Bikes are one of the most popular modes of commuting for millions of Indians every day. It’s fast, economical, and within the means of a larger section of the Indian populace.
The popularity of two-wheelers as compared to four-wheelers like cars, jeeps, and taxis can be deduced by the fact that out of the 296 million registered vehicles during the fiscal year 2019; the former had a total share of 75% of the entire fleet, while four-wheelers only accounted for 13% of the registered fleet in India.
Over the years, bikes have replaced scooters as the preferred two-wheeler for many Indians due to their appeal, ease of ride, and faster and more powerful engines. So, if you are also thinking of getting a bike to make your daily commuting easier, then you are at the right place as we are about to discuss the benefits of getting a bike on EMI offers, and how you can plan to make the best of the opportunities that market offers.
How to Plan Your Two-Wheeler Purchase?
Since a two-wheeler is essentially a high-value purchase, it’s best to plan to get the best deals possible and to save money on interest costs if you plan to buy it by taking out a loan.
Here are a few things you should do!
- Explore the bike options available within a category and your preferred budget
- Talk to multiple loan providers to figure out the best possible deals
- Negotiate the interest charges, and see if you can avail of a 0% interest scheme
- Wait for major festivals like Holi, and Diwali to get discounted rates and added offers like free insurance, etc.
If you plan right, you should be able to get the best possible deals out there; therefore, never rush your buying decision and wait it out for some time till you have everything figured out and the market offers you favorable buying options.
While some people may argue that getting a bike using their money is easier as it doesn’t require them to go through the process of a loan application, getting it sanctioned, etc. However, one thing that they don’t understand is that there are a lot of benefits of getting a loan instead of using their money to get the bike.
Benefits of Bike on EMI
Qualify for Higher Loan Amounts
If you have a good credit score, along with a stable income source; you may qualify for a higher loan amount. So, e.g., if you were thinking of getting a 150CC bike within a budget of ₹30,000 to ₹50,000 using your savings; you can qualify for a loan that lets you get a 200 or 250CC bike that can cost upwards of a lakh. This means that when you apply for a loan, instead of an entry-level bike, you could bring home a more powerful machine that can take you places much faster with more comfort featuring all the bells and whistles like LED display, navigation, voice command, etc.
Easy Application Process
The process of applying for a bike loan has simplified over the years. There is less paperwork to deal with and the entire process from application to approval happens anywhere between a couple of days to a few hours depending on the loan provider.
0% Interest with Easy Repayments
A lot of loan providers offer 0% interest schemes to people looking to buy a bike on EMI. With this scheme, they only pay the price of the product without anything extra in interest charges. Moreover, the repayment period is spread across years, and when it comes to making a payment, it’s could be as simple as a QR code payment.
So, you get a higher value product without making an upfront payment (in case of zero down payment schemes) or spending anything extra in interest charges.
On the contrary, you will have to dig into your savings if you want to buy a bike using your money. Therefore, since getting a new vehicle is an aspirational thing for most people, it’s best to get one on EMI and use your money on things like making an investment that could help you achieve your dreams and ambitions!
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