The COVID-19 pandemic left all sectors of the global economy in shambles. The reason was supply chain disruptions. Manufacturers are still struggling to revert to their glory days. The same situation is visible here in India’s automotive sector. To put things into perspective, Indian bike brands are repeatedly hiking the prices of their bikes. The bike brands cite high input costs for the price hikes. The situation is getting almost out of hand as even entry-level commuter motorcycles now cost more than INR 1 lakh!
Hence, people who are planning to buy a motorcycle should apply for a bike loan.
Why not spend idle cash?
Well, when one purchases a motorcycle with a bike loan, one can enjoy several benefits. Some of those benefits are mentioned in the sections below –
Motorcycle loans allow the buyer lots of options
Despite the price hikes, the motorcycle sector of India is currently at its peak. The sales are soaring and there is an influx of new motorcycles from bike brands. There are several reasons for this growth. The first reason is as follows. After foreign bike brands entered India, indigenous bike brands had to go back to their drawing boards. In simple words, indigenous motorcycles now come with advanced features, impressive styling and jaw-dropping electromechanical specifications.
What does the above information have to do with motorcycle loans?
Well, with so many options, a buyer will consider purchasing their dream motorcycle. But when one has a limited budget, they will kill their dream and settle for an affordable bike. With the help of a motorcycle loan, one can purchase the motorcycle they want and when they want.
It is as simple as that!
It is easy to keep monthly expenses in check with a motorcycle loan
The common person has a fixed monthly expense plan. They will try their best not to deviate from it. Deviating from their budget leads to the liquidation of fixed deposits or the liquidation of savings accounts.
When one decides to purchase a motorcycle with cash, they will be spending their savings on the endeavour. This is a financial decision for the fool as one will be eradicating their financial security.
The whole conundrum can be kept at bay when one decides to finance their bike. A motorcycle loan is a financial cushion that is paid back to the lender via EMIs. The result is a tension-free individual who is taking care of their finances on their own!
Bike loan interest rates are reasonable these days
According to experts, the interest rate of a motorcycle loan is lower than a car, home, personal or business loan.
This was not the case back in the day. The reason was that lenders used to treat motorcycle loans as a niche product. This was because most people used to buy their bikes with cash. Nowadays, thanks to price hikes, people have no choice but to apply for a motorcycle loan. As the demand for motorcycle loans increased over the years, the interest rates came down.
In this context, it is best to remember that one should remember to use a bike loan EMI calculator always! By using these online, free-to-use tools, one can ensure that they are getting the lowest interest rates.
It is very easy to apply for a bike loan
Back in the day, people shunned the idea of applying for a motorcycle loan. The reason was the loan application process was complex.
Thankfully, with the widespread adoption of the online loan application process, borrowers can get their loans approved in no time. Furthermore, one would not even have to make several trips to their preferred lender’s office to submit pertinent documents. One can simply submit scanned files of KYC documents online.
How convenient is that!?
The benefits of purchasing a motorcycle with the help of a motorcycle loan are many. This post proves the above statement. Hence, it is best that one keeps their savings intact and ditches the idea of buying a bike with cash. Instead, they should research the lenders that offer acceptable and reasonable interest rates as well as terms. If the reader has more queries pertaining to motorcycle loans then they should consult with a professional financial advisor.
