The Benefits of Buying Your Dream Bike During the Festive Season

10 Dec 2021

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Given the increasing traffic on the roads, buying a bike can be quite beneficial as this vehicle can help you save a lot of time on your daily commutes. Two-wheelers are also economical as they require less fuel and are able to give a good mileage as well. If you have set your heart on buying a two-wheeler, the festive season is the best time do so.

The festival season is not only the season of joy and togetherness but also the season of shopping. It is especially considered to be auspicious for making big purchases. Thus, many people plan and buy vehicles, jewellery, and gadgets during festivals. The markets also light up with attractive discounts and offers during festivals in order to push sales. This is one of the best times to buy a bike as many lenders also offer bike financing at attractive interest rates during this period.

There are typically two types of bike shoppers. The first type has already decided on a bike model and wish to buy only that specific model. The other type prefers to explore the different available options before making a purchase. The festive seasons benefits both these types of bike shoppers.

Let’s find out a bit more on why the festive season is the best time to buy bikes.

Launch of new bike models

As the festival season encourages the making of big purchases, the sales of bike manufacturers also rise quite significantly. This makes the festive season the right time for automobile manufacturers to launch new models. Hence, if you are exploring different bike options and looking to buy a two-wheeler that has the best features and is also economical in value, the festive season would be the perfect time for you to go bike shopping. You will get to choose from the latest models in the market with some of the best features and accessories. There are many bike manufacturers that partner with various lenders during this season and provide some of the best bike loan offers to their customers on the purchase of a new bike model.

Amazing offers by the bike manufacturers

You can often find bike manufacturers offering service packages, discounts on sale, and many other such benefits to their customers during the festive season. This significantly lowers the cost of buying a bike. Hence, if you need a bike loan, availing the same during the festive season can help you finance your bike at much lower costs. This is because a lower loan amount equals to a lower EMI payment. There are many bike manufacturers who provide additional benefits to buyers who have procured a loan from lenders who are in partnership with the bike manufacturing company. So, it’s a win-win situation for all.

Do remember that most of these offers are valid only during the festive season; thus, if you are serious about buying a bike, you should not miss out on taking the advantage of these amazing opportunities.

Attractive bike loan offers

Bike loans help you buy the bike of your choice with zero financial stress. Remember that apart from purchasing the vehicle, you may have many other costs to take care of during the festive season like decorating the house or giving gifts to your loved ones. With the help of a bike loan, you only need to pay the down payment at the time of application. This allows you to keep your finances free for covering other expenses that you incur during festivals. This helps you have a bigger budget for your festival celebrations. The bike loan essentially lets you spread out your bike purchase payments over a longer period. That kind of financial help can truly give peace of mind.

Many lenders also come up with attractive bike loan interest rates during this time of the year. They usually even approve and disburse the loan amount in a jiffy. The down payment required by the lender for the loan is also comparatively lower during the festive season. Furthermore, several loan providers give concessions on the loan processing fee and provide additional benefits if you apply for an online bike loan.

Additionally, two-wheeler loans are quite easy to pay-off. As lenders provide an affordable bike finance rate of interest during the festive season, you do not have to worry about the overall expense of the loan going out of your budget. Paying your loan EMI on time can help give a boost to your CIBIL score as well. A good CIBIL score can further be used to avail loans of higher amounts in the future at attractive rates of interest.

Whether you finance the purchase of your bike through a loan or by paying cash, remember that it is mandatory to get at least third-party insurance for your newly bought two-wheeler. Many loan providers take this into consideration and include the cost of your insurance policy in your EMIs. They also help you enjoy a discounted premium if you choose to buy the insurance policy from their partnered insurance company.

Secure exchange offers

Many bike manufacturers also let you exchange your old bike for a new one during the festive season. This is done to push the sales of the newly launched bike models. If your used bike is in good condition, you can get a great exchange offer for it. The remaining amount that needs to be paid to the bike manufacturer can be covered through a bike loan. This way you can make significant savings when getting yourself a new ride.

The loan EMI can be easily calculated using an online bike loan EMI calculator . This will help you plan your finances better after your EMI payments have started and save you from defaulting. The online bike loan EMI calculator can be easily accessed through the lender’s website. There are many bike manufacturers that allow you to exchange your old bike for a new one throughout the year. However, to get the best bike exchange and bike loan offers, you may want to carry out this exchange only during the festive season. You can always get in touch with your bank or two-wheeler company and ask them about offers that they plan to run during the festive season. This way, you can be prepared with the required documentation and down payment in advance.


As we can see, there are plenty of benefits to buying your bike during the festive season. The ease of procuring a bike loan during this season further makes the entire process even more convenient and stress-free. The urge to buy a new bike is quite strong during the festive season as almost every other person you know is making a new purchase. However, do not fall into the trap of making an impulsive decision when taking a bike loan as this can result in heavy EMIs. That, in turn, increases your chance of defaulting and can impact your CIBIL score negatively. Always calculate your finances and formulate a strategy of repaying the loan before you start the application process.

And if you have all your plans in order, then Bank of Baroda has just the right loan to finance your dream bike. Get in touch with us today.

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Buying A Car This Festive Season? Here Is What You Must Consider Before Taking A Car Loan

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7 Step-guide to applying for a Home Loan

All of us dream of becoming homeowners. It is a way of ensuring lifelong financial security; the kind that does not come from living in a rented home. But buying a home is a complicated process. Whether it is years of savings to be given as down payment, or finding the right locality to invest in; the process of buying a home is elaborate. And since property investments take a huge chunk of savings, most of us rely on home loans. Yes, you can take out a home loan and pay it off in easy equated monthly instalments (EMIs) for tenures lasting up-to 30 years. Let’s understand the home loan procedure.
Step 1: Fill the application form
The process of taking a home loan begins with the borrower filling an application form. The application form is the most basic document in which you have to provide personal information about yourself like your name, address, phone number occupation, monthly and annual income and education details. You must also provide details about the property you wish to purchase, the estimated cost of that property and the down payment you can afford. Note that you have to furnish your ID proof, address proof, income certificates, ITR of the last three years, bank statements etc., with your application form.
Step 2: Verification of documents
After you submit your documents, the bank verifies the documents provided by you. This is an important aspect of the home loan process and banks may take up to 2 days to verify your documents. During this time, you may also be asked to visit the bank and appear for a face-to-face interview. This is the banks way of confirming that you are capable of repaying your loan within the stipulated tenure.
Step 3: Background check
Apart from verifying your documents, the bank also conducts an independent background check of the borrower’s credentials. To this effect, the bank may conduct an investigation basis the information supplied by you in the application form including your previous and current residential addresses, your place of employment, credentials of your employer, office contact details etc.
Step 4: Processing free payment
After the bank is convinced about your repayment capacity, it begins the housing loan process. As such, you must pay a processing fee which is an amount the bank collects to process your loan application. Banks typically charge anywhere between 0.25% and 0.50% of the principal loan amount +applicable GST as processing fees. The bank charges a processing fee because of the investigations conducted to check your eligibility and your Proposed Property’s Valuation and Search. This does not necessarily mean that your loan is approved
Step 5: The loan approval process
By far, the most crucial stage in the entire home loan process; the bank now decides whether to approve or reject your loan. To ensure that your loan is not rejected you must furnish all the listed documents truthfully. This is also the stage in which the borrower can find out the maximum loan amount as approved by the bank, as well as the interest rate charged according to various tenures. The bank communicates these details by sending you an official sanction letter confirming that your loan is approved.
Step 6: Processing the property documents
After you receive the official sanction letter approving your loan, you are required to submit the original property documents to the lending bank, which remain in the bank’s custody until the loan is repaid in full. The original property documents typically include the complete chain of ownership acquisition and transfers of ownership in sequence till your Sale Agreement execution, applicable NOCs from related authorities along with the seller’s name, ID and address proof, etc. The bank verifies the property documents before approving the loan. Bank also sends it’s representative twice to physically visit the property site, once before approval of loan and then after sanction of loan.
Step 7: Loan disbursal
The final step in the entire housing loan procedure is the loan disbursal stage. This includes the registration of the loan deal i.e. acceptance of Terms and conditions of Sanction by the borrower/s, the signing of the loan agreement/documents and the disbursement of loan as per terms stated in the Sale Agreement, including down-payment by the lender.

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