Is It A Good Idea To Buy A Two-Wheeler On EMI?
Are you tired of keeping up with busy schedules or paying the ridiculous rush-hour fares that cabs charge? Frustrated by not finding autos when you need them the most? So, why not eliminate all those hassles by getting yourself a two-wheeler?
Today, buying a two-wheeler is not as far-fetched as it may have been a few years ago. Yes, some do come with a hefty price tag, but that's what two-wheeler loans are for!
Yet, unfortunately, while two-wheeler loans offer a convenient and affordable way to purchase a motorcycle or scooter, most people are still unsure about taking on an EMI burden. They prefer buying a two-wheeler using cash instead of taking a loan. If you are one of them, here are some practical benefits of buying a two-wheeler on EMI.
Protection Against Cash Crunches and Emergencies
Even if you have enough cash at hand, it's not prudent to spend it all at once. It's better to save or invest that lump sum amount. Moreover, you never know when an emergency may strike. That's why opting for a two-wheeler loan is the smart choice, as it won't let you fall into a cash deficit. How? By chopping up your two-wheeler's price into convenient, bite-sized EMIs.
Moreover, if you find the EMI amount on the higher end, you can bring it down by paying a larger down payment. The reduced EMI, along with a flexible tenure, will make it a win-win situation for you.
Enhances the Credit Score
A healthy credit score is an essential prerequisite for any loan approval. If your credit score is low, a two-wheeler loan can help you boost it. Generally, two-wheeler loan EMIs are on the lower side, which reduces the chance of default. Thus, when the loan is completely paid (or pre-paid), it would reflect positively in your credit history.
With a higher credit score, you can get quicker approvals and higher interest rates on future loans. Not to forget, you'll also be the owner of your dream bike. It's like hitting two birds with one stone.
Avail of Exclusive Rewards and Offers
Most banks have tie-ups with bike dealers and showrooms, bringing in extra perks like free insurance coverage, zero registration fees, discounts on the next purchase, and cashback with the loan. Moreover, several banks line up a range of attractive offers with two-wheeler loans during the festive season, including everything from lowered interest rates to gifts and reward points.
Wrapping Up
As is evident, the benefits of a two-wheeler loan far outweigh that of a cash purchase. It lets you save for a rainy day, improve your credit rating, avail yourself of tax benefits, and enjoy exclusive offers and rewards.
Even with all its benefits, it's up to you to get the best possible deal for your purchase. For this, you may need to shop around, check your eligibility, and conduct thorough market research. It's advisable to explore all your options before coming to a decision. But once you have, you will be only a few steps away from taking home your dream ride.
