If you think of buying a bike or scooter then apart from the questions related to two-wheeler loan, you also have to answer a key question, new or secondhand? The answer to that depends on your circumstances and preference. However, whether or not buying two-wheeler via a loan is better or a secondhand can be explored in an objective manner.
Two-Wheeler Loan! The Key Aspects
If you decide to buy a new bike or scooter by availing a loan, you need to be mindful of some crucial aspects such as two-wheeler loan interest rate, EMIs, etc. You can avail the loan for the vehicle through financial institutions, NBFCs, and lenders, etc.
For example, Rohan wishes to buy a new scooter. He decides to avail a two-wheeler loan. He’ll do so in 3 stages:
Stage 1: Compare the interest rates of all the banks, NBFCs, lenders, etc.
Stage 2: Calculate the total payable amount and EMIs for the vehicle with the help of two-wheeler loan calculator.
Stage 3: Check the eligibility criteria of the loan to see if he qualifies for the loan.
New or Used! Which will you Choose?
Everyone wants a new vehicle but they may not always be affordable or available. For example, Rohan 1st decided to buy his dream bike, but the on-road price of the bike was INR 6 lakhs. However, Rohan found a seller selling the same model, that too only two years used and in very good condition.
To buy the new bike, Rohan will have to endure a lengthy and tedious documentation process. Additionally, the loan will not be sanctioned quickly. But, the interest rate will be comparatively lower.
Still, some people prefer secondhand vehicles as they are available for a lower price. However, what many fail to realize is that secondhand vehicles sometime are not in the best condition. In fact, the money and energy invested on used bikes or scooters is worth it.
Whether you want to buy a new bike or scooter, or a used one is entirely up to you. However, you need to ensure that loan you avail does not cause you headaches. Two-wheeler loan are very popular in India, and almost every bank offers it as one its best products. But, the approval process of the loan can best be described as slow. So, if you are looking to buy a new bike or scooter on an auspicious day, then it could be possible that the bank cannot sanction the loan in time due to its lengthy approval process. In the case of a secondhand bike or scooter, it can be possible that by the loan is approved the vehicle is sold to someone else. Therefore, if you are looking to buy a two-wheeler, regardless of whether it is new or used, you would do well to choose PaySense. PaySense offers you instant two-wheeler loan with a streamlined documentation and approval process. So, check your eligibility and apply now!
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs