Re: Buying a bike on EMI is a bad idea ?

Thread approved.
Desires, Mohan. We humans are driven by desires.
So, while EMIs may seem like a burden and a scary prospect, a lot many of us find a lot of respite in those like you mentioned.
And then your points against EMIs are also valid.
Let the discussions begin.

Re: Buying a bike on EMI is a bad idea ?

I agree with you Mohan. Bikes, or any automobile is a depreciating asset(learnt from my wife). By the time you complete EMIs bike price will be 1 and half. By that time, actual market value of the bike will be half of the actual price.

Re: Buying a bike on EMI is a bad idea ?

Then this raises a question . . ?
How do I buy a super bike?

Or even an Indian bike costing 2 lakhs or more?

Re: Buying a bike on EMI is a bad idea ?

Cut unimportant things like Going for movies,
Give Talak to your high maintenance girlfriend [emoji23][emoji23][emoji23]
Don't eat at fancy Restaurants ,
Become a Minimalist, etc

Re: Buying a bike on EMI is a bad idea ?

I don't eat out.
I'm not married.
I don't have a girlfriend.
Don't smoke.
Don't drink.
Still haven't saved enough to buy a Dominar on down payment.
I'm totally minimalist.
When underwear elastic becomes slack I don't change underwear. I buy elastic costing 3 rupees a metre and renew.

[emoji16]

My friend help . . .

Re: Buying a bike on EMI is a bad idea ?

Hi.just came across this thread.So let me put in my 2 cents worth.
First and foremost you will not have a credit score if you dont take credit[emoji23]

Having said that, a credit score does not get calculated over a day. It takes years before your score is of any value. So if u have never taken credit or a loan or used a credit card then in the future when you do actually need a loan for something important, you will face obstacles as there is no score / reference or benchmark for the banking/ lending industry to assess your fiscal responsibility.
What u need to do over the long term is take a loan or a credit card. Make sure the payments are never missed. When using a credit card, make sure you dont just service the minimum payment.make the full payment whenever possible. Never use the full credit limit of ur card. The ideal usage is 30% of ur limit. All these factors and many more determine your credit worthiness.
So by all means do take a bike on emi but make sure you never defer on payments. Never have more than two loans or credit cards combined. Meaning never be a borrower on more than two classes of products. This again shows that you are fiscally responsible and are mature enough for a bank to risk giving you credit.
Hope this helps. For more information on this topic, please do go onto the bankbazaar.com website. They do a free credit score for you. I became aware of all this last week hence decided to write here. I was amazed how far back my credit history goes !!
As for financing vacations for big borrowers etc is a load of crap in my opinion. Excepting Vijay Mallya, no other business man has run away without servicing their loans. All the other absconding business men have commited straight forward bank fraud in cahoots with bank employees. As far as Mallya is concerned, we will get our money back. We may not get the interest but atleast the principle. This is called arbitration and it is a common enough practice the world over. I did not hear anyone complaining when he was providing best in class service in the airline industry. Even the best of airlines in the world are struggling coz the margins are abysmal.he ventured into a business without having any knowledge whatsoever. Tried to be the best and lost a lot of money. Macro ventures always have bank money and investor money involved. No business man ventures into a multi thousand crore investment with his own money. So banks lost a lot of money. They are equally responsible for not having done their due diligence before giving him a loan. So lets not make villians out of people like Mallya who take risks, make money and generate employment. Sure they dont have any altruistic motives but jobs are generated and economy grows as a side effect of the balls that such people have to take risks and do business.
Anyways I seem to have gone on a tangent here so let me come back to the point.
All you guys and girls who dream of a SBK, do go ahead and take the plunge. Save enough for your down payment so that the emi is not more than 20 to 30% of your monthly salary. That should keep you comfortable. As always ATGATT please. Do spend decent money on good gear. After all you need to be in one piece to service that bloody loan[emoji23][emoji23][emoji120]

Re: Buying a bike on EMI is a bad idea ?

What is ATGATT?

Nicely put. . .

Now you have given me the determination to put the money down for the bike. Am just trying to differ it to Dushera as there may be offers. What do you feel?

Re: Buying a bike on EMI is a bad idea ?

ATGATT is bikerspeak for All The Gear All The Time. Meaning whether u go for long rides or short ones, wear your safety gear.
You can definitely wait for Dussera offers.Wont hurt to check out offers now as well. Nobody in the auto business is doing well so they will give u a royal welcome anyways. All the best for your shopping expedition.

Re: Buying a bike on EMI is a bad idea ?

Repair your Bicycle and Call yourself Fitness Freak or something [emoji6]
.
No Maintenance + fitness..
Until u can afford Dominar

Re: Buying a bike on EMI is a bad idea ?

I don't like your plan.

Will take ages. . . .

No no no.

EMI, here I come.

Re: Buying a bike on EMI is a bad idea ?

All the best then brother,
Before Spending huge amount on Dominar,
Read Rich Dad Poor Dad or Millionaire next door book...

Re: Buying a bike on EMI is a bad idea ?

Here is another angle that you may wish to look into -
1) have you decided on the emi amount and loan tenure
2) what’s the interest rate on the loan
3) do you have any personal loan offers from your bank
4) if yes to 3, then what is the interest rate on this loan and the emi amount for the same tenure as the two wheeler loan
5) if emi amount and the interest of the personal loan is less than that of two wheeler loan then make the right choice

Benefits
1) your dream dominar won’t be hypothecated. you will be free to sell whenever you wish to (if at all you wish to)
2) options for new or pre-worshipped will open up if opted for a personal loan

Caution
1) if this is your first outing on personal loan, please be cautious of people offering you very low interest rates verbally and then change it when your are signing the loan agreement.
2) Run far away from people asking commissions to get you a personal loan. They’ll promise you the sun, moon and the universe, take your money and abscond.
3) be aware and careful to who you submit your documents for the loan
4) ensure you write the purpose for which the documents are presented and self attest it with the date
5) don’t hand over your cheque’s either blank (without signature) or written till the time you sign the loan agreement
6) Don’t sign the loan agreement unless you receive confirmation of your loan approval via text, email or both

Hope this helps!!

Happy Dominar Shopping!!!

Cheers!

Re: Buying a bike on EMI is a bad idea ?


the guy was siphoning funds from his airlines to paper subsidiaries abroad and it was showing up in its balance sheet , when he was requested by some of the banks to produce the balance sheet of those paper companies , he refused to submit them and using his political influence and intimidation, because of this some banks from the consortium refused to lend and pulled out , if you have funds to finance other companies then why do you need to borrow, if you have to borrow then why spend it on other companies.. simple question, , and coming to due diligence it all goes out the window when you have your yes man running the show, and mallya is no villain , he is just a crook who stole and ran
how do i know , i work for one banks that pulled out

Re: Buying a bike on EMI is a bad idea ?

Thanks for the insight.