COM­PAR­A­TIVE STUDY BFSI

Loans for Two-Wheel­ers

Consumer Voice - - Contents - Subas Ti­wari & Gopal Ravi Ku­mar

Join the joyride

The com­pe­ti­tion, as they say, is heat­ing up and con­sumers are all but spoilt for choice. All the ma­jor au­to­mo­bile and two-wheeler man­u­fac­tur­ing com­pa­nies like Honda, Suzuki, Hero and TVS are launch­ing bikes and scoot­ers de­signed to cap­ture at­ten­tion and a big share of the con­sumer uni­verse, in­clud­ing women and the el­derly. With banks and fi­nan­cial com­pa­nies will­ing and able to pitch in with loan money (them­selves eye­ing a larger part of the mar­ket), own­ing a bike or a scooter/scooty – yes, the very one that you fancy – is not such a big deal any­more. The sit­u­a­tion seems to­tally win-win, though as con­sumer you have all the more rea­son to sort out your pri­or­i­ties in terms of which prod­uct serves your pur­pose best, the loan type that works best for you, and what trade-offs are to be ex­pected as a con­se­quence.

When think­ing of get­ting a new bike or scooter, you con­sider mul­ti­ple fac­tors: af­ford­abil­ity, de­sign (make and model), brand value, mileage and other tech­ni­cal de­tails. In terms of af­ford­abil­ity, you see whether you can buy it cash-down or you are com­fort­able tak­ing a loan from a bank. There is of course the op­tion to save the re­quired amount over a pe­riod of time.

Bike and scooter loans are very pop­u­lar as they are far more af­ford­able to a large seg­ment of the pop­u­la­tion. Quite a few banks, fi­nan­cial com­pa­nies and mo­tor­cy­cle

Com­muter-class mo­tor­cy­cles, rang­ing from en­try-level 100cc bikes to slightly larg­er­ca­pac­ity bikes with ad­di­tional fea­tures, dom­i­nate the mo­tor­cy­cle mar­ket in In­dia. Good fuel econ­omy and er­gonomics suited for in­tra-city com­mute de­fine th­ese mo­tor­cy­cles. man­u­fac­tur­ers of­fer th­ese loans in In­dia. Prospec­tive bor­row­ers can ac­cess in­for­ma­tion on the best lend­ing com­pa­nies and their fi­nance rates on a num­ber of re­sources in­clud­ing the com­pa­nies’ own web­sites, niche web­sites and write-ups by well-known do­main ex­perts. Get­ting loans has be­come pro­gres­sively easy and sim­ple, where you just need to know your el­i­gi­bil­ity and if you can meet the spec­i­fied re­quire­ments.

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