COMPARATIVE STUDY BFSI

Loans for Two-Wheelers

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.