Gone are the days when one could buy a motorcycle with cash.
The MSRPs of motorcycles have gone up significantly in recent years. The price hikes came after the COVID – 19. The reason is simple. OEMs are facing supply chain issues.
Furthermore, Indian motorcycles these days, come with FI and a host of other passive safety features. Hence, to keep a certain degree of profit, OEMs had to hike the prices of their bikes. Hence, applying for a Two wheeler loan is the only way to buy a bike these days.
Furthermore, a bike loan also offers the borrower a host of benefits.
Some of them are mentioned in the sections below –
- Bike loans, unlike personal, business or home loans, entail low-interest rates. Furthermore, with the help of a bike EMI calculator, one can choose the best tenure + principal combination. In this way, one can keep the EMIs and the interest rate on the borrowed money low, from the get-go.
- With the help of a bike loan, one would not need to break their FD. One also would not need to empty their savings. Or spend their emergency funds and have no financial cushion to protect them from future financial emergencies.
- All lenders these days offer borrowers the option of applying for a bike loan online. Furthermore, one can also submit pertinent documents online. The best part, most lenders can process online bike loan applications within the same business day. It means that the borrowed money will be disbursed to the borrower’s account in no time. Thus allowing the borrower to take their dream bike home as soon as possible.
- Repaying the debt via EMIs on time allows the borrower to boost their credit score. Furthermore, a bike loan also allows the borrower a chance to build a strong credit history. Strong credit history and credit score would allow the borrower to apply for hefty loans in the future.
For more details, please consult with a professional financial advisor.
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