In today’s high fuel price environment an electric scooter makes sense. Today there are around 240 categories, models, and designs of such vehicles from various manufacturers on sale in the country, with electric scooter price starting as low as Rs 25,000, reaching up to Rs 1.71 lakh and more. This could be the best Diwali gift to yourself. Bajaj Mall offers you the luxury to book a bike online and complete the purchase offline through our partner network store. Depending on your needs, you can choose from a range of models available to book online. Bajaj Mall also offers some exciting offers on your purchase at the comfort of your home.
These are mainly city two-wheelers, with average range on a full charge being around 80km, depending on how you use it, but certain manufacturers claim their scooters have a range of 300km and more. Medium range scooters are very capable and can be safely and easily charged at home through the night. Buying such a scooter will also not be a burden on your budget when you consider that the price of scooty on emi will fit your pocket.
The two-wheeler loan option helps you buy your electric scooter and manage the price repayment in very easy instalments.
As an example, if you are thinking about the TVS iQube Electric scooter, which has a price tag of around Rs 1.61 lakh, ex-showroom, the two-wheeler loan scheme can allow you to purchase this at zero down payment, and instalments stretching up to 60 months. This will make the scooty’s EMI price affordable on any budget. You will not be required to stretch or curtail any other expense yet leave room for exigencies.
Full on-road price coverage
In case you have set your mind on this scooter, you can also choose from its three variants and 11 colours, even if the price goes up. You will be allowed to choose all accessories you want, without worrying about your budget. The loan scheme allows you to take the full value of the on-road total of the electric scooter’s price. On-road price will include the ex-showroom price, plus insurance, road tax and other incidental charges.
What helps further is the Rs. 20 lakh upper limit of the loan, which allows immense head space.
The scheme has not defined any CIBIL score limit. This opens the scheme up to more deserving candidates. However, if your score falls below 720, the two-wheeler loan helps you buy a bike of your choice without any concern. Such lower scores will not lead to rejection of loan application, provided all other criteria have been met.
The long tenure of loans is a special feature of this scheme. You will be allowed to break up the loan amount into small parts, allowing you to pay back with ease over a long time, thus not affecting your current budget at all. Within tight financial markets, this tenure extension allows you to do better financial management within a fixed income.
One has to remember, though, that neither the longest nor the shortest tenure may be the best options. The interest rate on this loan ranges between 9.25% and 14%. This depends on your profile and on the tenure of the EMIs that you choose. A longer tenure will have a smaller principal payout and a larger interest component and vice-versa for very short tenures. You will have to find the point of balance where you do not end up paying too much overall, neither is your budget constrained within a high payout for the scooty’s EMI.
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