It's been almost two years since the COVID pandemic took over the world and turned everyone's life upside down. After the initial shock and disbelief, the world slowly started adapting to the new ways of life thrust upon us due to the pandemic. Amidst this, social distancing and the shutdown of public transport highlighted the need to own your vehicle.
Bikes and scooters help to escape the daily pushing and shoving of public transport. Hence, two wheelers emerged as the fastest and the most cost-effective way to commute during the pandemic. One can easily own a two wheeler vehicle with a two wheeler loan. Read on to know-how:
As said above, availing a two wheeler loan after pandemic can help you commute safely. However, there are a few things that you should keep in mind when you apply for a bike loan:
Two wheelers are more affordable than four wheelers. They are more convenient too, especially in the congested traffic conditions of India. In the current uncertain times, affordability should be a priority. Choose a vehicle that suits your budget and borrow what you can repay effortlessly. You can use a two wheeler EMI calculator to find out the monthly installments for your loan. This can help you decide the loan amount and can also check if you will be able to service the loan.
Many people have faced pay cuts or job losses due to the pandemic. The economy is picking up again, but if you do not have a sufficient amount saved to make a downpayment, you should look for a zero down payment bike loan. It is also a good idea to keep some savings for emergency use. Shriram City Union Finance offers 100% financing of the cost of the vehicle of your choice.
Compare bike loan interest rates amongst various lenders and choose the most competitive one. Applying for a two wheeler loan after pandemic can get you lower rates as some lenders have dropped their interest rates.
Being able to apply for a loan from anywhere offers a lot of conveniences. In current times when you want to stay safe and limit your exposure, the online facility is almost a necessity. Find a lender who offers online bike loans so that you do not have to visit a branch in pandemic times. You can check how to apply online bike loan with Shriram Finance and track your application status and transactions from the comfort of your home.
As we said earlier, there is a lot of uncertainty due to the pandemic. When you apply for a two wheeler loan post-pandemic, find out if the lender offers flexible repayment options and tenure. Choose a term that will not stretch your finances too much, and at the same time, will not increase the overall interest cost too much also. Thus, you have to balance the loan term with the total interest you pay.
Some of you might have missed or delayed EMIs during the pandemic. Any delay or default in paying installments or credit card dues impacts the credit score negatively. A good credit rating is essential for getting your loan application approved. Getting a two wheeler loan after the pandemic could be challenging if you have a low rating. Shriram Bike Finance is available to those with a low credit score, subject to the application assessment and branch credit approval.
All lenders have eligibility criteria for loans. There may be some variations across different institutions, but it remains broadly similar. Before you apply for a loan, check the two wheeler loan eligibility criteria of the lender. Lenders may have made some changes due to the pandemic, or there might be some criterion you may not be able to meet. Choose a lender after you are sure you meet their requirements for the loan.
You are required to submit the required document when you apply for a two wheeler loan. Completing the documentation process may sometimes take time and could be challenging. In current times, it is a good idea to check the required documents beforehand and get them ready before you plan to apply for a loan; prefer lenders who require the documents you have available readily. You can avail of loans from Shriram Bike Finance with minimal documentation, and the process is quick and easy.
Another aspect to focus on when you apply for a bike loan is the processing time. Quick loan processing and disbursal can help you save time, and you can start traveling on your vehicle in no time. Faster loan approvals have become all the more crucial in current times when using public transport each time can expose you to the virus. Not only the processing time but the disbursal time after loan approval is considered vital for choosing a lender.
Getting insurance cover is mandatory in India when you buy a two wheeler. The right insurance policy protects you from the financial liabilities you may face due to an accident. These could be due to damage to your vehicle, third-party injury, or the injuries you have faced. The pandemic has taught us life can be unpredictable. Just like you research for a two wheeler loan, find out about the most affordable and comprehensive insurance plan for your vehicle to keep you protected.
Loans require careful thought and research. If you plan to apply for a two wheeler loan after the pandemic, the above aspects can help you get a loan that works the best for you. Shriram City Union Finance offers affordable bike loans tailor-made for you at an affordable rate. So buy the two wheeler of your choice and zip across the city but with a helmet on!