It gives you a sense of freedom and space. Further, two-wheelers have greater appeal over cars. It makes your commute easier and is cheaper for long-term use by individuals or two people. Students need two-wheelers to commute from school and tuition to home. Housewives need them to get essentials and groceries for home. Working professionals would prefer them as it is easier to find a parking spot for a two-wheeler rather than a car or bigger vehicle. Moreover in this pandemic, people are looking to socially distance themselves, and two-wheelers over cars or other public transport are the preferred option.
Two-wheelers have a varied range. They can be electric bikes, scooters, vehicles with smaller engines or lesser power, and even heavy motorbikes. Plus, there are different models, designs, and attractive features according to the two-wheeler you select. Given the number of choices, the prices also vary. Since two-wheelers are considered to be a long-term investment, they are moderate to heavily priced.
You can also have added features, different color schemes, insurance cover, and other things which would add to your cost. Therefore, one must look for ways to finance it. One of the ways to do this is to take a two-wheeler loan. It is beneficial to take one because
(a) it is safe and affordable and (b) you can keep your savings for other emergencies.
Planning the loan
Loan Eligibility: Although eligibility criteria differ according to lender, there are some universal criteria followed by all lenders. One of them is the age criteria of the applicant which is generally between 21 to 65 years and a minimum earning per annum according to the place of residence. Sometimes your credit CIBIL scores are also taken into account to verify eligibility.
Selecting among the two-wheelers: The choices are numerous in the market of two-wheelers. But one must take into account their needs to judge the suitability of the respective vehicle to be purchased. Some lenders have partnerships with some of the brands which enable greater cost-advantage that can be taken into consideration.
Calculating the EMI: Depending upon the loan amount and repayment period, you should calculate the EMI to understand how much you would be paying. The EarlySalary EMI calculator helps you calculate your EMI for a two-wheeler loan as per the details fed into it. The calculator eases the process as you can avoid manual calculations by determining tenure, interest rate, and principal amount.
Repayment plan and other expenses: Getting a repayment plan formulated beforehand will reduce any future stress for you. Further, ensure a certain amount is kept aside for additional expenses like fuel, repairs and maintenance, insurance, PUC, etc.
Selecting the lender: This becomes the most important question. There are several lenders in the market providing various attractive schemes. Getting a two-wheeler loan alongside these schemes like festival offers will make your loans cheaper. One of the best two-wheeler loan providers in the market is EarlySalary. You can finance your two-wheeler with up to Rs 5 lakhs of the vehicle’s value with interest rates as low as Rs 6 per day. The whole application and disbursal process is completely online and easy with minimal documentation required. There are zero prepayment charges and flexible repayment tenures without any collateral required, making it an easy and hassle-free process.