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**PaddleShifter** · 09-01-2015, 08:46 PM

Re: Triumph Bonneville at EMI Of Rs 9,990: Stupidest scheme. EVER!

Originally posted by sparky View Post

My criteria is simple- If you want a bike costing < 1L then go for a decent down payment and a loan with a bank giving best interest rate. If the cost is more than that, then simply start saving in advance and once you have 80% of the money saved you can go for it.

I would like to add something here. The interest rate is not the best way of assessing how cheap a loan is being given. Its depends how the principle amount and interest amount is recovered per EMI.

e.g. A friend got loan quotation for a bike costing Rs1.8 lacs

Bank 1 (State bank): Rs60,000 loan for 1 year at 17% ROI quoted a monthly EMI that totaled to Rs66,000/- (So total interest paid is Rs6000 for Rs60,000)
Bajaj finance(Private finance): Rs85,000 loan for 1 year at 11.99% quoted a monthly EMI of Rs8400 that totals to Rs1,00,800/- (So total interest paid is Rs15,800 for Rs85,000).

Now, we dont know finance but we do think that a loan of Rs85000 from that state bank at 17% would still be way cheaper than the loan at 11.99% by Bajaj finance.

Summary- Always ask the bank to total the amount you will be paying at the end of the completion of the loan and then compare to know which is offering the best loan.

**nikx3392** · 09-01-2015, 11:37 PM

Re: Triumph Bonneville at EMI Of Rs 9,990: Stupidest scheme. EVER!

As i m getting bike next month
Bike cost
1lakh

With bajaj finance
Dp-30000
29000 interest for 70000 fr 3 yrs with 12.45% flat interest
Processing charge 2500

Axis personal loan
100000
21000 interest for 3 years with 13% reducing interest rate
Processing charge 999
No pre or part payment charge

Axis personal seems better no dp(saving) needed direct buy

Sent from my Aqua Y2 Pro using Tapatalk

**rushikesh.ware** · 08-03-2018, 09:10 PM

Re: Personal Loan for Bike Purchase - Pros and Cons!

Originally posted by Sachinnair View Post

The first bike I bought from my own hard earned money was the Karizma ZMR. For some strange reason, I opted to go for PL rather than usual Auto Loan. I got a PL approved from Fullerton for around 93K. I paid 3708*48 months so how much did I end up paying = 1.78L which is almost double than what they paid me. Good part is this loan has completed it tenure. I agree to what Rachit said, the only reason I opted for PL was because I could not afford to buy it in full payment that time or rather I did not have the patience to save for a year.

Fast forward to 2013, I ended up buying my Green dream - Ninja 650. I saved enough (2L) to have a decent DP and went with an Auto loan this time through Future Capital. EMI agreed to pay is 12750*36 months. Again, answering the question could I afford the bike without loan. The answer is a simple NO! Another 6 EMI's to go. I do feel the pinch to pay it every month and will be glad to get rid of it soon.

For the next bike, I am really thinking not to opt for loan and rather save for it in full so that I can ride in peace without the fuss of paying EMI's every month. But what happens in future only time can say.

Hi Sachin,

Did you get the N1000 via finance as well?

**Sachinnair** · 08-07-2018, 01:50 PM

Re: Personal Loan for Bike Purchase - Pros and Cons!

Originally posted by rushikesh.ware View Post

Hi Sachin,

Did you get the N1000 via finance as well?

Yes. As per Performa Invoice, the cost of the bike was 12.15L. I approached a nationalized bank - Bank of India for my loan requirements. I got the lowest ROI from them, hence went ahead with them even though it involved a lot of documentation and troublesome experience as BOI did not have Anzen Kawasaki in their official dealer list. DP - 2.5L and EMI - 19990 for 60 months. ROI if I recollect correctly was 8.7% reducing and qualified under Superbike Loan. It was the lowest amongst all banks I had got quotation from. HDFC & YES Bank had tie up with Anzen however their ROI was 9.6% which was proving to be 500 odd more in terms of EMI and about 7000 more in terms of additional DP.

**rushikesh.ware** · 08-07-2018, 03:52 PM

Re: Personal Loan for Bike Purchase - Pros and Cons!

Originally posted by Sachinnair View Post

Yes. As per Performa Invoice, the cost of the bike was 12.15L. I approached a nationalized bank - Bank of India for my loan requirements. I got the lowest ROI from them, hence went ahead with them even though it involved a lot of documentation and troublesome experience as BOI did not have Anzen Kawasaki in their official dealer list. DP - 2.5L and EMI - 19990 for 60 months. ROI if I recollect correctly was 8.7% reducing and qualified under Superbike Loan. It was the lowest amongst all banks I had got quotation from. HDFC & YES Bank had tie up with Anzen however their ROI was 9.6% which was proving to be 500 odd more in terms of EMI and about 7000 more in terms of additional DP.

Thanks a ton for the info. Many of the super bike owners have had a good experience with BOI.
I was wondering why haven't you started a ownership thread for N1000 as you did for N650!

**Sachinnair** · 08-07-2018, 05:30 PM

Re: Personal Loan for Bike Purchase - Pros and Cons!

Originally posted by rushikesh.ware View Post

Thanks a ton for the info. Many of the super bike owners have had a good experience with BOI.
I was wondering why haven't you started a ownership thread for N1000 as you did for N650!

I would love to write about Misaki just like how i wrote about Midori. But I don't know I feel I won't do justice to the thread since I am not riding Misaki as much as Midori. So that is what has prevented me so far. It's already 12.6K kms done, so may be I ll pen down a long term ownership once it complete's one year.

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