Main Benefit Of Taking 2 Wheeler Loan

 

From going on those long road trips to easing your life, everyone has a reason to own a two-wheeler & nowadays many are considering it is precautionary measure against COVID-19 pandemic. However, because of a general apprehensions over loans, people often end up shelling out their savings to buy the vehicle. Opting for two-wheeler loans not only help you address your needs with financial intelligence, but it also provides various other benefits. In the comprehensive coverage, let’s delve into the advantages of opting a two-wheeler loan.

Significant benefits of taking a two-wheeler loan

1. Financial support

Two-wheeler loans help lift off those financial burdens of giving a lump sum amount at one go. Through flexible repayment schemes provided by several lenders, applicants can choose to buy two-wheelers by paying a small amount at a time. Applicants can compare and decide the best-suited lender using a two wheeler loan emi calculator. Lenders like Muthoot Capital provide two-wheeler loans at interest rates starting from 0.99% with flexible repayment schemes ranging from 12 months to 48 months.

2. Improve your CIBIL scores

High-end loans like home loans and four-wheeler loans require good credit scores. Since the repayment amount involved with two-wheeler loans are less, applicants can make a good CIBIL score through consistent repayment.

3. Liquidity for financial emergencies

The amount you save by opting for a two-wheeler loan can be used to address your financial crises. By choosing flexible loan repayment schemes, you do not drain out your account and exhaust your savings.

4. Investment

The lump-sum amount set aside for a two-wheeler can now be utilised to create an investment for your future. Based on your risk appetite and goal, you can choose among the several options available in the market. Investments covered under section 80C not only help you save your money but also let you enjoy tax benefits under the old regime.

5. Tax and depreciation benefits

Regardless of the salaried or self-employed applicant, one can claim the tax benefits on interest rates and depreciation from the vehicle owned if vehicle owned for business.

Applicants can also claim deductions on their profits for fuel, maintenance and loan repayments.

How to apply for a two-wheeler loan?

With several benefits, as stated above, a two-wheeler loan stands out as a better option for your dream and savings. Not only does it make you financially disciplined, but it also helps you to address other needs at hand by lessening the burden on your savings.

Several lenders provide two-wheeler loans. Loans are sanctioned based on your employment, income profile and age. Lenders like Muthoot Capital provide hassle-free loans at interest rates from 0.99% with flexible repayment schemes. They also offer loans on income base, no income base and asset base.

The regulations put forward on eligibility requirements changes from lender to lender. Applicants can decide the best-suited lender through two-wheeler loan calculators. By comparing the interest rates and repayment schemes across lenders, applicants can make an informed decision.