Owning a bike in earlier times was a matter of pride and status, however the luxuries of past have turned to become necessities of today. A two-wheeler is the most convenient, comfortable and inexpensive mode of transport. Commuting by public transport like buses is cheaper, but is time consuming. So two-wheelers are the best to commute from one place to other. Every middle class house in India has at least one two-wheeler. The increasing costs of motorcycles have always been a concern for middle class households.
When you do firm up a bike to purchase, it becomes easier to pick a loan, which matches your needs. Bike loans are now available for almost any amount, new bike or a used bike, there are also secure bike loans and unsecured bike loans which a borrowers can avail. However, you may be required to pay 10-15% of the total value of the bike as the down payment directly to the vendor at the time of booking. It makes sense to take a secured loan as it will have lower rate of interest as compared to the unsecured loan, however you will need to keep some thing as the collateral to acquire the secured loan.
However, if you find it difficult to afford it, you may require financial help. Your pocket may not allow you to meet your expenses. Therefore, loans have become an important part of our lives. Bike loans are now available for almost any amount, new bike or a used bike, there are also secure bike loans and unsecured bike loans which a borrowers can avail. However, you may be required to pay 10-15% of the total value of the bike as the down payment directly to the vendor at the time of booking.
Majority of the banks in India will offer you similar interest plans and policies. This is because of the competitive market conditions. However, if you approach a bank where you already have an account, chances are that they might give you a loan with lower interest rate as compared to other banks. You can also negotiate with your relationship manager to provide you better policy.
Applying for a loan requires a lot of paper work to be done. Moreover, if, by any chance you are not eligible for loan or your request for a loan is denied, in that case you can approach societies and other institutions that can help you. These institutions also provide loans on competitive rates. If you are buying a bike from a showroom, they do provide finance, loan schemes and installment payment options, which actually work out to be a good and quick deal as compared to the banks.
Even the great Harley-Davidson has now made a pact with ICICI bank to provide loans for any Indian Consumer with interest rate of about 11% for the entire tenure of the bike loan. Bike loan are available on a Flexible repayment options, ranging from 12 to 48 months with the options of pre-payment at some extra fee. If you wish to buy a bike worth 75K with 25% as down payment then your EMI would be around 5-6K.