Financing Your Two-Wheeler Accessories: Loans for Customisation

Building a custom motorcycle is a dream for many enthusiasts, but it often comes with financial challenges. From purchasing high-quality parts to hiring skilled labour, the costs can quickly add up. However, there is a solution that can help you fund your custom project effectively – loans for two-wheeler accessories. 

In this blog post, we will explore the meaning and benefits of bike accessories, as well as provide tips for responsible borrowing. 

Understanding Two-Wheeler Loan Accessories 

Two-wheeler accessory loans are a type of financing specifically designed to fund motorcycle customisations and upgrades. Unlike a regular two wheeler loan used to purchase the bike itself, these loans cover the cost of accessories, modifications, and add-ons to personalise your motorcycle. 

How Do They Work?

The process is simple: 

• Choose your desired accessories and get price quotes. 
• Apply for a loan amount covering the total accessory costs. 
• Once approved, use the funds to purchase and instal the add-ons. 
• Repay the loan in EMIs over the loan tenure. 

Benefits of Two-Wheeler Loan Accessories 

Why opt for a motorcycle accessory loan instead of saving up? Here are the key advantages: 

• Affordability: By spreading the cost of accessories over EMIs, bike customisation finance makes upgrades more budget-friendly. Instead of a large upfront expense, you can pay in smaller instalments.
• Flexibility: Loans for add-ons give you the freedom to choose high-quality, premium accessories without compromising due to budget constraints. You can personalise your motorcycle exactly how you envision it. 
• Convenience: The easy application process and fast disbursal of two wheeler accessory loans mean you can get your customisations done without delays. Many banks also offer online applications and doorstep service. 
• Ownership: Unlike renting or leasing accessories, financing your motorcycle customisations with a loan means you own the add-ons. This is especially useful for permanent modifications.

Sample Calculation: 

Suppose the alloy wheels, exhaust, and custom paint job for your bike totals ₹75,000. At a 12% interest rate and 12-month tenure, your accessory loan EMI would be: 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

= [75,000 x (12/12/100) x (1+(12/12/100))^12] / [(1+(12/12/100))^12-1]

= ₹6,906 per month. 

Responsible Borrowing Tips

Before you dive in and apply for a bike customisation finance, keep these tips in mind: 

• Borrow only what you need and can afford to repay comfortably. 
• Read the loan agreement carefully, including all fees and charges. 
• Stick to your repayment schedule to avoid penalties. 
• Monitor your credit score and rectify any errors promptly. 
• Balance your passion for customisation with other financial priorities. 

By being a responsible borrower, you can enjoy your motorcycle upgrades without undue financial stress.