Do you have to pay more for commutes these days? With rising fuel costs, local transportation is steadily becoming costlier for most people, especially in major metros. At the same time, commuting to work via local transportation is not only time-consuming but extremely exhausting as well. One of the best ways to bypass these problems is to get a two-wheeler. This will help you bridge the gap between productivity and affordability, while still enjoying the ability to reach the office on time without added stress.
A two-wheeler will also help you get other errands done and give you the ability to visit various places in and around the city. It can also help you plan for the occasional long trip or two. The possibilities are always endless with two-wheelers.
Potential two-wheeler buyers in India depend on loans to buy their favorite bikes and scooters. You can consider a price band between Rs. 50,000 and Rs. 2 lahks for the best bikes in the country that will take care of your daily commute. Bear in mind that this price band will not cover a superbike, which is more of a novelty and not one that you would otherwise pick for everyday tasks.
You can now apply for a loan, depending on the bike or scooter model that you choose. Here are some things you should know about a personal loan before you begin your buying process.
What is a personal loan?
A personal loan can be defined as the amount of money a person can borrow for a number of reasons, which include emergencies and important purchases, without any hassles and with minimal paperwork. These loans can be used for various purposes like buying a two-wheeler, consolidating debt, paying for home renovations, or planning a dream wedding. Personal loans are offered by banks, online lenders, and NBFCs. The money you borrow must be repaid over time with interest. Some lenders may also charge processing fees for personal loans. In addition, many online platforms these days offer non-collateral-based personal loans with an effortless application process.
Benefits of a personal loan
- Comparatively lesser documents are required as compared with many other loans.
- Unsecured loans do not require any collateral/security.
- Comparatively faster processing timelines than many other loans.
- Simpler eligibility criteria and monthly income guidelines.
- Convenient repayment options.
- Available for meeting various monetary requirements.
Who is eligible for a personal loan?
Eligibility guidelines vary across financial institutions but here are some common criteria in this regard:
- An applicant must be 18 years or more
- The individual should be an Indian citizen
- The individual’s KYC process should be completed
- They should be a salaried individual or a self-employed person
- The minimum monthly income should be as per the financial institution’s requirements.
- A salaried individual must be working at a place for six months or more.
Documentation required
- Online loan application form
- ID proof like passport/voter card/Aadhar card/PAN/driving license Etc
- Income proof of last three months
- Bank statement for the last six months
- IT returns and income proof.
Drawbacks of conventional personal loans
- You need to have a credit score and history in most cases.
- You should arrange for quite a few documents.
- Offline bank visits and long processing times in comparison to digital providers.
- Not available when you need it, i.e. the difficulty in getting an instant personal loan for medical emergencies or other needs.
- The personal loan application procedure is not always user-friendly at regular financial institutions.
- High rates of interest and many other charges are payable by borrowers.
So, Why Choose LazyPay?
- Easily accessible from the comfort of your home.
- Swift and hassle-free loan disbursal.
- The comprehensive process to know your personal loan eligibility within a fraction of a second.
- Best personal loan interest rates, helping the customer with the extra burden of loan repayment.
- Choice of loan amount ranging from Rs. 10,000 to Rs. 1 lakh for instant loans.
- Transparent and understandable application process.
- Minimal documentation, unlike the traditional process where paperwork takes up a lot of time
- Affordable EMI plans that you can choose.
- Feasible and hassle-free repayment process.
- Select your own personal loan tenure to meet your requirements, between 3 months to 24 months. This is one of the key features that LazyPay offers to its customers. This feature helps the customer to properly chalk out loan repayment strategies.
- The credit limit can be increased for professionals with a monthly salary of more than Rs. 30,000.
LazyPay is customer-centric and aims at a seamless transaction process to help its customers and create a good business environment all around. Choosing LazyPay is the best option when applying for an instant personal loan online. All you need to do is check your eligibility and get your credit line. Thereafter, you can apply for a personal loan from the same with minimal documentation. All formalities are completed online, with processing done in a matter of hours. Thereafter, the money will be swiftly disbursed to your account. You can now go ahead with your two-wheeler purchase, minus any hassles.