In today’s time, 2 wheeler has become a necessity. Everyone wants to buy a bike. But nowadays the price of scooter and bike has increased so much that only 20-25 percent people are buying scooter or bike by paying cash. The remaining customers need to take a loan to buy 2 wheeler.
2 wheeler companies also provide loan for 2 wheeler vehicles, or you can take a loan from your bank to buy a 2 wheeler. Many types of charges are levied on taking loan from bank. Nowadays 2 wheeler vehicles are also available on EMI on online shopping apps like Flipkart and Amazon.
If you want to buy a 2 wheeler bike or scooty on loan, then see which scheme charges the lowest interest. If seen, the lowest interest on 24 months installment has to be paid on Flipkart.
By the way, the amount of interest on buying a bike on EMI online through Flipkart is much less than the interest on loan given by the 2 wheeler company. There is no down payment, processing fee, etc. on online shopping of 2 wheeler on Flipkart. So, if you are planning to buy a bike or scooter with zero down payment, then you can buy a bike or scooter on easy EMI and lowest interest rate by using your credit card on Flipkart.
The loan facility being given by vehicle showrooms is like looting the customers. Yes, if you are ready to buy a bike from the showroom on 6 months EMI, then only Rs. 4000 – 5000 will be charged extra as interest. If you take a 2 wheeler on loan from a bike showroom, then you can repay your bike loan on a maximum EMI of 60 months. If you want to buy a 2 wheeler on 60 months EMI, then you will have to pay 50% of the price of the 2 wheeler as interest. If you have a credit card from any bank, you can find out from your bank how much interest will be charged on the credit card if you take a loan equal to the estimated price of the bike. Generally, all banks charge interest on credit cards at the rate of 40% per annum.
Banks also provide loans for buying 2 wheeler. If you are a customer of any bank, then you can find out about the interest rate on 2 wheeler loan from your bank. However, UCO Gramin Bank charges the lowest interest rate on 2 wheeler loan. You can visit any branch of UCO Bank and get information related to 2 wheeler loan and the interest rate charged on it.