Covid19 has severely dented the automobile industry and the sales of four and two-wheelers have seen a sharp decline in the last year.
The whole of India virtually came to a standstill during the lockdown period that started from March 2020 and carried on till May 2020.
Automobile manufacturers had to face huge losses as there was a huge pile-up of inventory in their godowns where cars and two-wheelers are stacked up with no buyers.
Banks and private lenders also had to bear the brunt of the downslide as the number of loan borrowers reduced substantially due to the unprecedented economic crisis.
Listed below are some of the advantages of availing two-wheeler loans during Covid19
With new schemes being introduced by banks during Covid19 for two wheeler loans, you can purchase a brand-new two-wheeler or bike and payback in easy monthly instalments. Whether the vehicle of your dreams is a no-frills scooter or a high-end bike, the two-wheeler loan can turn your dream into reality.
This is the time to make the most of the several two-wheeler loan benefits that banks are offering to all the loan borrowers. The loan processing charges are minimal, and you don’t need to pay any pre-closure charges.
During the Covid19 crisis, two-wheelers have become an essential commodity for the majority of middle-class citizens as they are affordable and offer the convenience of the daily commute in and around the city. While you are considering buying a new two-wheeler, you should preferably take a two-wheeler loan by negotiating a lower rate of interest with your bank.
To overcome the Covid19 crisis, banks are willing to bring down the two wheeler loan interest rate for the discerning buyers as they are eager to disburse the loans to generate some kind of profit. The loan interest differs according to your level of income, the price of the two-wheeler, and market variations. Furthermore, due to an increasing abundance of two-wheelers, the overall interest rate provided by banks has decreased over the years.
- Quick approval of loans is another major benefit that you can enjoy if you are planning to take a two-wheeler loan during Covid19.
- For purchasing a two-wheeler, you can avail of a loan that can be approved within a very short period.
- You can apply for a two-wheeler loan online by visiting the bank’s website. Simply fill up the loan application form and upload the required documents for verification.
- Once you fulfil the eligibility criteria, your application will be processed within three working days and you will receive the sanctioned loan amount in your bank within a week of applying.
- The disposable incomes of many people have taken a hit during the Covid19 crisis and they are finding it difficult to make a full down payment for purchasing a two-wheeler.
It makes sense to take a two-wheeler loan during this crisis as you just have to make a 5% down payment to the bank and the rest of the amount can be paid in Equated Monthly Installments (EMIs).
An additional benefit of availing of two-wheeler loans is that you can effortlessly accumulate savings while paying for your loan instalments.
During these uncertain times, it is advisable to apply for a higher amount on your two-wheeler loan so that it can cover all the related expenses.
To make this possible, you should consider quoting the on-road price of the two-wheeler rather than the showroom price. If you are low on budget, high coverage in bike loans let you quickly purchase a two-wheeler.
Whether you are buying a scooter or a bike, a two-wheeler loan helps in assuring that your costs will be safely covered. You don’t have to worry about saving money for years to get your dream bike or a scooter as you can avail of a bike loan with ease these days.
Another benefit of taking a two-wheeler during the Covid19 crisis is you can receive an insurance cover or accidental cover along with your two-wheeler loan. A bike loan can also help in covering additional costs like accessories or alternate seating options for your two-wheeler.
A two-wheeler loan helps to improve your credit score with credit rating agencies like CIBIL. As the cost of buying a two-wheeler is less, it makes two-wheeler loans the easiest of all the loans to be paid off and it is an opportunity for the loan borrowers to improve CIBIL Scores.