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Are you tired of using public transport while traveling from home to the workplace and vice-versa? Are you thinking or considering buying a new bike? If you are residing or working in Guwahati, you would be amazed to see the drastic changes from its cultural essence to a commercial city. Hence, increasing traffic accompanied by population growth has generated bike demand. If your budget is a concern, then a two-wheeler loan in Guwahati is the right solution.
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Benefits of two-wheeler loan
Simplified procedure for loan application
As one of the largest metropolises in northeast India, you can quickly get two-wheeler loans in Guwahati at high financing value. All you need is to fulfill the eligibility criteria to avail of a two-wheeler loan. Today, the top banks and other financial companies offer loans up to Rs. 500,000. Furthermore, you can also select the brand of a bike or a scooter model according to your choice. Availing loans for bike or scooter purchases has become easy with minimal paperwork and other formalities.
Competitive interest rate
If the interest rate on a two-wheeler loan concerns you, the good news is that an eligible borrower can get them at competitive rates. The two-wheeler loan in Guwahati banks offers bike or scooter loans with low processing fees at attractive interest rates with easy payoff. You can get the funds with minimal paperwork and long duration, which makes the extended monthly interest affordable. Also, you can get these loans against collateral. When you purchase a two-wheeler on a loan basis, the lender will be the owner until you fully repay. The security would go down with the risk of loan default or non-repayment. In such cases, the lender would extend your funding at lower rates.
High scope for building your CIBIL score
Getting a secured two-wheeler loan would be easier than unsecured loans if you have a self-owned property. The lenders require customers as much as the latter requires the lowest interest rate on loans. The first-time borrowers would benefit from the doubt as they don’t have a previous history of availing of the credit. Furthermore, the question of credit or CIBIL score does not arise. The sanction of bike or scooter loans allows the borrowers to repay their loans within the specified due date and create a good history and credit score. It is also an opportunity for individuals to improve their low or poor CIBIL scores so they would get loans in the future.
Quick or instant approval within 24 hours
The online application for a two-wheeler loan in Guwahati enables you to avail yourself of funds without visiting the bank personally. The borrower can apply for a loan anywhere in India at any time. Once you apply for the loan amount with the proper eligibility and valid documentation, you will get the approval within a few minutes. The loan amount would be disbursed to your bank account 24 hours after the sanction. Hence, you will get access to the funds within 24 hours.
Tax benefits
It is one of the main reasons to avail a bank loan for purchasing a scooter or a bike, regardless of whether you have the funds to purchase them. However, tax benefits would apply only to the entrepreneurs who avail of loans for purchasing a two-wheeler vehicle for business use. Once you avail of the credit, you will become eligible for tax benefits of principal and interest payment towards your liability. The loans would also promote effective financial management for the individuals, who would have to prioritize paying their monthly EMIs on time.
Less financial pressure
Today, people opt for bike or scooter loans though they have revenue for purchasing them. The borrowers only have to pay a small amount every month, which enables them to have extra cash in their account to meet their unexpected expenses. Furthermore, they can also invest in fixed deposits to get higher returns.
Also Read about tax saving pf fd and insurance tax relief
Conclusion
The bottom line for availing of two-wheeler loans in Guwahati is to make their life easy with better credit scores and other additional benefits like insurance and accidental covers. An entrepreneur avail of two-wheeler loans even if they can afford a bike or a scooter to enjoy the advantages mentioned above. Also, they would not shell out of their pocket or bank account to purchase a two-wheeler.
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