Purchasing a bike by paying in installments is more cost-effective and hassle-free. This is especially useful for those who cannot afford to pay the full amount of their dream bike at one time. Unlike other financial instruments, EMI loans provide you with flexibility in terms of interest rates and cost even after paying off your bike. But there are some circumstances that make it a smarter decision to buy the bike upfront rather than repay on an installment basis. 123 Profit
- CASH FLOW:
If you want to own a two-wheeler and ride around, getting a bike loan is the fastest way of doing so. For a little interest over time you can get your hands on one, which leaves you with some money every month that can be used for other things. With an EMI option, you don’t have to pay the whole amount in one go, and it leaves space for savings which can be later invested in a new bike.
- LOW INTEREST RATE:
If you want a good bike for your money, don’t go for the most expensive one. There are many reasons why it may cost more than other makes and models. You will get a better quality product from a less expensive brand. A cheaper price is not always the best thing because it can lead to poor quality.
In the past, to get a bank loan for a bike purchase, you had to put in lots of documents. Documented proof of address and identity proof were required, which made it more difficult than it should have been. Nowadays all that is necessary is just some personal information and an address proof. The process takes no more than 10 minutes and it’s really easy!
CONS OF BUYING A BIKE ON EMI
- EMI SUBMISSIONS:
There are times when you would want to buy a bike, but don’t have enough money for it. Banks are essential for any kind of financial aid, and you can use them for bike installment loans. These loans mean that you don’t pay up front and keep repaying the loan in installments over a period of time. This will not affect your credit score in any way as these are sanctioned by banks.
Whether you want to buy a bike that has been used or brand new, your EMI option will not cover the bike maintenance costs which are bound to crop up within a few months of you buying the bike. The cost of maintaining and repairing your bike is not equal to its purchase price. To make sure you don’t get cheated out of extra money, consider adding it as an expense in your current budget plan.
A bike is not just a mode of transport, it is a passion for the rider and instills confidence within the rider. Ideally, you should ensure that you have enough money to fulfill your dream so that you can take care of all the requirements such as insurance, maintenance and spare parts. When it comes to bike loans, it can be a tricky situation. You have to consider many things in advance like if you have a huge budget or if there are any financial constraints left after fulfilling this dream of yours. But at the end of the day, it is totally up to you how and where you want to fulfill your dream of owning a bike. Just make sure that everything is calculated well before taking any step forward! >>>Read More<<<