Owning a two-wheeler can simplify your life in many ways. You don’t have to wait for public transport and can freely travel to your destination.
But purchasing a bike with your savings can be difficult. A two wheeler loan or an online bike loan can be a great idea in such cases.
You can also choose to take an instant personal loan from moneyview and use the funds to purchase your dream bike. If you have come this far looking for a personal loan for bikes, we have the perfect one for you!
Instant Personal Loans from moneyview as Bike Loan
An online bike loan or a two wheeler loan is a type of secured loan that is used to specifically finance a bike. You can get these from any bank or NBFC, but sometimes they may take loanger to get approved.
When the requirement is urgent, you can opt for an instant personal loan instead of an bike loan. That way you don’t even have to look for a collateral, and your two-wheeler will be under your ownership from day one.
One of the most popular loan providers in the country, moneyview disburses loans in 24 hours after approval at extremely competitive rates. Sounds interesting? Read on to know more.
How Can an Instant Personal Loan from moneyview be Better Than a Regular Two Wheeler Loan?
While a number of banks and financial institutions provide two wheeler loans or online bike loans with exciting offers, a personal loan might be a better choice for you. Check out the reasons below to know why -
100% Financing
In the case of two wheeler loans, you have to arrange for a downpayment as you can only get 80-90% of the cost of the bike as a loan.
But if you apply for a personal loan on moneyview, you can apply for a loan of the entire amount that you require. So you can buy a bike instantly without worrying about arranging the amount needed for the downpayment.
No Hypothecation Needed
When you take bike loans, your vehicle remains hypothecated to the financer/lender till you clear the loan availed. The vehicle is considered as collateral until the loan is repaid.
However, when you take an instant personal loan from moneyview to buy a bike, hypothecation is not required at all. The vehicle remains registered in your name right after purchase.
Easy Availability
One of the biggest advantages of availing of an online personal loan over an online bike loan is that the former is easier to procure. From application to disbursal, an instant personal loan is very convenient to avail as you will not have to make multiple trips to the bank, compare different rates, and wait for days to get approval.
At moneyview, the entire process is online, and once approved, you will receive the funds within 24 hours in most cases.
Minimal Documentation
A regular online bike loan or a two wheeler loan requires a lot of documentation as compared to a personal loan.
Moreover, if you apply for an instant personal loan from moneyview, it requires minimal documentation such as identity proof, address proof, and income proof. Apart from this, moneyview does not require any hard copies of documents as the process is completely online.
Available on Lower CIBIL Score
Two wheeler loans or bike loans taken from the bank or other financial institutions require a credit score of 750 or more. There might be many applicants who are new to credit and might not have a high score, which will make it difficult for them to avail of traditional bike loans.
Whereas, you can get a moneyview personal loan with a CIBIL or Experian score of just 650.
Comparable Interest Rate
Traditional bike loan interest rates start at 10% and may go up to 22%. Various factors like your credit score, income, repayment of previous loans, etc. play a role in deciding the rate of interest.
On the contrary, interest rates of personal loans from moneyview start from 1.33% per month.
Quick Approval and Disbursal
If you were searching for ‘bike loan apply online’, even that would take 4-5 business days to get approved.
On the other hand, the application and approval process for moneyview personal loans is super quick. You can check your eligibility in just 2 minutes, and once your loan is approved and you sign the loan agreement, the funds get disbursed in just 24 hours.
Important Features of a moneyview Personal Loan
moneyview personal loans come with a lot of benefits and features. Some of them are -
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Get loan amounts from Rs.5,000 to Rs.10 Lakh
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You can avail of tenures from 3 months to 5 years
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The interest rates start from as low as 1.33% per month
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Processing charges start from 2% of the loan amount
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The whole process is 100% online and paperless
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Loans on credit scores as low as 650
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Disbursal within 24 hours of submitting the loan agreement
Factors to Look for While Availing of a Two-Wheeler Loan
Searching for ‘bike loan apply online’? Before you decide on taking a bike loan, you should pay attention to a few factors. They are -
Interest Rates:
Compare bike loan interest rates offered by various lenders before zeroing in on the option that suits your finances the best.
Processing Fees:
Processing fees can be a fixed amount or a percentage of the loan amount. Do not forget to factor in these fees while calculating the overall cost of the loan.
Foreclosure Charges:
If you are looking to close your loan at the earliest, then you should do so only after checking the foreclosure charges levied by the lender.
Processing Time:
Compare the processing time taken by various lenders.
Documentation:
Extensive documentation will take a lot of time for verification and approval. Hence it’s ideal that you choose a lender who does not require too many documents.
CIBIL score:
A good credit score is a basic necessity for availing any loan. It is good to check your CIBIL score well in advance before you apply for a loan.
Income:
The loan amount that is disbursed to you will depend on your income. A high income increases the chances of getting a higher loan amount.
How to Apply for an Online Bike Loan
If you have decided to apply for a personal loan from moneyview and use the funds to purchase a bike, you will be surprised that the process is very simple. Here are the four steps involved in getting an instant personal loan from moneyview -
Check Eligibility
Find out the maximum loan amount you’re eligible for on the moneyview website in 2 minutes
Select Loan Tenure
Choose a custom loan amount and the repayment period based on the options available and your needs
Upload Documents
Provide your personal details and upload the necessary documents, all on the app or website
Amount Disbursed
After the loan is approved and you have submitted the loan agreement, the funds will be credited to your bank account within 24 hours in most cases.
