Most overlooked reasons for taking two- wheeler loans Agra

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two- wheeler loans Agra
two- wheeler loans Agra

When you are mulling over whether or not to take two- wheeler loans Agra to fund your bike purchase, friends and relatives may be giving you a variety of different reasons why you should go ahead.       Having a two- wheeler, which can make commuting easy, is a good enough reason but apart from this, low interest rates, attractive loan deals, discounts etc. may all seem to be encouraging you to take the loan. But most often, borrowers are not aware of some unusual reasons why taking out a two- wheeler loan India may be a great idea. Learn more about these reasons that are usually overlooked.

Reason 1: Avoid touching your emergency nest egg

Yes, you can pay for your bike with your savings but two- wheelers, while not as expensive as cars, still do cost a good sum especially if you wish to purchase a hardy vehicle from a good brand with good features. It is very possible that paying for the purchase may wipe out your savings entirely and you have to start from scratch. In the meantime, if you have an expense that cannot be postponed, such as medical emergency, where will you get the funds from? It is best to keep your savings aside for such a contingency and opt for two- wheeler loans Agra when you decide to buy your dream bike.

Reason 2: Invest your money    

Instead of using up all your extra cash for buying a new bike, why not invest it for the future? The longer you let your money stay invested, the better your returns thanks to the magic of compounding. If you have just started your career, you have the best of your earning years ahead of you and you need not fear taking on loan. Instead, you can make the best of time by investing early and allowing your money to grow steadily over many more years so you make a substantial retirement fund for yourself.

Reason 3: Learn to discipline your spending

Taking on a financial responsibility forces you to become more serious about planning your finances and spending and being more cautious about frivolous expenditure. After all, you have monthly pay-outs to make and you must keep cash aside for these. Tasking a two- wheeler loan India is great way to teach yourself some financial disciple and ensure that you learn how to curb your spending urge. This can be great practice for when you invest in a much bigger asset like your first home. The financial discipline you learn now stands you in good stead throughout your life and with a bike loan, you can get this valuable training with a relatively small financial responsibility.

Reason 4: Build a healthy credit history

Did you know that a two- wheeler loan India can actually help you shape your credit worthiness? Your credit report tracks all the loans you have taken and the repayments you make. All of your debts find a place in this report and they all impact how your credit score looks. Taking a loan and ensuring that you repay it on time with regular timely EMI payments sets up your credit report to show that you are capable of fulfilling your liabilities with perfect responsibility. This elevates your credit score and makes you a good credit risk for future lenders. Remember that a great credit report paves the way for future loans with attractive rates so this could actually be an investment for your future.

Reason 5: Take advantage of tax and depreciation benefits

Your loan can be used as a means for you save tax too. Starting from tax benefits claimed on your monthly pay-outs to depreciation on the bike itself, you may be able to get some significant financial savings from this move especially if you own your own business. A bike purchase not only gives you ownership of an asset that cuts commuting/ travel costs and makes commute easy and fast for you but also helps you enjoy financial advantages. Put these oft overlooked advantages along with the more commonly discussed ones and you have an impressive list of reasons for opting for two- wheeler loans Agra right away.