Top 6 Reason to Purchase a Two-Wheeler Through MoneyTap’s Credit Line

On Indian roads, a two-wheeler is an ideal mode of transport. It is affordable, fuel-efficient, and allows you to cruise through traffic jams.

You are probably convinced about the benefits of a two-wheeler. And that may be the reason you’re here looking for finance options to buy a two-wheeler. Read on. Help is here.

Finance options for buying a two-wheeler

Many banks and financial institutions offer two-wheeler loans and personal loans to finance your purchase. MoneyTap, an online lending platform offers a personal loan for two-wheelers in the form of a personal credit line.

MoneyTap’s personal loan or two-wheeler loan? Which is the best?

Options can be confusing. So, let’s break down the options and see which one of the two is the best for a two-wheeler purchase.

MoneyTap Two-Wheeler Loan Vs. Bike Loan

Why MoneyTap’s personal line of credit/personal loan for two-wheeler is better than a two-wheeler loan?

The comparison table gives a gist of why MoneyTap for two-wheeler purchase is a better alternative. Now, let’s get into the details.

1. Real-time approval up to ₹ 5 Lakh

You can apply for MoneyTap’s personal loan online. The online application saves both, time and effort as you don’t have to visit the bank multiple times to get your two-wheeler loan approved.

MoneyTap processes your personal loan application within seconds to approve a personal loan of up to ₹ 5 Lakh

2. Offers 100% financing so no down payment required

One of the biggest advantages MoneyTap’s personal line of credit has over two-wheeler loan is that it can cover the entire cost of your two-wheeler.  

While a two-wheeler loan approves only 70-90% of the cost, the rest is left for you to pay from your pocket.

3. Interest is charged only on the amount you actually use

MoneyTap’s personal loan for two-wheeler is available to you in the form of a credit line. That means you can withdraw whatever you need up to your credit limit. The best thing about this feature is that you are charged interest only on the amount you use and not on the amount that’s approved.

4. Convenient EMI options

MoneyTap allows you to choose your own repayment tenure and EMI amount.

Depending on your repayment capacity, you can choose a loan tenure ranging from 2 months to 36 months. You also have the flexibility to prepay the loan in full without paying any foreclosure charges.

A two-wheeler loan may not offer these flexibilities.

5. Simple eligibility criteria

The eligibility criteria of a two-wheeler loan are exhaustive as compared to MoneyTap’s personal loan for a two-wheeler. That’s because a two-wheeler loan is a secured loan while MoneyTap’s personal loan is an unsecured loan. For unsecured loans, you don’t need to pledge collateral or guarantors and that makes the eligibility criteria simpler.  

6. Use the personal line of credit as you please

Your MoneyTap’s personal line of credit once approved stays with you forever. After your two-wheeler purchase, if there’s still money left, you can use the remaining fund for whichever purpose you deem fit.

As you repay the borrowed amount, your credit line is replenished to be used again for whatever purpose you may have.

Considering the constraints of getting a two-wheeler loan and the advantages of getting a personal loan for a two-wheeler from MoneyTap, it is clear now, which one is a better choice to bring home the bike of your choice.

Author bio:

Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at [email protected].