123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Automobiles >> View Article

Two Wheeler Loans - Everything You Need To Know About Them

By Author: Mihir Yande
Total Articles: 8

The world today does not stop for anybody everyone is always on the move to be somewhere. Quick and comfortable transportation is something that is a vital part of everyone’s life. But the dependency on public transportation can be too stressful for an individual’s life. Public transportation is both time consuming and a struggle, and hailing a cab for every commute is simply too expensive. A personal vehicle can be a boon to an individual’s life. A two wheeler is something that people of all ages can use without any issues. Thus an individual can buy a two wheeler for such commutes, and to make the purchase of a two wheeler, they can avail a bike loan. A bike loan is a loan product that is provided by the financial institutions. The financial institutions provide the customers with the loan amount for the purchase of a two wheeler.

A two-wheeler loan is the simplest and quickest way to purchase a two wheeler. An individual can buy a two wheeler by just paying a nominal down payment and the remaining loan amount can be paid through instalments. A two wheeler loan is one of the best alternatives for purchasing a two wheeler for every customer regardless of which financial class they belong to. Two wheeler loans are an effective way of generating finances for the purchase of a bike. The interest rates on two wheeler loans are comparatively lower than any other loan products available in the business. Sometimes to make the process more convenient for all the customers, financial institutions have tie-ups with dealers. This process saves a lot of time and effort of the customer.

Financial institutions generally offer two types of bike loan:

1. Secured two wheeler loans:
In secured two wheeler loans, the customer has to provide the financial institution with an asset owned by them as collateral. The asset should have an equivalent value to that of the loan provided. The advantage of a secured loan is that the loan is made available easily, since the collateral provided has reduced the risk of default on customer’s part. Through a secured loan the interest rates offered are on the lower side. A failure to make the repayments on time may lead to the financial institution seizing the asset.

2. Unsecured two wheeler loans:
As the name suggests, in an unsecured two wheeler loan the customer does not have to provide any type of asset as collateral to the financial institution. An individual can simply avail the two wheeler loan by just being eligible for some basic criteria’s. For customers who do not have an asset to provide, unsecured loans is the most efficient way of generating finances for the purchase of a two wheeler.

Through a two wheeler loan, the customer can get the required finances for the purchase of a bike on the spot. The repayments on a bike loan are done through monthly installments. The tenures for a car loan generally vary between 12 to 48 months. Thus availing a bike loan can be very beneficial for a customer who wishes to purchase a two-wheeler.

About the author:
Vishakha Lele works as an auto dealer. In her spare time, she writes about bikes and its latest models. Through her research, she has provided information on two-wheeler loan

Total Views: 63Word Count: 552See All articles From Author

Automobiles Articles

1. 3 Tips To Choose The Best Car Repair Service Centre
Author: Best Car services

2. Ultimate Benefits Of Purchasing Used Trucks At Trucks Plus Usa
Author: Steve Hahn

3. Used Chevy Silverado 2500 Turns The Truck Life Into A Good Life
Author: Steve Hahn

4. Understanding Your Peugeot 3008 Suv Hill Descent Control System
Author: Barry

5. Amateur Is Demography Big Accomplish
Author: SUNXIN

6. 8 Tips To Maintaining A Commercial Vehicle For Longer Use
Author: skylink auto

7. Surviving A Family Road Trip In Your Skoda Superb
Author: Daniel

8. How To Know About Budget For Car Repairs While Erasing Debt?
Author: Rickey Gregg

9. 3 Steps To Give Your Peugeot 5008 Suv An Autumn Makeover
Author: Barry

10. How Does The Hill Start Assist Function On Your Nissan New Car Work?
Author: Andrew Rogers

11. Benefits Of Bridgewater Car Sales
Author: Bridgewater Nissan

12. Know About Cost Effective Relocating Services For Old, Damaged And Wrecked Vehicles
Author: Jesse Alison

13. Plan Your Next Trip Precisely If You Want To Experience A Mediterranean Climate
Author: Max Brier

14. Learn The Basics Of Bike Repair Works And Know How To Choose A Good Repairer
Author: Levi Fysh

15. Protect Your Windscreen From Rocks And Debris
Author: Sam Lampasona

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: