A well-known northeastern metropolis of India, Guwahati is also Assam’s largest city. Located on the banks of River Brahmaputra, it is well known for religious as well as natural tourism. Closely holding the cultural essence, Guwahati has now also embraced industrial development in several of its pockets, and is one of the fastest developing cities in the country today. With growing population and an increasing traffic, the city has witnessed an increasing demand for various bikes as well to provide for local commute.
With a growing presence of top financial institutions of India here, bike financing is now easily available too. The various options under two wheeler loans in Guwahati simplify desired bike model purchase here. Several appealing reasons command why you should go for a bike loan when purchasing your two wheeler in Guwahati. Let’s check them out one by one.
7 Interesting Reasons to Avail a Two Wheeler Loan in Guwahati for Bike Purchase
Purchase of any two wheeler model simplified
As is well known, two wheeler loans in Guwahati are available with high financing value. You only need to fulfil the right eligibility parameters to avail necessary funding. Reputed lending institutions here can offer financing of up to Rs.5 Lakh as two wheeler loans. Such loan value allows you the freedom to choose a bike brand and model as per your liking for vehicle purchase. Availing a two wheeler loan is simplified too, which makes funding access even easier.
Affordable rates of interest
Borrowers can find competitive rates on two wheeler loans in Guwahati to fulfil their financing needs affordably. One of the prime reasons why these loans are affordable is that they are extended against collateral. Wherein the bike so purchased through funding is hypothecated to the lender until complete repayment of the loan liability. As such security reduces the risk of loan default or non-repayment. Lenders agree to extend funding at lower rates than their unsecured counterparts.
Another reason why you should be able to find a bike loan offer with low rates in Guwahati is. That some of the best lenders extend financing here, which makes the market competitive. It is thus further advisable to compare interest rate offers from different lenders before settling for a loan offer at hand.
Easy opportunity to build credit score
It is always easier to avail a secured loan than an unsecured one due to. The presence of collateral and reduced risk to the lender. It can be more so beneficial for a first-time borrower with no previous history of dealing in credit. As such borrowers do not hold any credit score. Bike loans offer an interesting opportunity to avail credit and repay it in time for suitable credit history and score creation.
The opportunity remains the same for individuals with low credit scores as well since they can easily avail. The funding against the secured loan and ensure to repay in time and in full for building the score and credit history.
Fast approval with financing under a day
With the presence of online bike finance in Guwahati, sending application for your two wheeler loan here is not much of a concern anymore. You can do so at any time and from anywhere. Once you have applied with the right eligibility and documentation, you are likely to receive fast approval of the advance within a few minutes. Post approval, the loan amount is transferred to your bank account within next 24 hours, allowing you access to funding within a day.
Possible Tax benefits
Another prime reason to avail a bike loan is the tax benefits you can receive on the loan. However, it is applicable only if you are a businessperson and have availed funding for bike purchase under business purposes only. Once availed, you can receive tax benefits of both principal repayment and interest payment towards your bike loan liability.
Availing a bike loan sure promotes financial discipline for individuals as well since. They need to meet their loan EMIs every month. Easy application with minimal paperwork for two wheeler loans in Guwahati. Make them easily and widely accessible to residents here too. Make sure to compare features offered by different lenders before finalising on your loan offer to avail.
Last but not least, the online bike loan comes with a higher loan to value ratio. You can get funds for 95% of your bike value. In terms of value, most lenders offer this loan for the maximum amount of Rs. 1 lakh.