Living standards for the common Indian have improved considerably over the years. The current generation of Indians has more ‘spending money compared to the previous generation. Hence, it is common to see Indians spending money on items of convenience when they have the funds.
One of the most commonly bought items of convenience is a personal vehicle. But there is a catch. The majority of Indians still consider a motorcycle or scooter as their preferred personal vehicle. The reason is simple. A bike or scooter costs less to buy or own. Then there is the easy availability of countless financing options.
This post, however, will shine a light on why one should apply for a bike loan when they want to buy a bike on finance.
The best way to finance a bike is to apply for a two wheeler loan. The reasons are many. For starters, a motorcycle loan is pretty convenient. Secondly, all leading traditional lenders offer attractive bike loan schemes. The terms for the aforementioned schemes entail attractive Unique Selling Points like easy debt repayment options.
The other option to finance a bike is to apply for a loan from a Non-Banking Financial Company. Getting a loan from an NBFC is pretty easy when compared to getting a loan from a traditional lender (bank).
Furthermore, both banks and Non-Banking Financial Companies these days offer 0 downpayment loan schemes. A 0 down payment loan scheme entails the following clause. The ex-showroom price of a motorcycle will be paid by the lender. The borrower would not even have to pay a single penny as a downpayment.
The loan will be processed quickly and the borrower can ride their preferred bike home the same day. The only downside to a 0 downpayment loan is that these schemes entail high-interest rates. On top of this, the EMIs for a 0 downpayment loan will also be quite steep.
Additional Read: How To Manage Funding For Two Wheeler Purchase?
Hence, to be on the safe side of things, a traditional bike loan from a bank or an NBFC is the best way to finance a two-wheeler.
A two-wheeler loan entails an array of attractive features such as the ones mentioned below.
Additional Read: How To Get A Two Wheeler Loan At Best Interest Rates?
Applying for a motorcycle loan has many upsides. However, since there are countless loan schemes available across India, one should not apply for a loan without researching. One should spend a lot of time on the internet looking for a lender and a loan scheme that fits their financial condition. Next, one should sit with the spokesperson of their preferred lender and clear all doubts. For more details, feel free to consult with a professional financial advisor.Apply for Loan Calculate Your EMI