Things you need to consider before choosing bike finance

Jan 9, 2023

2min. Read

Authored By: L&T Finance

Two-Wheeler Loan

Things you need to consider before choosing bike finance

Whether you think of a daily commute or getting your daily shopping done, your bike always has your back. The two-wheeler industry in India has seen a great boom in recent years. More and more people are choosing to own a bike these days. The whole point of buying a two-wheeler is to make your life convenient and it’s even more convenient when it can be bought using bike finance.

Bike finance is a way to purchase a bike securely without hurting your finances and putting a huge dent in your savings. When you decide to avail of a bike loan you are giving yourself the freedom to not just become self-dependent but also free yourself from any financial worries of spending a huge chunk of money in one go.

In the last three years, the Indian bike market has seen accelerating growth despite all the adversities caused by covid. The reason for this continuous growth is the ease with which a common Indian can now become a bike owner. Bike finance has allowed everyone the ease of access to a bike and eventually to a life filled with joy and comfort.

Bike Finance Calculator

As the name suggests, a bike finance calculator helps you calculate finances related to your purchase. This calculator was introduced to help people understand their expenses and repayment better. With the use of a bike finance calculator, a borrower can find out the monthly EMI to be paid based on the bike finance interest rate and bike finance tenure. If you’re wondering, how finding out the EMI help me, then here are some reasons that will solve your query:

• A bike finance calculator helps you find out the EMI which in turn allows you to sort your monthly budget.

• Once you are aware of the EMI you can make an informed decision about choosing your loan term.

&null; It also helps you compare rates from one bike finance company to others so you choose the best possible deal for your bike finance.

• A bike finance calculator, along with letting you know your EMI beforehand, also provides a breakup of the charges involved in the bike finance such as processing fees and other charges.

Bike Finance Interest Rate

For an average Indian, deciding on buying a bike can be a daunting task. Just thinking of all the expenses one has to incur when buying a bike might make one feel overwhelmed. To avoid this stress, L & T Finance offers bike finance at staggeringly affordable interest rates starting from just 7.99%. Now that is an offer you cannot refuse!

The bike finance interest rate offered by LTF has been decided while keeping in mind the requirement of common Indians. The whole point of offering bike finance is to allow every Indian the opportunity to better their living and working conditions. There would be no point in bike finance if the rates were unreasonably high and unaffordable. To aid common Indians, LTF offers the most attractive bike finance interest rate in the market.

Why is borrowing a bike loan better than using your cash

It is always recommended by banks and financial institutions to get bike finance rather than use the saved-up cash you have. Have you ever wondered why? If yes, here are some reasons to answer your question:

• the burden on your budget: The financial burden of living in today’s world is quite a lot for the average Indian. You wouldn’t want to further that stress by using the saved-up cash you have. Borrowing a bike loan will allow you to pay the loan amount in monthly affordable installments rather than suddenly giving a huge blow to your savings.

• Allows you the opportunity to invest: When you buy a bike using bike finance you will still have the opportunity to invest your money and earn passive income even while being in debt.

A bike is easy to repair, easy to park, barely gets you stuck in traffic, inexpensive to run, and most importantly, exciting! Before you decide to go for bike finance it is crucial that you not only calculate your EMI but also consider the other factors that affect it. Let the bike finance be an easy way out for you and get the best possible deals with LTF bike finance.

Buy a bike today using LTF bike finance and enjoy all the merits of owning a bike.

Things to consider before bike finance

Choosing bike finance is certainly a great choice but you must consider several factors that affect it before you apply for it. Here is a list of things to consider before bike loan:

• Eligibility: Check whether you are eligible to apply for bike finance. This is the first thing you should do as it helps you proceed in the right direction.

• Documents: Bike finance does not require heavy documentation but it is recommended to check the documents you will need and have them ready with you.

• Comparing interest rates: Using a bike finance calculator you can compare the interest rates offered and choose the best bike finance company for your bike loan.

• Find out all the charges: Do not forget to find out every expense you will incur while availing of bike finance. Beware of hidden charges. Make sure you read all documents carefully and have a clear idea about what charges are levied and how much you need to pay.

• Check for offers: Several seasonal offers are provided by lenders especially during the festive season because Indians prefer to purchase new assets during that time. Be on the lookout for attractive offers and avail a good discount or deal.

• Amount:Decide your loan amount beforehand. Borrow only the amount you need as you will be paying this amount back along with interest. Save yourself from paying too much in the form of interest by borrowing exactly how much you need.

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