Two-Wheeler Loans for Adventure Bikes: What to Consider

The adventure motorcycle segment in India has been experiencing significant growth, with enthusiasts eager to explore off-road terrains and embark on long-distance journeys. As the demand for these specialized bikes increases, so does the need for tailored financial solutions. This article delves how  two-wheeler loans are helping adventure enthusiasts in securing a bike of their choice.

Understanding  Adventure Bike Loans

Adventure bike loan are two-wheeler loans you can avail to secure your dream adventure bike. These loans come with:

1. Higher loan amount, up to 95% of the on-road price of the vehicle
2. Flexible repayment tenures up to 48 months 

Eligibility Criteria 

Banks generally have specific eligibility requirements:

1. Age: Usually between 18 to 65 years
2. Income: Salaried or Self-employed
3. Credit Score: A good credit score, typically above 650, is preferred
4. Employment Stability: Consistent employment history or stable business income

Documents Required

The documentation process for adventure bike loans is comprehensive:

1. Standard KYC documents (Aadhaar, PAN, etc.)
2. Income proof (salary slips, ITR for last 2-3 years)
3. Bank statements for the last 6 months
4. Proof of residence and employment stability

Disclaimer: The eligibility criteria and the documents required are generic in nature and is for informational purposes only. Kindly contact Ujjivan SFB or visit our  two-wheeler loan page to know about the eligibility criteria, documents required, interest rates and fees and charges in detail.

Adventure Riding Finance Options

Various financial institutions offer adventure riding finance:

1. Banks (both public and private sector)
2. Non-Banking Financial Companies (NBFCs)
3. Manufacturer-tied financial services
4. Specialised adventure sports financing companies

Choosing the Right Bank

When selecting a bank, consider  financing options for your adventure riding needs. It's essential to consider factors such as the interest rates and processing fees, the flexibility in repayment terms, the lender's understanding of the unique requirements of adventure riding, and any additional benefits like free insurance or extended warranties. 

These factors can significantly impact the overall cost and convenience of your financing, so it's worth carefully reviewing and comparing various options to find the one that best fits your needs and budget.

Factors Affecting Adventure Bike Loan  Approval

Several factors influence the approval of motorcycle loan:

1. Your loan eligibility
2. Value of the bike
3. Your overall financial stability and adventure riding experience

Comparing Specialty Bike Loan Options

When evaluating different loan offers, pay attention to the following:

1. Interest rates (fixed vs. floating)
2. Loan tenure and its impact on EMIs
3. Processing fees and other charges
4. Prepayment and foreclosure terms

Managing Your  Adventure Bike Loan

Effective loan management is crucial for adventure bike loans:

1. Set up auto-debit for EMI payments to avoid defaults.
2. Consider making extra payments when possible to reduce the overall interest.
3. Keep track of your loan statement and repayment schedule.

The Future of Adventure Bike Financing in India

The adventure bike market in India is evolving, with growing demand for these versatile machines leading to the emergence of more specialized loan products. A report from the ICRA reveals that the electric two-wheeler market is likely to witness a growth between 8% and 10% every year.  

Fintech companies are increasingly entering the market, bringing innovative financing solutions. Recognizing this trend, manufacturers are forging partnerships with financial institutions to offer attractiv e schemes that cater to the needs of adventure bike enthusiasts.