Why Bike Loan is The Best Option to Buy a Bike?

The spending capabilities of the average Indian have gone up in recent years. But still, Indians prefer to buy a bike and not a car. The reason is simple. A car costs more at the dealership than a bike. Then the costs of registering and insuring the vehicle are exorbitant as well. Furthermore, the fuel and maintenance costs of a car are otherworldly, to be honest. On top of these, cars cannot cut through traffic like a bike. Parking a car is a headache as well.

On the other hand, a bike costs less than a car. Bikes consume less fuel and cause less pollution. Bikes can cut through the traffic and allow the rider to reach their destination quickly. Parking a bike is way easier than parking a car. On top of these reasons, the maintenance, insurance and registration costs of a bike are affordable.

Then why do people apply for a bike loan when they want to buy a motorcycle?

In recent years, the year-on-year growth of the Indian motorcycle sector has been impressive. Demand for motorcycles has always been high across India but recently demand has surpassed supply. Bike brands ensured that they are not failing to monetize this growing demand for motorcycles. This is why motorcycle brands operating in India have hiked the prices of their motorcycles by several folds. The cost of even an entry-level commuter bike now costs more than INR. 80, 000.

Hence, the days of buying a bike with cash are long gone.

Furthermore, buying a bike through a loan entails a lot of benefits for the buyer. Some of those benefits are mentioned in the sections below.

• A bike loan allows one to keep their emergency funds intact.
• Bike loans entail low-interest rates. All one would have to do is use a Two wheeler loan EMI calculator before applying for a loan. In this way, they would be able to select the best principal + tenure + downpayment combination. The best principal + tenure + downpayment combination would entail low-interest rates.
• A loan would also allow one to boost their CIBIL score and create a spotless credit history.

To learn more about the benefits of financing a bike, talk to the nearest professional financial advisor.

Must read: How To Calculate Two Wheeler Loan EMI?