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Bike loan: All you need to know about it

Jan 9, 2023

2min. Read


Authored By: L&T Finance

Bike loan: All you need to know about itTwo-Wheeler Loan

Here are the top 4 reasons you should apply for a bike loan today

The joy of riding a bike is otherworldly but it is not just the thrill of speed that drives people to buy bikes, there are many other reasons. Let us look at the case of Manisha. Manisha is a college student and uses public transport to commute every day. Sometimes when she is late she misses her bus and has to wait for a long time to board another one. Her father put an end to all her problems by buying her a two-wheeler using a bike loan. If you are still wondering whether you should buy a bike using a bike loan, read these reasons and we are sure you’ll be convinced:

Pocket friendly: Bikes are not nearly as expensive as any other vehicle. The tough competition in the market has led automobile manufacturers to come up with extremely affordable yet sturdy bikes for Indians.

Will last for a long time: A bike does not require a lot of maintenance and lasts for a long time. Once you buy a bike you don’t have to worry about it for years.

No stress of parking: Parking where you are not supposed to can lead to a heavy fine and can even get your vehicle towed. With a car, you need to have ample space to be able to park it safely but with a bike that’s not the case. Park your two-wheeler in a small parking space and get on with your day.

Reach anywhere on time: With a bike, reaching anywhere is a breeze. Just kick start your bike and reach on time avoiding all traffic jams.

If you want to enjoy all these benefits along with a cool bike ride, but don’t have the financial bandwidth to buy one, a bike loan is your best option.

What is a bike loan and when to get it?

If you are looking to buy a bike, this bike loan guide is all you need. A bike loan is a type of loan specifically meant for purchasing two-wheelers. This loan is offered at an affordable interest rate so every Indian can own a bike and make their lives easier. Here are some tips that will help you decide when you should borrow a bike loan:

• When you need a two-wheeler but do not want to pull out funds from your invested money

• When you want to buy a bike but do not have the means to financially afford it out of your pocket

• During the festive season when you can get a lot of great offers and discounts on purchase of bikes as well as on bike loans

While these are some reasons to borrow a bike loan, the truth is, you can avail of it whenever you want.

But before jumping into borrowing a bike loan, here are some important aspects that you need to understand.

Bike Loan Interest Rate

A bike is so much more than a vehicle. It takes you to places on time and is always there at your beck and call. This partner is something everyone must have because life is unpredictable and you might suddenly need to be somewhere in an urgent situation. Don’t let the lack of funds discourage you from buying a bike for yourself or for your family. Buying a bike in India is now easier than ever, thanks to a bike loan. A Bike loan offered by LTF is an extremely attractive deal as the bike loan interest rate starts from as low as 7.99%. You can now buy a bike without breaking your bank account.

Bike Loan Calculator

A bike loan calculator is that excellent tool which not only helps you take your final decision but also prepares you for what is about to come. Using this calculator you can calculate the monthly EMI you will have to pay once you borrow a bike loan. Based on the interest per annum and the loan tenure, a bike loan calculator instantly calculates your monthly EMI and shows it on your screen. Being well prepared for any situation is a great thing and a bike loan calculator helps you plan out everything financially for your EMI payments. Everyone needs to plan out their budget before a big expense and a bike loan calculator will be your best assistant in doing that.

Zero Down Payemnt Bike Loan

This excellent feature allows you to buy a bike with zero down payment. When you borrow a Zero Down Payemnt Bike Loan your lender covers the total cost of your bike. The only expense you will have to incur is the processing fee. Zero Down Payemnt Bike Loan has helped many people become bike owners and build a better life for themselves. If this isn’t a great deal, then nothing is!

A bike loan is the need of the hour and you should apply for it right away, especially after finding out the reasons to have a bike loan. A bike loan helped Manisha stand up on her own feet and become responsible for herself. She is grateful for a bike loan as it helped her parents avoid financial stress and helped her avoid the discomfort of public transport. Borrow a bike loan today and just like Manisha, you can also say goodbye to all your transport woes. Enjoy a ride filled with freedom and thrill without worrying about your fuel bill.

Reasons to apply for a bike loan

Tax benefits: If you are a business professional or a self-employed person, you can enjoy tax benefits by borrowing a bike loan in the business’s name. You can also claim insurance, enjoy depreciation benefits, fuel and maintenance expenses.

Build credit score: Bike loans are secured loans and it is extremely important to have the right balance of secured and unsecured loans for a good credit score. With affordable interest rates, the EMI you will pay monthly will also be affordable and when you pay your EMIs on time, you are building a good credit score for yourself.

Save money to invest: Save your money and invest it wherever you would like. Watch it grow and leave the stress of buying a bike to LTF.

Quick and simple application process: The seamless and quick application process is a great added advantage when you apply for bike loans. Apply online and get approval quickly.

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