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Tata Capital > Blog > Why Is It Always Better to Buy a Vehicle on Loan?

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Why Is It Always Better to Buy a Vehicle on Loan?

Why Is It Always Better to Buy a Vehicle on Loan?

Got a biker spirit and surplus cash ready for purchase? Get a bike loan instead!

Contrary to popular belief, a vehicle loan is not a massive burden to bear. With comfortable interest rates, loan tenure, and repayment terms – you can easily afford your favourite bike and save personal funds.

Here’s why you should always purchase a vehicle on loan.

For salaried and self-employed

Both salaried and self-employed individuals can avail a two-wheeler loan, unlike other loans with strict eligibility criteria. Even if your salary is not within the taxable income range, you can still avail this loan.

You only need to meet certain employment criteria albeit you meet other eligibility conditions of income, age, etc. To avail a loan, you must have worked at least one year in the same company.

Flexible payment modes

Just as loan disbursement, the loan repayment process is also easier for a loan. Borrowers can choose from different EMI payment options to suit your monthly income flow.

Primarily, two modes of EMI payment options are available to borrowers –

  • Online payment via mobile phone or website
  • Offline payment via cheques

Save personal funds

Buying your dream bike with your personal funds? You should reconsider. Instead of spending your saved money on vehicle finance, you can put the funds to meet other important needs such as medical emergency, festive expenses, etc.

If you choose a zero down payment bike loan, you need not make any payments upfront. Moreover, a two wheeler loan has an easy disbursement process for minimal hassle, if any.

Additional Read: What is a zero down payment two-wheeler loan?

Attractive interest rates

The bike loan interest rate available in the market are highly affordable, especially for individuals with a lower salary bracket. Interested borrowers can choose either a fixed or floating interest rate based on preference.

In any case, borrowers receive favourable loan terms since online bike loan has become easier and quicker to obtain.

Collateral

For an unsecured loan, you need not provide a collateral to the lender. In that case, you will have the complete ownership over the vehicle upon purchase while you repay the loan.

However, if the loan is secured, your vehicle will be used as the collateral. Once the loan is repaid, you receive the complete ownership of the vehicle.

Compare lenders before you seal the deal

While most financing terms are relatively easy, lenders make the most difference. Always compare lenders on interest rate and EMI payment terms before you close the deal. That way, you can buy your dream vehicle without unnecessary pocket strains.

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

Make use of a bike EMI calculator online to make accurate EMI estimates. You can easily calculate the EMI amount you need to pay every month to service your loan, create a financial plan, and compare the lenders better.

Want to buy two-wheeler online? Let Tata Capital finance it for you. We offer vehicle loans at competitive interest rates with convenient repayment terms and EMI payments. Head over our website to learn more.

Get in touch with us today!

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