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If you are looking to buy a Royal Enfield Thunderbird 350, you can opt either for a personal loan or a two-wheeler loan based on what your requirements are.
If you are looking for a lower rate of interest, then a two-wheeler loan would be advisable as the interest rates begin at just 9% and can go up to 26%, whereas personal loans begin at 10.99% and can go up to 32% based on the customer’s credit profile.
If you want a loan amount of more than just the cost of the two-wheeler, then you can go for a personal loan. Personal loan amounts are given up to 40 lakhs and so, you can use it to buy the two-wheeler and use the remaining money for other financial obligations. If you are only looking to buy your bike, then you can get a two-wheeler loan as most lenders finance 100% of the bike’s on road price along with registration and insurance in some cases.
The tenures of a personal loan range from 6 months to 5 years, whereas the tenures for a bike loan are generally only up to 4 years. Some banks offer 5-year tenures for two-wheeler loans, but it is not very common.
If you do not want to pledge the two-wheeler you are buying as collateral, then a personal loan would be advisable as they do not require any collateral. In the case of a two-wheeler loan, the bike itself is considered as collateral and failing to repay the loan can lose you the bike itself, as the lender has the rights to sell the bike to settle the loan.
So, based on the factors that are convenient for one’s requirements, one can either opt for a personal loan or a two-wheeler loan.