Two-wheelers are a popular means of transportation among many Indian households. They make it easier to glide through the busy streets quickly. Hence, India is one of the largest bike markets worldwide. Moreover, bikes are relatively expensive, costing around Rs 1 Lakh or more. Usually, people prefer a bike loan to make their bike purchase affordable and easier. In India, several financial institutions and NBFCs provide loans for two-wheeler purchases, but Hero FinCorp makes it convenient and quick. Let's look at the top reasons to borrow a Two-wheeler Loan from Hero FinCorp.
What is a Hero FinCorp Two-Wheeler Loan?
Hero FinCorp Two Wheeler Loans are quick finance solutions that help you purchase your dream bike easily without worrying about the finances. These loans help you fund up to 95% of the bike cost. The interest rates are competitive, with nominal processing charges and ample loan amounts that can go up to Rs 3 Lakh. These loans are available to both salaried and self-employed Indian citizens. The loan is accessible with minimal documentation, and the repayment terms are flexible, suiting any budget.
Reasons to Opt for a Hero FinCorp Two-Wheeler Loan
A bike loan provides ready finance to purchase a vehicle you want. You enjoy many other benefits when you choose Hero FinCorp as your bike financer. These include the following:
High LTV Ratio of up to 95%
Bike enthusiasts in India can now go ahead and purchase the two-wheeler of their dreams. With a high loan-to-value ratio of up to 95%, you can choose a bike you always wanted to buy without paying its cost upfront. You can bring your bike home by just paying 5% of its total cost. The maximum loan amount you can borrow at Hero FinCorp is Rs 3.5 Lakh.
Attractive Interest Rates
The interest rate is the most significant determining factor when borrowing any loan. Hero FinCorp offers affordable interest rates to make borrowing easy and accessible. However, your final interest rate depends on various factors, including your loan amount, repayment tenure, income, debt-to-income (DTI) ratio, credit history, etc. So, keep these figures on track to get the lowest 2-wheeler loan interest rate from the loan providers.
Minimal Processing Charges
You must pay the nominal processing fee to apply and process your loan application. However, these charges are negligible and consume only a small percentage of the loan amount you borrow. Check out the loan offers with discounted processing charges to save money and make borrowing more cost-effective.
Speedy Loan Approval and Disbursal
A Two-wheeler Loan requires minimal documentation, making approvals much easier and faster than others. Salaried and self-employed applicants can quickly apply for a bike loan by filling out an online form and submitting their identity, address, age, income, and professional proof. Since the application process is online, requiring no branch visits and physical paperwork, they are much easier and faster to approve and disburse.
Easy to Acquire
A bike loan only requires you to fulfil the lender’s eligibility conditions and documentation requirements. Whether you are a salaried or a self-employed professional, you can easily acquire a Two-wheeler Loan without hassle. Another criterion to remember is that you must be at least 18 years of age and have sufficient work experience in your field.
Flexible Tenure
With affordable loan EMIs, you can easily repay your loan at a speed that suits your financial commitment and monthly budget. The Hero FinCorp Two-wheeler Loan offers a repayment tenure of up to 60 months, taking the pressure off your EMIs. You are free to choose your desired repayment plan so that the EMIs do not disrupt your financial planning. Are you wondering how the monthly EMIs will look? Use a Two-wheeler Loan EMI Calculator to check your monthly instalments and plan your finances accordingly.
Tax Benefits for Businesses
If you use the for business purposes as a self-employed professional, you may claim tax exemptions on the bike loan. Fuel costs, maintenance charges, insurance and interest repayments are tax-deductible under section 80C of the Income Tax Act of 1961. However, remember that these tax deductions are not applicable if you use the motorcycle for personal use.
Helps Build Credit
A bike loan can be a stepping stone towards improving your credit score. While a high credit score is mandatory to obtain these loans, their EMI repayments appear on your credit report and help improve your credit score. Hence, pay your EMIs on time to build a good credit score and improve your eligibility for future loans.
Buy a Bike of Your Choice
Depending on savings to purchase a bike often limits the available options. Funding the bike with your savings makes buying the bike you desire difficult, as the savings may not be enough. A Two-wheeler Loan eliminates the need to compromise on the bike you desire, ensuring financial constraints don't hinder your choice. A bike loan allows you to buy the bike model you choose without paying its cost upfront.
Pre-Closure Option
Pre-closure, foreclosure, or prepayment facility allows you to repay your loan before the term ends. When you use surplus funds to repay the loan before tenure completion, you become debt-free sooner and save on the interest cost. Hero FinCorp allows the option of prepayment and the associated charges if you want to close your loan account before the set tenure. It is an excellent way to pay off the loan before its due term, freeing credit for other loans and financial obligations in the future.
Two-wheelers are by far the most convenient and affordable means of transportation among Indian families. Whether a salaried employee or a self-employed professional, a Hero FinCorp Two-wheeler Loan serves everyone. Firstly, the 2 wheeler loan interest rate is reasonable, and the loans are easy to obtain. Plus, reasonable interest rates mean affordable monthly instalments. Moreover, it is an easy way to build your credit score without stressing your finances. So, when planning to purchase a bike, why not cover 95% of its cost with a bike loan and make it your own with gradual, monthly EMIs?
