Reasons why personal loan is a good fit to buy two wheeler

Posted by Priya Singh on November 28th, 2019

Many a time it might happen that you are longing to take that dream bike of yours, but you are running short of funds. At such times, you can apply for a personal loan to purchase your dream vehicle. By applying for a loan, you don't need to drain your savings also. A personal loan is a great option to finance your vehicle. You might be wondering why should I apply for a personal loan instead of applying for a two wheeler loans.

Whether you want to buy a premium bike, scooter, sports bike or an adventure bike you can apply for a loan to purchase them. You can finance a brand new two wheeler or a used two wheeler using a personal loan. Borrowers who are looking to own their dream bike can apply through bookmymoney. Take a look at the reasons why you should apply for a personal loan to buy a new or used two wheeler.

1. You do not require any collateral or security

Applying for a personal loan rather than a bike loan would be beneficial as with a personal loan, one need not worry about pledging any collateral or security at the time of availing a loan. On the other hand, if you avail a bike loan or a two wheeler loan, you need to hypothecate your bike with the lender. The bike will be owned by the lender till you pay back the loan amount in full.

2. Competitive rate of interest

The rate of interest on personal loans is very competitive as compared to two wheeler or bike loans. The rate of interest on your two wheeler loan is determined on the basis of income, loan amount, loan tenure, two-wheeler specifications, age of the vehicle, etc. If the borrower does not meet any of the above factors, then he might be charged a higher rate of interest. The personal loan interest rates at bookmymoney start from 10.50%.

3.100% on-road price

When you apply for a personal loan to buy your dream two wheeler, you can enjoy 100% financing of the on-road price. Most of the lenders also offer 80% of financing. This way you do not need to worry about making the down payment of your loan. Buying two wheeler using a personal loan is more convenient than purchasing it with a bike loan.

4. Minimum documentation
One of the best perks of applying for a personal loan is its minimal documentation. You need to submit your identity proof, address proof, bank and employment details. You don't need to submit any additional papers or documents related to your two-wheeler.

5. Smaller tenures for personal loans

You can also enjoy smaller tenure when you choose a personal loan. The tenure for personal loans usually ranges from 6 months to 5 years. Having a shorter tenure will help you to pay off your loan easily and this way you can also save a lot on interest payment.

6. Quick loan disbursal

You can now apply for a personal loan through bookmymoney. The process is simple and quick as it involves very less documentation. Once your loan application gets approved, you get the funds directly into your bank account within some time.

So, now you know the benefits of applying for a personal loan to purchase your dream two wheeler. Take a personal loan and drive your happiness in real without any hassle.