Guide to financing a bike

Buying a two wheeler is easy nowadays thanks to the low prices, lowered interest rate and low EMIs.

Two-wheeler sales have been increasing thanks to the continuing upward swing in motorcycle sales. The lucrative finance schemes not only help the customers to buy a two-wheeler even when they do not have funds, it also helps in fuelling sales.

Bajaj Auto, Hero Honda, TVS and Kinetic have their own finance companies to take care of two-wheeler finance besides banks and financial institutions like ICICI, Tata Finance and Citibank. All offer you finance up to 85-percent of the vehicle’s price. Interest rates vary between 8-percent to 12-percent depending on the scheme opted for. Loan amounts vary between Rs 7,500-90,000 and the tenure can be between six months to three years.

A popular scheme for the Boxer is for a down payment of Rs 999 and an EMI of Rs 1,050 for three years. Another scheme option for the Boxer has a down payment of Rs 4,857 and an EMI of Rs 1,070 for 33 months. Kinetic has its own finance arm, besides its dealers can get your bikes funded through Tata Finance at 9-10 percent.

Normally it takes three-five hours for the paperwork to be done. Regular salaried people easily get loan while self-employed people are likely to be
offered loan at a higher rate of interest.

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Documents You Need One photograph A copy of ration card, passport or any other address proof Identity card Salary slips or any other proof of income and last two years IT returns (in case of self-employed persons) Post-dated cheques

Bikes On A Budget Company   Model   Down Payment   EMI  Bajaj Auto  Boxer   Rs 4857                Rs 1070 TVS         Centra   Rs 7120               Rs 1398 Yamaha    Crux R    Rs 8085               Rs 1791