When you do firm up a bike to purchase, it becomes easier to pick a loan which matches your needs. Bike loans are now available for almost any amount, new bike or a used bike, there are also secure bike loans and unsecured bike loans which a borrowers can avail. However you may be required to pay 10-15% of the total value of the bike as the down payment directly to the vendor at the time of booking.

It makes sense to take a secured loan as it will have lower rate of interest as compared to the unsecured loan, however you will need to keep something as the collateral to acquire the secured loan.

Banks will have almost similar rates of interest for loans due to the competitive market conditions in India but if you have a bank account in some bank, then you may get cheaper rate of interest than those highlighted on ads and bank websites, You should get in touch with your relationship manager and ask them to provide lowest rate of interest. Yes! You can negotiate the rate of interest and also the tenure of the bike loan.

Also, If for some reason you do not get a bike loan from your bank or you don’t want to avail a loan from the bank then there are societies, clubs and other institution who do provide loans on a competitive rate. Bike vendors themselves provide you the bike on installment basis, which actually works out to be a good and quick deal as compared to the banks.

Even the great Harley-Davidson has now made a pact with ICICI bank to provide loans for any Indian Consumer with interest rate of about 11% for the entire tenure of the bike loan.

Bike loan are available on a Flexible repayment options, ranging from 12 to 48 months with the options of pre-payment at some extra fee. If you wish to buy a bike worth 75K with 25% as down payment then your EMI would be around 5-6K.

 For more information visit http://www.loanncr.com

About Author:- Hi My Self Ravi Chauhan  working with Loan NCR as Seo  if you habe any question about my work you can contact on my website http://www.seowebpromoter.com