Analyzing Report of Competition in offering Two Wheeler Loans More and more people are opting to buy two wheelers as opposed to buying cars. This is due to a number of factors. This has meant that more lending institutions have seen the massive potential in offering 2 wheeler finance as part of their services rendered. You cannot visit a single bank in India right now that does not have a form of two wheeler loans. This is so much so the case that you can even easily find for adverts online that offer, “two wheeler loan apply online” in big bold letters. This is just how much this market has opened up. Why all the interest? As previously stated there has been a massive increase in the interest of citizens to own their own bikes and with good reason. The first of these reasons is the fact motorcycles are nowhere near as expensive as cars and therefore offer a cheaper alternative meaning that more people can afford them. They are also not as expensive as cars in terms of consumption and maintenance which means that more people can keep them on the road without hassle. There is also the fact that Indian roads are getting more congested and motorcycles are less restricted by traffic jams. This means that they are very convenient for getting around in a hurry. Finally, motorcycles are perfect for some businesses such as food delivery and they can even be converted to ferry paying passengers. These and other reasons have seen many people opt to buy them for themselves or for business. Loan options Having realized the potential of this market lending institutions have jumped onto the opportunity and now most of them have a loan that caters to clients who wish to buy a two wheeler. This has meant that the market has become somewhat flooded with such loans and this has meant nothing but good things for the customer. This is because they get to enjoy a whole bunch of benefits due to the competition from lending institutions. Below are some of the benefits that customers are enjoying.
Cheaper interest rates: due to every bank and institution trying to gain and upper hand, they have had to copete on the interest rates they offer. This has worked to the advantage of the customer who pays a lot less than they would if there were less banks offering these loans. Longer repayment periods: banks are also trying to win more clients for these loans by offering extended repayment periods which means that it is easier for the clients to make payments without tightening their belts too much. After sale services: most banks will offer to sores and buy the two wheeler on your behalf as a way of ensuring that you buy their loan. This means that the hassle of shopping around for a motorcycle is all taken care of for you.
Author bio:
Candice Hubbard is an expert on matters financing and has been in the banking industry for several years. Over the span of these years she has written several articles concerning 2 wheeler finance, two wheeler loans and Two wheeler loan apply online