The automobile sector was hard-hit no thanks to the COVID – 19 pandemic. Global supply chain disruptions were the primary reason for automobile brands to incur losses. Global automobile manufacturers are trying hard to bounce back. The same goes for the bike manufacturers in India.
However, there is a catch. To make up for the losses incurred during the lockdown days, the prices of bikes have shot up. Currently, one would have to pay more than INR. 1 lakh for a 125 CC bike! Hence the days of buying bikes with cash are long gone.
These days, people apply for a bike loan as financing a bike allows them to enjoy the following benefits.
- Although the prices of motorcycles have gone up, shockingly, the sales of motorcycles have not waned in India. The reason is simple. People have finally understood that they do not have to use cash to buy a bike they want. The days of settling for a bike that barely meets commuting needs are long gone. With the help of financing options, one can even buy a superbike if their heart desires.
- A bike loan also allows one to keep their monthly budget intact. As one won’t be spending cash to buy a bike they want, they’ll have the means to make ends meet.
- The bike loan interest rates that entail almost all bike loan schemes are competitive these days. This can be verified if one uses an online bike loan EMI calculator. The upside of competitive interest rates is that one will have plenty of lenders to choose from. Furthermore, one will also be able to negotiate the terms offered by the lender. The lender will try their best to secure the deal instead of losing a client to its rival(s). Hence, one will be able to not only get low interest rates but also enjoy bespoke loan clauses.
To learn more about the benefits of financing a bike, one should consult a professional financial advisor.
Auto Loan and Financing 