14 May 2020
The middle class in India is majorly a salaried class, with their dreams and aspirations packed in a budget. For daily commutes, the good old two-wheeler remains a necessity for many in the vastly populated towns and city roads. For daily chores or reaching office in the rush hours through our notorious traffic, two-wheelers are still the best bet. Even today, the two wheeler is often the first vehicle for a large part of the population.
But while four wheelers remain a distinct future step for the Indian working class, there is significant room for improvement and ease of access to two-wheeler purchase as well. A major strata of working class that would honestly like quicker (and cheaper loans) so they can get on their first bikes with more ease. While banks and financial institutions assist these buyers via two-wheeler loans or personal loans, the entire experience leaves a lot to be desired. These traditional loans suffer from several drawbacks – from rigid terms to restrictive conditions to the requirements for downpayments and high rates of interest.
With EarlySalary now here as an online instant cash platform simplifying the whole process, there’s a light at the end of the tunnel for two wheeler enthusiasts. Here are six reasons for you to do away with the dull and cumbersome two-wheeler loans and go in for EarlySalary personal loan that makes your buying experience all the more exciting.
Banks and NBFCs take into consideration your credit history and financial health while approving your loans. Rejection rates are often high in bank loans, while approval is under the sole jurisdiction of loan sanctioning officer.
On the other hand, EarlySalary’s approach is more welcoming and liberal. It requires an address proof, an identity proof and details of your bank statement to approve your loan. It even offers loan to newly salaried employees.
The conventional route of signing up for personal loans is tedious, as you may be are required to make a number of trips to the branch office of the bank and collect the necessary documents. Anyone document missing can higher the chances of rejection of your loan application.
EarlySalary is an online instant loan platform in sync with today’s digital age. Register online once, and you’re assured a consistently smooth experience. The attested documents and paperwork submissions are all digital – allowing for more transparent, and rapid loan approvals – often within minutes. All this can be executed while comfortably sitting in your home.
Two-wheeler loans come with fairly expensive interest rates that may go up to as high as 30%. Of course, the rates can vary based on the bike you are purchasing, and the partnering bank or institution. Your salary and credit history also decide the rate of interest. These rates may fluctuate in the course of repayment.
Contrast that with EarlySalary, which, via its salary advances, offers a fixed rate of interest that remain same in the entire repayment span despite any changes in the RBI rates. The platform charges interest rates as low as 9 INR for a day loan of 10,000 INR. EarlySalary offers the best interest rates among the top instant salary advance platforms in India. Users are also encouraged to use its loan and EMI calculator to know their interest rates and repayment details.
Unsecured loans are an operational and logistical hassle and marred by huge rates of interest. Often the terms are dictated by Banks and NBFCs. The banks themselves prefer to deal in secured loans since they involve lower risk. EarlySalary on the other hand, does not require any collateral or pledge for security. You only need to be a salaried employee with income above 20,000 INR. The platform prefers applicants with at least three months’ salary credited to their bank account but new employees are welcomed too. The terms are flexible and can be initiated to suit your requirements.
If the borrower decides to pay the bank loan in advance, he is often penalised with fines and prepayment charges by the banks. The tenure and repayment terms are also dictated by the bank. But with EarlySalary, you have the flexibility to prepay your loan amount as and when you desire. You can also choose the tenure of repayment with EarlySalary.
Traditional two-wheeler loans cover only 85% of the total cost of the vehicle, while the remaining amount has to be given as down payment. With EarlySalary, you can purchase your bike or two-wheeler in one go as EarlySalary never asks or limits the use of the loan.
EarlySalary makes your life abound when it comes to finance through its customisable instant and personal loan, and salary advances. You have the freedom to choose your payment plan or loan amount at the best offered interest rates in the market. Head to the EarlySalary website and purchase the bike or two-wheeler you have been eyeing for so long!