5 min read
Updated on Jul 13, 2022
Are you planning to buy the bike that you have been eyeing for a long time? And are you also applying for a loan to get that dream bike of yours? If so, you might want to know the bike loan interest rates that are offered by some of the well-known lenders in India. The interest rates range between 6.60% to 28.00% p.a. and you should proceed only if you are okay with that percentage.
Know More: A Complete Guide To Know About Two Wheeler Insurance Policy
Mentioned herein below is a glance at the fees that are charged by various lenders in the country.
EMI shows how much you have to pay off to the bank every month. The amount of EMI that you have to pay depends on the principal amount of the loan, the rate of interest, and the tenure that has been chosen by you. The other factor that plays a vital role in determining the EMI is the pre-payment patterns and the processing fee.
You must find out all the necessary information about the EMI that you would be required to pay in the future before you apply for a two-wheeler loan in any bank. You can also consider comparing several loan EMIs. This will help you to find the most reasonable and suitable loan.
You can find a two-wheeler loan calculator, which is a repayment calculator tool. You can use this tool to find the EMI that you are supposed to pay, in just a few minutes. You just have to enter details of the loan amount that you want to take, and you will get to know the EMI that has to be paid by you.
In some cases, as you apply for a bike loan, you may get the option to choose between a variable interest rate and a fixed interest rate. This is offered by the bank itself. This might be confusing to you, especially if you are new to this and are not aware of the concepts. Well, to choose between these two, you need to be aware of the risk level that is associated with each of these.
Usually, the fixed rate of interest is higher than the variable rate of interest. However, on the brighter side, the fixed interest rates remain constant and do not change with the change in market rates. On the other hand, variable rates of interest change depending on the conditions of the market. Each time RBI makes any kind of change in the repo rate, the rates related to the Marginal Cost of Funds based Lending Rate (MCLR) also change.
Here are some of the factors mentioned below that may affect the rate of interest of a two-wheeler loan that you are going to take.
Once you have made up your mind regarding the bike that you want to buy, you can browse through the offers from the reputed creditors to find the lowest bike loan interest rate. Most creditors allow you to apply for a loan online, and you can easily have the loan approved, bringing you closer to your new ride. You can then also find the best comprehensive or third-party insurance policy to protect your new bike against any damage.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Are you planning to buy bike insurance online? If so, you should have a good understanding of some jargons in the insurance sector, especially related.
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