Dreams are a constant source of inspiration which keep a man going. People dream and strive to fulfill their heart’s desire by fighting against all odds. Certain material needs are necessary alongside the basic ones (food, shelter, clothing) for the common man to run a comfortable and hassle-free living.
Higher education, lucrative job offering a handsome salary and personal vehicle are a few indispensable needs which impart comfort to a standard urban livelihood. Maslow’s Hierarchy of needs is notable in this context, as people aspire for higher needs when lower order needs are fulfilled.
And for most of these needs, monetary requirements drive possibilities of access and usage. However, monetary requirements associated with the comforts of life are significant and most often unachievable by a major population. Hence, people dream to own such comforts/luxuries of life till they have invested enough funds to support their needs. But, this is time-consuming and effort intensive as the aspirant loses his precious youth days by the time he is well-settled and solvent. Under such circumstances, Personal loans are beneficial as a long coveted dream is fulfilled in a wink without the aspirant being drenched off his life-long savings.
Personal loans appeal to the middle-class urban population at large and is offered by all the nationalized and private banking sectors. Technically speaking, personal loans can be defined as a short or medium term monetary credit offered to the customer without the requirement of any collateral. Loans are not only granted for the purpose of education, property procurement (home loans), commodity or vehicle (two wheeler loan) but on the ground of special occasions as well. These comprise marriage ceremony of dear ones, trip to your dream destination with family, renovation of residence and so on. This helps in maintaining healthy family-work life balance without compromising on your long-term cherished dreams. However, managing multiple loans simultaneously is not a judicious decision and customers should opt for those banks which offer flexible interest rates for loans thus attempting to prevent fund drainage.
Transportation costs in India are on a rise and people prefer to buy their own vehicle to relieve dependency from public transport as they are unreliable. Hence, two-wheelers (bikes) are one of the most preferred modes of transport in India as they are affordable and speedily make way through traffic or bumpy roads which four wheelers are unable to meet. Eventually, number of applications for two-wheeler loans witnesses a sharp rise since: –
- The terms and conditions of the two-wheeler loans are flexible with competitive interest rates as a result of which financial burden is reduced, and
- The loan enables the customer to purchase a bike according to his personal preference, where lack of funds is not a concern.
Owing to the increasing popularity of bike loans, a host of benefits are offered to prospective loan applicants to render the deal even more lucrative. A few of these benefits are as follows: –
- Flexible interest rates.
- Granting a maximum loan amount of Rs. 25 lakhs.
- Maximum 5 years repayment period.
- Simple and hassle-free online application procedure.
- Easy and timely disbursal of loan.
Hence, terms and conditions associated with personal loans are being constantly modified to include newer and better features to appeal to the masses. This renders the market yet more competitive as multiple banks have launched several schemes having attractive packages.