Do you want to purchase a two-wheeler?Are you confused between two options: Cash or Loan? Well, every person has adifferent preference when it comes to choosing the payment option while buying anycommodity.

Many people find issues in self-financing, and they consider a two-wheeler loan. Nowadays, many banks provide loans and help a person in making his dream come true. Two-wheeler loan interest rate may vary by different banks. Let us discuss about the two-wheeler loan in detail to help you decide the better option for buying a bike or scooter.

1. Easy Budgeting: When you apply loan for a two-wheeler, you can pay the down payment by cash and other modes. You can pay the rest in installments. For a middle class person, taking a loan is quite an affordable option because he can spend a little amount every month.
2. No Financial Burden: When you pay your bike’s amount in cash, you spend all your savings once. In this way, you end up with nothing. But when you take a bank loan for a two-wheeler, you stay in budget. You do not experience any financial burden, and you can spend a little amount every month clearing a big amount. You can choose the number of installments and a flexible repayment tenure for completing the EMI.
3. Healthy Credit Score: When you pay two-wheeler loan on time, you get a good credit score. It helps in creating a good credit history that later helps you to get approvals for more loans.
4. Get Satisfactory Interest Rates: Many banks offer different interest rates during festivals or special occasions. It is quite profitable to get an easy two-wheeler loan on these occasions to access more profits. You can buy your bike with less interest rate.
5. Easy Process: Many people do not understand how to get a loan for two-wheeler. They feel that it could be a complicated process, but fortunately, it is not. An eligible candidate must have the necessary documents to get a loan. You can settle everything with your agent and get your dream scooter.
6. Get Your Dream Bike: There is no need to compromise your choice for the sake of price. You can buy an expensive two-wheeler of your choice by taking a loan. It is fine if you pay the little amount every month without paying it in one go. In this way, you can get your dream bike without thinking much about its high price.
7. Get Extra Benefits: There are chances of getting extra benefits when you get a two-wheeler loan online. Many banks are connected with bike dealers, and they offer amazing extra benefits like cash backs, no registration fees, discounts, etc., to clients.

The Bottom Line

Nowadays, people prefer loan for buying a two-wheeler to avail many benefits even when cash is choice for many people. Choosing the right payment depends on your preference. If you are in need of a two wheeler loan, IndusInd Bank has some lucrative options for you. The vehicle loans come with attractive interest rates and flexible repayable tenures. Enquire now at IndusInd Bank to know more about the vehicle loans.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

For a lot of people, owninga brand new car can be a dream. Some individuals diligently budget theirexpenses so that they can purchase a car. In fulfilling this dream, fundingsolutions such as loans are also beneficial. As a customer you need to bemindful of the specifics that go into purchasing a car. It is important toconsider the difference between the ex-showroom price of a vehicle and theon-road price in this respect.

Looking to apply for a car loan? Click here to get started!

What is the Ex-showroom Price of a Car?

The ex-showroom price of a car is the price of a vehicle at the showroom. In other words, it is the price at which the vehicles are usually advertised and includes the ex-factory cost, Goods and Services Tax, etc.

• Ex-showroom price is lesser than the On-road Price.
• Ex-showroom price does not include the expenses madetowards registration, insurance, and road tax.

What is the On-road Price of a Car?

The On-road Price of a vehicle is the price you pay to bring the vehicle from showroom to the road.  For example, you need to pay the insurance premium, vehicle registration charges, and road tax; however, the amount paid for extended warranty, extra accessories, etc. is optional.

• On-road Price of a vehicle depends upon the type andextent of products/services you avail from the vehicle dealer.
• Vehicles are usually advertised based on theirEx-showroom price.
• On-road price is the final cost you incur to buy avehicle from the dealer.

Other Key Takeaways –

• Road Tax is a one-time tax that you need to pay to run yourcar in Indian roads.
• Handling/Logistic charges is a charge which is alreadyincluded in your vehicle’s ex-showroom price.
• Insurance protects you against any unwanted incidentthat may occur like an accident or theft.
• Extended Warranty is an add on that is beneficial forthe customer.

If you are in need of a car loan, IndusInd Bank has some lucrative options for you. The vehicle loans come with attractive interest rates and flexible repayable tenures. Enquire now at IndusInd Bank to know more about the vehicle loans.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

In an ideal world we would surely like to pay off all our moneys in full and straight up. However, a vast majority of the population globally need to finance their vehicle purchase with the assistance of a bank. Vehicle loans have been designed to help you fulfill your dream of buying your dream car. They are designed specifically to cater to your financial needs. In a world where a sweeping number of people are taking loans, it is important to understand whether one should choose a short or a long tenure for car loans.

What Are The Advantages & Disadvantages of a Short Term Loan?

Unlike a long term car loan, you will pay a lesser rate of interest and also be paying off your debt quicker, which gives a sense of relief and pride to a lot of people. Something that a lot of people overlook while considering a car loan is the depreciation value of the car. In the long run you do not want to end up paying more for your car than its actual worth at the time. The short term loans save you from this situation and in most cases ensure that your car has a higher resale value.

On the downside, in a short term car loan you generally have to pay either a large down payment or large monthly payments towards your EMI.

What Are The Advantages & Disadvantages of a Long Term Loan?

When it comes to choosing a long term repayment option for your vehicle you may be able to indulge yourself and your family and buy a more expensive car. In most long term car loans, you will be able to opt for lower monthly payment options.

On the other side of this lucrative coin you will be making payments for your car for a long time and its resale value will be lesser when your final penny is paid off. In such a car loan not only will you be paying your loan back for a long time but will also be subject to a high rate of interest.

The Final Take

When you apply for a car loan, you have to take into consideration various factors and make a decision. Prima facie it is the short term car loans that most consumers opt for as you pay less interest, your debt is cleared quickly and the resale value of your car remains high. However, one must always cut their coat according to their cloth.

Once you have made a decision to apply for a car loan and buy your dream car, you will have to sit down and make a list of the pros and cons of short and long tenure car loans. The decision in the end is yours to make, but a well informed financial decision is sure to help you in the long run.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Before buying a two-wheeler, be clear on the amount you need to pay for rest of the loan tenure. A two-wheeler loan EMI calculator can help you get the estimated amount that needs to be paid on monthly basis.

EMI means equated monthly installments, where you have to pay fixed amount for a fixed tenure for your two-wheeler. To understand how to calculate EMI on a bike loan, an EMI calculator will help you with the amont you have to pay to the lender.

How does the EMI calculator work?

EMI calculator is a system where you can create a repayment plan for your bike loan according to the inputs you are providing to the system. It gives a monthly idea about the management of your loan and let you manage everything according to the loan terms.

It includes the bike loan interest rate in the EMI, so you don’t have to worry about the interest payments.

The calculator gives you three fields in which you can fill the loan amount, tenure, and the interest rate on which you are getting the loan. When you fill-up these things according to the requirement, it shows you the amount you have to pay in monthly basis.

Benefits of automatic EMI calculator:

EMI calculator enables sober calculation for the repayment plan which allows you to prepare repayment strategies. EMI calculator is an effortless process that you can use without any complication. The result you get from the EMI calculation is accurate, which gives you the relevant information only.

Are you looking for a two wheeler loan at lucrative interest rates? Turn to IndusInd Bank. Our documentation is minimal, and loan processing is quick and hassle-free. So, get in touch today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.