Coronavirus infection has forced you to switch from public transportation to private assistance. You can`t even commute with a common taxi. Should you buy a two-wheeler or a car? Before you make a decision, take a look at the statistics. According to the Centre for Monitoring Indian Economy, 27 million young people aged 20 to 30 lost their jobs in April. According to a report, India`s two-wheeler market would grow from $7.2 billion in 2020 to $12.3 billion by 2025. This is a CAGR of 11% over five years. Two-wheeled loans are popular with Generation Z or people born after 1995. According to industry estimates, 50% of two-wheeled enterprises were financed, compared to only 30% in the previous decade. He expects more people with two-wheeled loans to ride bikes.
Get immediate two-wheeled loans at competitive interest rates and processing fees from HDFC Bank. If you are a customer of HDFC Bank, you get 2% lower interest rates and a 50% discount on processing fees. Companies insist that employees use private vehicles in the coming months. Buying a two-wheeler helps if you are facing a financial restriction. Simply put, the relatively lower cost of the two-wheeler works better than a car. You can buy a scooter or motorcycle with a two-wheeled loan if you are busy or self-employed. It helps to buy a two-wheeler without having to take care of all the costs at once. You must repay the amount borrowed and interest through related monthly payments or EMIs.
Banks sanction the loan on the basis of the cost of the two-wheeler and the EMI you can pay. The interest component of your EMI decreases with each monthly repayment. You must apply for a two-wheeled credit online during coVID-19. It`s easier than conventional options. Paperless documentation and KYC processes limit unwanted shipping trips. You get a faster credit authorization with less documentation. You are experiencing a change after the pandemic. You can`t take a Pillion Rider on your bike, because social distancing is the new normal. It will encourage the purchase of two-wheelers, as the focus will be on low-budget traffic. Two-wheeled loans are the new mantra, as owning a large car takes a back seat. In short, accessibility, flexibility of reimbursement and technology are the key to a pandemic market.
Have a stable job of at least one year before applying for the loan. It would help if you reside in the current residence for at least a year. You must be in the same area for at least one year if you are independent. Read also: 4 loans that you can opt to combat financial stress during COVID-19 have a good CIBIL score of about 700-750 before applying for the loan. Your bank can declare a minimum income between Rs 72,000 and Rs 1.5,000 per year. It varies by banks and financial institutions. The two-wheelers have a great resale value. You can update a better bike on the loan repayment. You have money in your portfolio to manage budgetary expenses. Otherwise, critical financial goals such as retirement and your child`s education could back down. Step 1: Select the bank or NBFC where you plan to use the two-wheeled credit.