Useful Tips For Funding A Two-Wheeler Purchase In 2022

With the rapid rise of wheels on roads, leading to a surge in traffic in almost every nook and corner of the cities, people are resorting to two-wheelers to escape the traffic. A hassle-free drive towards your office and back home is what most people desire. Besides, few people also have a dream two-wheeler vehicle that they wish to own.

Whatever may be the reason, if you are looking forward to buying a two-wheeler in this brand new year, here are some useful tips to keep in mind for a two-wheeler loan for your purchase.

5 Best Tips for Your Two-Wheeler Funding

Following are the best tips to fund your two-wheeler purchase:

  1. Fix your budget: It is the foremost task before going forward with your two-wheeler loan and purchase. You need to fix a budget and select the vehicle thereafter. Not determining the budget tempts you to spend more than your means and needs.

  2. Select the brand and model: Next in line, brand selection will be based upon the budget you decide. If you have not targeted a specific brand, you can compare different models within your budget. Then, go for the model with the best features.

  3. Go for a two-wheeler loan instead of personal loans: Many people resort to personal loans to finance their two-wheelers. However, two-wheeler loans offer far more benefits than personal loans, including lower costs and affordable interest rates. Many lenders have easier to fulfill two-wheeler loan eligibility criteria as compared to personal loan eligibility criteria.

Apart from that, the amount of personal loan that the lender sanctions depend upon the income and profile of the applicant. Therefore, in most cases, only a part of the vehicle cost gets covered by the personal loans. Instead, two-wheeler loans may cover up to 95% of your two-wheeler cost; for select vehicles, you can get your entire vehicle cost funded by the lender.

  1. E-vehicle Funding: Electric vehicles are the future. If you are going for an electric vehicle, then you can get a subsidy from the government, thereby reducing your purchase cost. Apart from that, the interest paid for electric vehicles is also eligible for deduction under the Income Tax Act, 1961.

  2. Credit Card is a Big No: Don’t go for credit cards to fund your two-wheelers. Credit card companies charge 24%-40% interest rates per annum. Getting a two-wheeler on a credit card is no less than a financial blunder, and you might end up paying double the vehicle cost in the process. Try to pay with your debit card instead. 

Bottom Line

Getting a two-wheeler is now easier than ever with two-wheeler loans. Two-wheeler loans have also been instrumental in fulfilling the dreams of many of owning their dream bike with the most affordable bike loan interest rates. Financial tools, such as the bike loan EMI calculator, can help you pre-plan your finances in advance before applying for two-wheeler loans. By entering the loan amount, bike loan interest rate, and the tenure of the loan, you can get the exact amount of EMI that you will need to pay.

Apart from this, electric two-wheelers are also showing promising results with respect to performance. The savings it offers, in terms of fuel costs and maintenance charges, is making electric vehicles a preferred choice among consumers. The government, intending to shift more people towards electric vehicles, is providing subsidies for electric vehicle purchases making them more affordable for the people. Thus, with the above tips, plan your two-wheeler purchase now!

Post a Comment