June 4, 2024

6 Best Ways To Finance A Bike In India

bike finance

Owning a motorcycle shouldn’t remain a dream anymore. Even people who don’t have sufficient funds can purchase their dream bike, thanks to the availability of lucrative two-wheeler loan plans. Just file for a bike finance deal and bring home your favourite motorcycle.

Before opting for a loan, some extensive research is necessary. You must check all the requirements and figure out whether you are eligible or not.

 You might be looking at alternative methods of financing your bike purchase. In case you are looking for such a way, we have listed six of the alternative methods of collecting enough money that will buy you your dream motorcycle.

1. Borrow from elders

It is the most common and traditional ways of borrowing money. You can just ask the elders in your family to borrow cash so because you wish to purchase a bike. This is an easier and quicker method to get a loan, but your parents might not agree with your plan. So, it does have its limitations.

2. Savings

If you have enough savings, you can buy your motorcycle in exchange for cash. One of the most significant advantages of this method is that you don’t need to rely on anyone. The money you earn belongs to you, and you decide what you need to do with your money. Not everyone has enough savings, and others might have saved for a mayday rather than a motorcycle.

3. Credit Card

If you have a credit card, just swap the card and bring home your favourite bike. In this case, you must have a credit limit exceeding the price of your motorcycle. In most cases, either the average Indian isn’t eligible for a credit card, or the limit isn’t suitable for conducting a bike purchase.

1. Personal Loan

Numerous organizations offer personal loans, which you can avail for if you wish to raise some money to complete your two-wheeler purchase. But there is a drawback to this method as well. The personal loan amount doesn’t cover the price of the bike you are looking to buy.

2. Gold Loan

Gold loan is a common money borrowing alternative. If you have enough gold, you can exchange it for cash and later you can repay the borrowed amount. In that way, you can get both the bike and also secure your gold. But the drawback is that most institutions won’t approve your loan request if they find out that you would be spending the loan amount on buying a motorcycle.

3. Two-wheeler loan

As the name suggests, this particular loan plan is specifically designed for two-wheeler enthusiasts.

You can simply apply for the loan online or by visiting your nearest Muthoot Fincorp branch and expect fast approval. With such a finance plan, you get  lower interest rates and offered a flexible EMI facility. Muthoot Fincorp’s two-wheeler loan packages are for the average Indian youngster who wants freedom on the road.

All you need to do is submit the essential documents and  prove your eligibility. There is no waiting to bring home that red motorcycle that you have always dreamt of.

Eligibility for two-wheeler loans

In case you are looking for the eligibility criteria for getting your loan proposal approved, read the following:

● To be considered eligible, first and foremost, you should be at least 18 years old

● You must be a resident of the city for at least one year

● You must have at least one year’s consistent payment slips to prove your employment

Winding Up

Now that you have an idea regarding the different types of bike finance procedures, we believe it would be much easier for you to make your dream come true. And so far, you must have also understood that two-wheeler loan plans are far better than alterantive bike financing methods. So, don’t wait and apply for an online two-wheeler loan and live your dreams!