New Year is right around the corner, so why not treat yourself to a new two-wheeler this festive season and call it your own? Having your own vehicle to commute can give you a huge sense of freedom. No more spending money on public transport, waiting in long queues or traveling on crowded buses and trains. A two-wheeler saves you from all this hassle. It is a swift mode of transport and can save you a lot of time. However, buying your dream bike or scooter is not an easy task. From choosing the right two-wheeler to seeing if it fits into your budget or not, and then searching for a good two-wheeler loan – the process is tedious.

Let us break down the process step by step and make it easier for you to understand.

Tips to choose the right twowheeler

Before you purchase a two-wheeler, a little research can help you to zero-in on the best one. Here are a few tips on how to choose the right two-wheeler.

1. Trustworthy Brand

Always choose a brand which provides you with a good range of options and also an efficient after-sales service. If you buy a two-wheeler from a reputed brand, you have a better chance to get a good resale value for it.

2. Need and Usage

List down the reasons for buying a two-wheeler. Do you want it for the daily commute, leisure, long distance riding etc.? This will give you clarity to choose the right kind of two-wheeler based on your needs.

3. Budget

If you have already decided a budget, then you can make a thoughtful choice which will not burn a hole in your pocket.

4. Features

There are a lot of things involved when it comes to buying a bike or a scooter. It is a considerable investment and you would want a two-wheeler which has long durability, good mileage, ease of maintenance & servicing, easy handling, availability of spare parts, is a good model etc.

5. Good resale value

Choose a two-wheeler which has a good resale value. Look at options like the number of service centers, maintenance service, and charges, miles run etc. to make an informed decision as these are the factors which decide the resale value of a two-wheeler.

 

Once you have decided which two-wheeler to buy, the next step is to arrange money. Typically, you would want to save up the money and make the purchase. But investing all your savings into a two-wheeler is not a sane option. If all your savings are spent, what would you do in case of an emergency? A smart decision would be to avail a two-wheeler loan. A two-wheeler loan lets you buy your bike or scooter without any stress. When you avail a two-wheeler loan, you don’t have to invest all your hard earned money as you will pay equated monthly installments (EMIs). This allows you to afford the purchase without losing a large sum of your saved money. There are many banks and non-banking financial companies which provide two-wheeler loans.

How To Avail A Two-Wheeler Loan

You can apply for two wheeler loan by two methods, online application and offline application.

You can go to the lender’s website and apply for the loan online. This is a time-saving process. You get all the details such as two wheeler loan interest rate, fees, charges etc. The websites have an EMI calculator feature which can help you decide on the EMIs you can pay for the loan.

In an offline loan application, you have to visit the lender’s branch for the above process.

Why Take a Two-wheeler loan

Here is how a two-wheeler loan can help you get your dream bike or scooter.

• Your budgeting won’t face the brunt of the overall expense of buying a two-wheeler. As the EMIs are spread across a tenure which is according to your choice, you can buy your two-wheeler without any stress.
• As the loan installments go on for a longer tenure, your annual income is not affected by it.
• Buying a two-wheeler also involves costs like accessories, insurance, registration etc. You can take a loan for an amount which is higher than the ex-showroom amount. This way you can cover the extra expenses in the loan itself.
• If you want to pay up your loan before the tenure ends, then most lenders do not charge you a prepayment fee.

 

This festive season may prove to be the right time to invest in two-wheelers and to add a new member to your family.