Top Reasons to Choose a Personal Loan for Two Wheeler

Top Reasons to Choose a Personal Loan for
Two Wheeler
Dependency in public transport for daily travelling is much difficult in present date
especially in metro cities with a huge population and insufficient public transport.
Taking a public transport is not only tiresome but it is much time-consuming too.
The forever choking public transport in city traffic and day-by-day increasing
population makes a daily traveler go with a personal two-wheeler as a reliable mode
of transport. If it is just an insufficient fund which is stopping you from getting your
dream bike, then your worry has come to an end. Here are two ways to finance a
two-wheeler purchase.
The Finance Options
a) Two-wheeler loan A two-wheeler loan is a kind of loan specially designed for
purchasing a two-wheeler. While availing two wheeler loans one has to
hypothecate the two wheeler which he/she is going to purchase. One has to visit
the Regional Transport Office (RTO) to make the two wheeler mortgaged. A two
wheeler loan never finances 100% cost of the bike or scooter. In the best
scenarios, one can get up to 85-90 % of the total cost. Rest of the amount has to
be paid by the buyer as a down payment.

) Personal Loan A personal loan is a collateral free or unsecured loan. A
personal loan can be used for any purpose according to the need of the
borrower. One can even use a personal loan to purchase a two wheeler.
Choosing a personal loan over a vehicle loan is always a beneficial option.
Here are some reasons which make a personal loan a better option
No Need To Hypothecate Your Two Wheeler While availing vehicle loans,
one has to keep the vehicle either two wheeler or four wheeler in line to
get the loan sanctioned. But personal loans are unsecured loans. One can
take a loan depending on the repayment capacity. None of the borrower's
valuables is kept as collateral.
No Worries About Down payment- Two wheeler loans never finance
100% of the cost of your bike or scooter. It offers only up 85-90% of the
total cost. So if you want to buy a two wheeler, you have to do some
savings for the down payment. Let's say you want to own the bike Royal
Enfield Classic which cost about 1.40 lakhs. So your down payment will be
in between INR 14,000 to INR 22,500 which is a quite big amount. But if
you go for a personal loan you can avail the total 1.40 lakh as loan and the
worry of paying down payment will be demolished.
The Online Process- Availing a personal loan is a hassle free process. One
can apply for a personal loan online using the website of the lender. But if
you go for vehicle loans, you may need to visit RTO office several times
which is a much time-consuming process.
Loan Amount According To the Applicant's Need- One can take a loan
amount according to the need of the applicant or we may say according to
the price of your dream bike. One can take a smaller loan upto INR 50,000
or the loan amount can be as high as INR 1,000,000. So, whichever two
wheeler you may like, you can easily have it by using a personal loan.

No Security Charges- A personal loan has only processing fee which the
borrower has to pay. But if you go for a two wheeler loan, you have to pay
several fees and charges such as documentation fee, RTO charges, security
charges and so on.
Can Get A Loan without A Credit History- A credit history is a must have
for availing a two-wheeler loan. It is almost impossible to get a credit for
purchasing a two wheeler if you don't have a credit history. But personal
loans are different. One can avail a personal loan on the basis of income,
job stability, employer and educational qualification.
Instant Approval- A personal loan online for two wheeler purchase comes
with an instant approval. Online personal loans are much faster in
approval and disbursement as compared to the vehicle loans. So if you
don't want to wait long to ride your own two wheeler, then a personal
loan is a better option. An online personal loan takes just 24 hours to get
the loan amount disbursed to the borrower's bank account.
These are the primary benefits which make a personal loan a better option to
finance your two wheeler purchase. With a personal loan, the process of owning
your dream two wheeler becomes much easier and faster.