Why getting the bike of your dreams on EMI is actually a smart idea

Imagine riding your bike into the sunset at Ladakh and just being one with the peace nature has to offer. Wouldn’t it be just lovely? This would be one perfect trip only if you have the perfect bike that’s suitable for such mountain trips. We’re sure many of you are thinking that while it’s a pretty picture to imagine, it’s not really feasible because of the expenditure that comes with owning that perfect bike. But as they say, where there is a will, there is a way.

Given the ever-increasing cost of living, buying a two-wheeler on loan is the preferred choice. Many individuals, therefore, opt for a loan and then repay the loan in regular intervals known as Equated Monthly Installments (EMIs). This option provides a great degree of flexibility to those individuals who are not able to make an outright cash payment or do not wish to block their credit card limit

Here’s why getting your bike on EMI is a smart move:

1. Power to purchase

This is perhaps the most beneficial aspect of an EMI. An EMI bestows the power to buy a two-wheeler you would not be able to purchase otherwise now. Regular installments help you space out the payments without affecting your monthly expenditure.

2. Light on your pocket

Availing of an EMI option to buy your two-wheeler is a smart idea as the repayment amount is indeed light on your pocket. Most two-wheeler loans require a pre-defined amount to be made as down payment and the rest is paid over the loan tenure. Paying off your EMIs during the tenure is cost-effective as you have the liberty of paying a small fixed amount every month. This makes a two-wheeler purchase affordable as it does not burn a huge hole in your pocket.

3. Doesn’t block your credit card limits

If you buy your bike on EMI, not only can you pay back in small amounts regularly, you can also avoid having your credit card limit blocked. It’s a smarter option because you can find finance at the right time when buying the bike, and also when you need to use your credit card in emergency situations without having to worry about the card limit.

4. Low costs associated with EMIs

As mentioned earlier, most vehicle loans require a down payment to be made at the start. This amount significantly reduces the overall cost of EMIs. A larger down payment indicates lower EMIs. It is therefore recommended to ask for a fixed EMI and a higher down payment if your financial position allows you to do so.

If you wish to get your dream bike but financial issues are holding you back, EMI is your solution. It is a great option to pay off a loan and take ownership of your two-wheeler. Lenders in the market now offer competitive and attractive two wheeler loan interest rates. You may, therefore, avail of such benefits to conveniently land your dream two-wheeler.