Bike
Nowadays the demand for two-wheeler loan has increased rapidly. Most of the youth are buying expensive two-wheeler bikes to fulfill their hobbies. For this, they are taking loans from banks. Banks are also giving loans easily because most loans are employed. Now the question arises whether it is better to take a personal loan to buy a bike or a two-wheeler loan. If you too are looking for an answer to this question, then let us try to give. After this you will be easy to take a decision.
Personal loan
Personal loan provides you with money for many purposes. Banks give personal loans easily. However, the interest rate on it is higher than the second loan.
The main features of personal loan
Flexible: You can use personal loan money anywhere. The bank does not ask where you will spend this money. You can also easily buy a bike from it. Loan amount: The loan amount depends on your credit score under your income and terms determined by lenders. No guarantee needs: In personal loans you do not need any guarantee. Interest Rates: Banks charge annually from 10.50% to 24% on personal loans.
Two-wheeler loan
Banks give this loan to buy two-wheelers. Two -wheeler loan interest rates are lower than personal loans due to their safe nature.
The main features of two -wheeler loans
Loan amount: Lenders usually give loans from 80% to 90% of the cost of the bike. Interest Rates: Interest rates are lower than personal loans. Eligibility: Before giving a two-wheeler loan, first check your monthly income and employment safety as well as your credit score.
Who is better to take both of them?
Experts say that people who want a secured loan along with low interest rates should take a two-wheeler loan. The advantage of taking personal loan is in its flexibility as it allows you to get additional funds for addition or insurance costs or other expenses more than the bike. At the same time, the repayment period of two-wheeler loans is short. On the other hand, the payment period in personal loan is more. Therefore, depending on the person’s priority list and other ideas before taking the lone, it depends to a large extent or not to take a personal loan or two -wheeler loan to buy a two -wheeler. First and foremost, to choose one of these two options, please compare interest rates, conditions, charges and restrictions on the basis of eligibility.
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