The Benefits of Buying Your Dream Bike During the Festive Season
10 Dec 2021
Table of Content
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.
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda 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 mentioned. Please consult your financial advisor before making any financial decision.
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