Already the country has received the damage from the month March to June this year. In the form of this pandemic COVID 19, many financial sectors have suffered the loss. Since the disease still presents in the air, taking care of the customer is the priority of every seller. And after the lockdown, the need for a personal vehicle has increased for the safety of people. Many demands have risen for the two-wheeler because it is easy to purchase and doesn’t cost much more than other luxurious vehicles.
Factor involves in two-wheeler loan during COVID 19
- Now loan providers are offering an online portal facility for the application process which will keep the customer safe and chances of spreading any virus will be at low risk as well.
- Many diseases spread during the exchange of paper materials now it is recommended to upload the documents online which eventually helps the customer in a quick approval process.
- During the lockdown, the government has asked people if they want to opt moratorium or not, so whoever chooses not to pay EMI they may have to pay a little more but those who kept paying the debt they don’t need to worry.
- Due to the virus, many financial sectors have suffered loss, so to overcome that loss they are offering many advanced services to the customer so if they are paying.
Benefits
- Affordability
Due to the two-wheeler loan, many households start demanding bikes by which already many lenders started to tie up with existing sellers to reach their customers as soon as possible, so even the lower-income person can receive fast service. Union Bank of India Two Wheeler Loan made the service available for an 18-year-old minimum.
- Improved Credit Score
If you kept paying a two wheeler loan interest rate amount during the moratorium then you will surely receive the improvement in your credit score which will benefit you in the future.
- Minimal Documentation
With minimum documentation, the process has become very quick. Now approvals don’t take because the lender’s official you can find at the purchasing shop.
- Additional Benefits
Now you can receive many more benefits while availing two-wheeler loan like insurance, tax deduction, depreciation, etc. by which you may have to spend less amount and with that, you are receiving the security. Since there are not many changes in the loan process you can still receive the loan amount with the same scheme. Safety is the key process in any service, due to social distancing it now becomes a mandatory need not just for the customer even for the service providers to take care of themselves and customers. Loan service is available for every person now but now they have a choice of applying for the loan at a bank or through a website portal or directly finance the loan two-wheeler loan at the purchasing shop.
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