4 Reasons Why You Should Opt for Loan While Buying Two-Wheeler

Due to the ever-growing population of India, traffic jams have become a daily occurrence. People are constantly rushing to work just to ease traffic congestion. And so, to escape the constant pollution and waste of precious time, bikes have emerged as the ultimate solution. Whether it’s a quick trip to the department store for grocery shopping or you’re looking for a trusted companion to help you get to the office during peak hours, two-wheelers serve as the most practical means of transportation. As a result, more and more people are applying for bike loans in India to ensure fast and efficient travel.

Many of you may be wondering, 'Why to borrow a bike instead of paying the full price in one place?' Well, if you are one of them, here are four main reasons to take a Two Wheeler Loan in India. This is a better option than drowning in your savings.

1. No Need to Settle

Whether you are a bike enthusiast or just thinking of buying a bike for your daily commute, you may have a model on your heart that will not only have high visual appeal but also provide functional benefits like excellent mileage. However, buying a bike with your saved money not only puts a strain on your financial health but also prevents you from buying your favorite bike if you end up settling for one that fits into your budget. However, borrowing a bike can solve these problems as it reduces the financial burden and also allows you to buy the bike of your dreams.

2. Enjoy Tax Benefits

If you are a self-employed business considering buying a new bike, you can take advantage of tax-deductible interest on a bike loan. When you buy a vehicle in the name of your company, you can save a lot of money on additional payments in addition to interest repayment on loans like insurance, fuel, maintenance as these charges have been deducted from your profits so that you can take advantage of the depreciation.

3. Creates Financial Discipline

You are expected to pay a monthly EMI after taking a Two WheelerLoan, so you need to have sufficient funds in your bank account. This helps maintain financial stability as you can calculate your expenses in advance and plan future expenses accordingly. Furthermore, it teaches you long-term financial savings and helps you save money.

4. Low Interest Rates

Thanks to the huge popularity of bikes in India, buying a bike loan is stress free as interest rates have come down. Many financial institutions are competing with each other to offer affordable and reasonable rates for the purchase of two-wheelers.