Two Wheeler Loan: Things to consider before you apply

Two-wheelers are a convenient mode of transportation, especially in urban and semi-urban areas. They are preferred by almost every age group—college students, working professionals, and middle-aged individuals seeking an easy commute.

Nowadays, electric bikes and scooters are emerging as the best two-wheelers in India for fuel efficiency and pollution control. These vehicles are also popular as the best non-gear two-wheelers in India.

For those planning to buy a new two-wheeler for ladies, electric vehicles make an ideal choice. When it comes to financing, Muthoot Capital offers Two-Wheeler Loans at competitive interest rates.

Here’s a detailed bike-buying guide for anyone searching for ‘how to buy a bike’ in India. This guide highlights key factors to consider before applying for a Two-Wheeler Loan.

5 Things to Check Before Buying a New Bike in India

Purchasing a new bike can be confusing, especially with the wide range of options available. To ensure you make the right decision, here’s a comprehensive guide addressing what to know before buying a motorcycle.

1. Know the Engine Size

The engine is the heart of a motorcycle, and its size directly impacts its power and cost. Engine size, measured in cubic centimetres (cc), determines how powerful a bike is.

Key Considerations:

• The higher the engine size, the more expensive the bike.
• For regular commutes, bikes with 125cc to 250cc engines are ideal as they offer a balance between power and affordability.

2. Consider the Height and Weight of the Bike

Choosing a bike that matches your physique is crucial for comfort and safety.

Read More : Complete Guide To Get A Two Wheeler Loan

Why This Matters:

• Ensure your feet touch the ground comfortably when seated on the bike for better control.
• Avoid overly heavy bikes as they can be difficult to balance at lower speeds, especially for beginners.
• A bike suited to your height and strength will provide a smoother riding experience.

3. Fuel Efficiency of the Bike

Fuel efficiency is an essential factor to consider to avoid spending excessively on fuel.

Tips:

• Bikes with higher engine power consume more fuel.
• For daily city commutes, opt for a bike with moderate power that offers high mileage.
• Unless you plan to ride in hilly terrains, prioritise fuel-efficient bikes for cost-effective usage.

4. Get Insurance for Your Bike

Bike insurance is not just a legal requirement but also a financial safeguard.

Benefits of Bike Insurance:

• Covers damages to your bike.
• Protects against theft of the bike.
• Covers third-party damages in case of an accident.
• With online platforms like Bajaj Insurance, you can conveniently purchase two-wheeler insurance at competitive rates.

5. Consider Maintenance Costs

When budgeting for a bike, factor in not just the purchase price but also the recurring maintenance costs.

Things to Note:

• Regular servicing ensures the smooth functioning of your bike.
• On average, bike servicing costs range between Rs. 1,000 and 3,000, depending on the model.
• Choose a bike with affordable and easily available spare parts to minimise maintenance expenses.

Best Time to Buy a Scooter or Bike in India

The best time to buy a scooter in India is during festive seasons like Diwali or Dussehra. Manufacturers and dealerships offer attractive discounts, cashbacks, and low-interest loans. 

The end of the financial year is also the best time to purchase a bike, as dealers aim to clear stock, offering competitive prices on the best two-wheelers in India.

Best Two-Wheeler Options in India

• Best Non-Gear Two-Wheeler in India: Scooters like the Honda Activa, TVS Jupiter, and Ather 450X are perfect for beginners and daily commuters.
• Best Electric Scooters: Models like the Simple Energy One and Ola S1 Pro lead the pack for their high mileage and advanced features.

Avoid These Common Mistakes When Applying for a Loan

1. Avoid Multiple Applications
   Submitting multiple loan applications can negatively impact your credit score and deter lenders.
2. Don’t Overborrow
   Borrowing more than necessary can strain your finances. Use a loan EMI calculator to determine the right amount based on your budget.
3. Pay EMIs on Time
   Missing EMIs can hurt your credit score and lead to loan default. Regular payments are key to staying out of financial trouble.

Read More : How To Check Active Loan On PAN Card Online?

Conclusion

Buying a two-wheeler in India, whether it’s for personal or professional use, requires careful planning. Follow this bike buying guide to know the best time to buy a scooty/bike in India. A little preparation can ensure a hassle-free and rewarding purchase experience. For financing, consider a Two-Wheeler Loan from Muthoot Capital. 

FAQs

What are the specs to look for when buying a bike?

When buying a bike, consider specifications like engine capacity, mileage, weight, seat height, braking system, suspension type, fuel tank capacity, and additional features like ABS or smart connectivity.

How to plan for buying a bike?

Start by setting a budget and deciding the type of bike (commuter, sports, cruiser, or electric) that fits your needs. Compare models, check financing options, research insurance costs, and factor in maintenance expenses. Test rides are essential before finalising.

How to check a bike before buying?

Inspect the engine performance, brakes, and suspension. Check tyre quality, fuel tank capacity, and overall build. For used bikes, verify the service history and ensure all documents like insurance, registration, and pollution certificates are up-to-date. A test ride is crucial for assessing comfort.

What is the rule to buy a bike?

The general rules include checking the bike’s fit for your requirements, ensuring the authenticity of documents like insurance and warranty, and verifying compliance with traffic and tax regulations. For financed bikes, carefully review EMI plans and interest rates.

In which month do bike prices drop?

Bike prices usually drop during year-end (December) or at the financial year-end (March) as dealers clear old stock. Festive seasons and launch periods for new models also bring price drops and promotional offers.

What is the best time to buy a new bike?

The best time to buy a bike in India is during the festive seasons like Diwali and Navratri when brands offer discounts. Additionally, year-end and financial year-end sales are ideal for availing attractive deals.