Best Quora Answer on EMI Paid from Credit Card or Two Wheeler Loan?

Question : Which is better to buy the bike: EMI paid from credit card or two wheeler loan?

Answer: In the purchase of a two-wheeler, the primary question in every individual’s mind is to opt for a two-wheeler loan or buy with cash. Generally, people see loans as a form of liability, and with a period of time, you may pay more than the actual price of the bike in the market. It is a loss-making proportion. You always see a financial loan as a natural choice, and you also worry about the waiting period. There is the hassle of documentation, timely payment, EMIs, fear of losing a two-wheeler in case of default in your mind. Loans come with extended repayment tenure while using cash will settle the entire cost matter at once—there are many benefits in availing a loan for purchasing a two-wheeler which many people fail to realise. Bike loans are more comfortable to avail and repay. There are a few essential reasons to opt for a loan to buy a bike and avoid using cash. They are,

• Power to purchase- The bikes are incredibly affordable with a proper budget in hand. Many financial lenders will offer 100% financing for the price of the bike, and you will have to make only 10% of down payment.
• Take off any financial burden- Even when you have cash, it's not smart to put all money or savings in buying a bike and disturb any financial budget you have. There will be emergencies for using money, so it is advisable to save money. A loan will protect from any sudden financial crisis.
• Helps with credit score- A good credit score will benefit in any form of loan approval. If you have no good credit score, availing a two-wheeler loan will help in improving your credit history. With low EMIs and flexible interest rates, you will find it easy to make a loan repayment.
• Attractive interest rates- Many lenders offer attractive interest rates during the end of the year and festival season. The bike loans are secured loans, and lenders will sanction it in a few days. It involves lower risk for you and the lender.
• Quick and easy process- When you have all the necessary documents ready and fulfil the eligibility, the loan will take very few minutes for approval. Lenders sanction the loan quickly and disburse funds.
• Own a dream bike- You can buy a bike that is even out of your financial budget with the help of two-wheeler loans. It will give financial assistance for any purchase.
• Avail extra benefits- You can also enjoy accident cover or insurance cover or additional benefits with a two-wheeler loan such as extra fitting for your bike.

Source URL: https://www.quora.com/Which-is-better-to-buy-the-bike-EMI-paid-from-credit-card-or-two-wheeler-loan/answer/Akshara-Fintechwriter

Getting two wheeler loan is easy and seamless with Muthoot Capital. Buying a two wheeler is a step towards freedom from public conveyance.

Answer: If you are thinking of buying a bike, there are multiple options available to receive funding. Before getting the bike, you should look at your finances and see which option will be more conducive for you. There are two main options that people run to, credit cards or two-wheeler loans.

I had to battle this decision as well when I got my bike. However, I decided to choose the Two-wheeler loan from Yes Bank. Here is why I choose a bike loan instead-

- Accountability – Although making a transaction from your credit card is easier, the loan makes you accountable of your finances. It will allow you to know your payments and understand your finances better than a credit card.

- Two wheeler loans can provide a tenure up to 60 months, which gives you enough time to space out your finances.

- The bandwidth of the loan can go up to 25 lakh.

- One of the biggest things though is the interest rates. The rates charged on my loan are much better compared to a credit card payment.

Hope this helps!

Source URL: https://www.quora.com/Which-is-better-to-buy-the-bike-EMI-paid-from-credit-card-or-two-wheeler-loan/answer/Rahul-Tiwari-300

Answer: None actually

There’s no point of buying a two wheeler on loans or EMI the reason being most of the two wheelers which are good will cost around a lakh. Which is not a big amount , you can just save that money in your account or put it in investments and once you have amount just buy it in cash.

Why do you want Bank making money out of such things ? Why do you want pay for Vijay Mallaya’s vacation?

Also have a simple rule that I have if you’re buying a two wheeler which costs 3–4 months of your take home salary don’t buy it at all. You can wait and buy something bigger in the future. There’s no point of ruining your savings and investments for a depreciating asset. I have bought 3 bikes in total costed around 5 lakhs but never bought it on loan or EMI.

Source URL: https://www.quora.com/Which-is-better-to-buy-the-bike-EMI-paid-from-credit-card-or-two-wheeler-loan/answer/Dandamudi-Mohan-Krishna

Answer: 

Hello Everyone,

Now you can purchase your dream two wheeler in easy single swipe with Pine Labs Brand EMIs at Hero, TVS, Honda , Okinawa & Gemopai

Its available on all leading bank credit cards & 6 Debit Cards(Axis, ICICI, SBI, Bank of Baroda, Kotak, Federal)

The best part is that while availing Pine Labs Brand EMI:-

1) You get freedom from Hypothecation(pre & Post purchase)

2) Lowest interest rates across industry. Its cheaper than two wheeler loan

3) No Down payment needed & 100% finance.

4) No Documentation required.

5) Attractive cashback offers on credit card

Source URL: https://www.quora.com/Which-is-better-to-buy-the-bike-EMI-paid-from-credit-card-or-two-wheeler-loan/answer/Hitesh-Kumar-1506

Answer: 

Hello,

In my personal opinion EMI paid through credit card is better option because.

1. Lower interest rate as compared to 2W Loan.
2. Lesser or No processing fee and other charges.
3. No hypothecation on bike plus its charges. Solely owned by you.
4. No documentation for loan processing.

I hope it helps.

Regards

Source URL: https://www.quora.com/Which-is-better-to-buy-the-bike-EMI-paid-from-credit-card-or-two-wheeler-loan/answer/Gaurav-Solanki-28

Answer: Recently my cousin bro took a two wheeler loan from a Karur Vysya Bank to buy a Royal En-field Thunderbird 350. All nationalized bank provides loan at a good interest rate. Either you get a two wheeler loan from bank or pay EMI on credit card, in both the cases you will need to pay the interest rate but on credit card you will pay more interest than the bank’s two wheeler loan.

Source URL: https://www.quora.com/Which-is-better-to-buy-the-bike-EMI-paid-from-credit-card-or-two-wheeler-loan/answer/Kiran-Chopra-1