India is one of the largest consumers of two-wheelers in the world, and two-wheelers have been a popular choice by most Indians to navigate jam-packed roads. Also, due to the unprecedented pandemic that has mandated social distancing norms, a two-wheeler has become the best option to avoid crowded public transport. 

However, understanding the financial instability induced by the COVID-19 pandemic, financial institutions are stepping forward to help people manage their finances by offering the best two-wheeler loan. So, if you are short of funds, you can acquire a two-wheeler loan at the best two-wheeler loan interest rate. The best part is that you can get up to 100% of the two-wheeler’s value as a loan, and you can use your lender’s two-wheeler loan calculator to calculate your monthly EMIs based on your affordability. 

Things to consider before a two-wheeler during the COVID-19

Since a bike remains your constant companion, you should keep an eye on every factor before buying one. It allows you to avoid mistakes, and you can get a bike that best serves your needs. 

Establish a reason to buy a bike

The first question you need to ask yourself is, why do you need it? Do you need it for your daily commute, or are you planning to take a long-distance trip to the beautiful terrains of the Himalayas? If you need something to help you with the traffic, get a bike made for daily grinding, or you can opt for sportbikes to bike across mountains. 

Assess your budget

Two-wheelers come in different price ranges. You will need to decide how much you can afford or willing to pay. However, do not settle for a model you do not need. You can always opt for the best two-wheeler loan and determine your affordability with an online two-wheeler loan calculator. 

Do your market research

Before choosing a two-wheeler, it would be wise to compare different dealers, models, and features, prices, etc. Find out how much you will get if you resell your bike. Go for a bike that ensures low-cost maintenance and caters to your needs. 

New or used two-wheeler?

The COVID-19 pandemic has left people with little cash in their pockets. This decision should be based on your budget and your comfort with riding. If it is your first time, you should get a used bike and then upgrade to a new version when you get comfortable. You will not lose much in depreciation if you outgrow your two-wheeler. 

Choose a bike that caters to your needs

While finding a two-wheeler for yourself, look for a bike that fits your budget, purpose, mileage, etc. You should consider other factors like the terrain, climate, and if you prefer having a pillion. Assess what you need and ensure that your bike meets all your requirements. Also, read the terms and conditions of your bike documents carefully. 

Complete the financial transaction

After finalizing a bike, you will have to complete the financial transaction. To do so, you need to visit several dealerships, ensure that you are taking the bike for a test ride, do not accept the dealer’s words at face value, and always negotiate on the price. 

Get the best two-wheeler loan 

There are multiple bike finance options available to help you manage your finances. While searching for a lender, look for a lower 2-wheeler interest rate and flexible repayment options. It is crucial to acquire the amount that you need. Borrowing more than necessary may inflate your debt, and you will be caught in debt traps. 

Determine your EMI 

It is always better to know how much you can afford to pay as EMI. Use your lender’s online two-wheeler loan calculator that enables you to manage your budget and choose a payment based on your preference. You can also keep an eye on festivals during which lenders offer discounts and offers. 

Opt for a bike insurance

Almost 37% of road accident deaths in India involve two-wheelers. Therefore, getting vehicle insurance in India is compulsory by law to protect you and your loved ones. Having insurance also diminishes the financial impact of injuries to the third party. 

Choose a flexible mode of payment

When you finalize your bike and your dealership, ensure that you have flexible options to pay. If you have opted for a two-wheeler vehicle loan, your dealer will get the money transferred to his account. If you are choosing to pay by yourself, it would be wise to opt for an online transfer as dealing in cash is risky in times of the COVID-19 pandemic.

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