As the lockdown restrictions recede in India and offices start opening up, a lot of us might be actively considering getting ourselves a two-wheeler to meet our daily commuting needs. Although owning a two-wheeler is a dream for many of us, one common hindrance all of us face from time to time is the dilemma of how we can finance the purchase. Purchasing a two-wheeler is not a cheap affair in India, and because of this getting a financing option which conveniently meets our needs and our budget is a must.
But we all know quite well that every time a two-wheeler financing plan doesn’t meet this criteria, and thus in today’s article, we will share with you an alternate financing plan which might be better suited for your needs.
Thus, without further ado, let’s get started.
What Is a Personal Loan?
We have all heard of the many two-wheeler financing options available in India; however, very few of us are aware of the meaning of a personal loan and how it can be used to finance the purchase of a two-wheeler.
In simple terms, a personal loan can be understood as being a financing instrument through which you can borrow a certain amount of money, usually in the range of ₹10,000 to ₹500,000, and use it to finance any of your needs. One of the most unique specialties of a personal loan lies in the fact that you can use the loan amount for any spending purpose without needing to intimate the lender about the same beforehand. As compared to other loans, where the lender restricts you in terms of spending avenue, a personal loan grants you complete freedom meaning you can use the loan to finance a two-wheeler, pay off your credit card debt, pay for a medical emergency, or anything else.
How Is a Personal Loan Different From a Two-Wheeler Loan?
Now that you have a clear understanding of what a personal loan exactly means, let us take a closer look at the avenues where it distinguishes itself from a two-wheeler loan in India.
- Instant Disbursal
One of the most common worries associated with any traditional lending instrument in India is the fact that the lender often takes extended periods of time to first assess the application and subsequently disburse the loan amount to your bank account. Since most traditional lenders in India make use of legacy lending software, they generally have extended queues for their loan offerings, and this is a challenge most modern borrowers are unwilling to bear.
On the other hand, personal loans in India arrive with an instant disbursal feature meaning that from the time your application is approved, and the loan amount reaches your bank account, you will spend no more than 48 business hours. Most lenders in India who specialize in rendering personal loans equip themselves with advanced fintech technology which not only allows them to assess your application faster but also disburse the loan amount in record time.
- Online Application
If you have enquired about a two-wheeler loan in the recent past, you are well accustomed to the fact that the only way of availing the services of one is to reach out to the local bike dealership and complete the application at their dealership to seek approval. However, in times such as these where we are being actively encouraged to stay indoors, going to the dealership and applying for a loan might be too much to ask, thus making this another hindrance borrowers often have to overcome.
On the other hand, most personal loans in India arrive with a completely online application process meaning that you can apply for the loan right from the comfort of your home and get the loan amount transferred to your bank account, all the while staying indoors and focusing on your tasks. Not only does a completely online application guarantee faster approvals from the lender, but it also makes sure that you can better manage your time and other commitments without needing to step out and file your loan application.
- Flexible Repayment
Last but not least, when you take a personal loan in India, the lender often pre decides both the EMI amount you will be required to pay every month and the date on which the said EMI will get deducted from your bank account. From the perspective of the lender, this is a profitable strategy as it actively discourages you from defaulting on your commitment, however being a borrower, this methodology can severely constrain your ability to plan your personal finances.
On the other hand, most personal loans in India arrive with a feature also known as flexible repayment, wherein the lender gives you the option of deciding both the EMI amount you would be comfortable paying every month along with the date of payment. This methodology ensures that your financial burden is always at a minimum, and you can better manage your personal finances.
How to Get a Personal Loan to Purchase a New Bike?
Follow the steps shared below to secure a personal loan today to purchase your dream two-wheeler.
- Go on to your favorite search engine and type out the query, personal loan to purchase a bike in India.
- Immediately, you will be presented with a list of lenders who offer this service. Go through each one of the offerings and be mindful of the interest rate they are charging along with the tenure they are extending.
- Once you have located a lender whose personal loan offering suits you the best, navigate to their official website or download their smartphone application.
- Once done, initiate the application by first sharing your personal information, including your name, phone number (must be the same as registered with your Aadhar number), and email address.
- Click on Next, and on the following screen, share your income information, which includes your employment type (salaried or self-employed), monthly in-hand income, employer name, etc.
- On the next screen, share your eKYC documentation (PAN Card and Aadhar Card) and proceed to upload all the necessary documents, which include your income certificate, latest salary slip, 3 months bank statements, last 3 years ITR returns, to name a few.
- Once you have uploaded all the documents, wait for the confirmation email from the lender, and once approved, you can proceed to select the loan amount you require.
- If everything checks out, your loan application will be approved, and the lender will disburse the loan amount to your bank account in less than 48 hours.
Choosing a personal loan instead of your standard two-wheeler financing to purchase the two-wheeler of your dream is a smart decision across many verticals, and you will feel the positive impact of this in the days to come.
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