Owning a two wheeler can simplify your life in many ways. Travelling becomes hassle-free and you can enjoy a sense of independence from the same. Additionally, bikes are not very expensive to purchase either which is why getting a personal loan to buy one is a great idea. If you have come this far looking for a personal loan for bikes, we have the perfect one for you!
A two-wheeler or bike loan, as the name suggests, is used by borrowers to purchase a bike when they are unable to finance the same on their own. There are a number of lenders on the market today that offer auto loans but sometimes when the requirement is urgent, going for an instant personal loan is a better option. Additionally, instant personal loans are also ideal for those who have a low credit score and do not wish to provide a collateral.
One of the most popular loan providers in the country, Money View disburses loans in 24 hours after approval and provides products at extremely competitive rates.
Sounds interesting? Read on to know more.
While a number of banks and financial institutions provide two-wheeler loans with exciting offers, a personal loan might be a better choice for some of you. Check out the reasons below to know why -
When you avail two-wheeler loans, you don’t just have to provide a downpayment but you also get only 80-90% of the cost of the bike as loan. However, when you apply for a bike loan on an app like Money View, the entire amount that you require can be availed as loan. So you can buy a bike instantly without worrying about arranging the amount needed for the down payment.
When you buy two-wheeler loans, your vehicle remains hypothecated to the financer/lender till you clear the loan availed, i.e., it will be considered as collateral until the loan is repaid. But if you use an instant personal loan from Money View to buy a bike, hypothecation is not required at all. The vehicle remains registered to your name from the beginning
One of the biggest advantages of availing an online personal loan for bikes is that it is easy to get.. Right from application to disbursal, an online bike 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. With Money View, the entire process is online, and once approved, you will receive your loan within just a day.
A regular two-wheeler loan requires a lot of documentation whereas an online personal loan that can be used to purchase a two-wheeler requires minimum documentation such as identity proof, address proof, and income proof.
Moreover, no hard copies of any documents are required.
Two-wheeler loans that are available through traditional sources like banks and other financial institutions require a high CIBIL score of 750 or more which might be difficult for everyone to achieve. Also, there might be many more who are new to credit who might find it difficult to avail traditional bike loansMoney View personal for bikes, on the other hand, is available even for those with relatively lower credit scores, with the minimum credit score being a CIBIL score of 600 or an Experian score of 650.
The interest rates for bike loans from traditional sources start at 10% and 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. Personal loans from Money View that can be used as a bike loan as well come at a comparable interest rate that start at 1.33%.
Money View Personal loans are extremely quick regarding application approval as well as loan disbursal. Approval takes just 2 minutes and disbursal is done at the earliest thereafter (not longer than 24 hours), thereby saving precious time and effort on your part as an applicant.
Some of the important features of Money View Personal Loans that you should know before applying for one are:
The amount disbursed and repayment tenure will be decided based on your eligibility and credit score.
Applying for and availing personal loans from Money View to buy a bike is extremely easy. All it takes is 4 simple steps
Check Your Eligibility:
Find out the maximum loan amount you’re eligible for on our app or website in just 2 minutes.
Select Your Plan:
Choose a custom loan amount and repayment period that suits your financial needs.
Upload Your Documents:
Provide your personal details and upload the necessary documents all on the app or website.
Get the Loan Amount:
Get the loan amount disbursed to your account within 24 hours of approval
Owning a two-wheeler is always an advantage and going in for a loan might be one of the easiest ways of owning one. However, there are many aspects involved in availing a two-wheeler loan which you should pay attention to as given below -
Compare interest rates offered by various lenders before zeroing in on the option that suits your finances the best.
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.
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.
An important factor to be considered, compare the processing time taken by various lenders.
An 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.
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.
The loan amount being disbursed to you will depend on your income. Lower your income, lower is the loan amount disbursed to you.
So what are you waiting for? The next time you look for ways to finance your dream two-wheeler , think of availing a personal loan from Money View for the same instead of taking the traditional route.
The good news about Money View loans is that you don’t have to provide collateral. Your eligibility criteria is determined by your age, income, and credit score and each month the EMI amount will be debited directly from your bank account.
The eligibility criteria for Money View Loans is as follows:
For more details regarding this, please click here.
For more details regarding this, please click here.
Currently, Money View offers loans to only salaried individuals. However, we are working hard to provide loans to our self-employed applicants in the future.
In order to avail an instant personal loan from Money View, you will have to be between the ages of 21 to 57 years.
For more details or any other assistance, contact us at firstname.lastname@example.org or call us at 080 45692002.