The Loans Which Add Speed to Your March on the Path of Progress

By: addi vardhaman

The massive Indian middle class is on the path of economic resurgence. As if to bestow wheels to its pace the automobile industry is fastly and furiously pacing up its campaign to get as many customers as possible. Yet there are some inescapable facts about the Indian economic scenario. One such hard fact is that the cost of living is rising day by day.

Under such circumstances the salaried class is most often left without much funds after meeting their routine requirements. It is to fulfill the requirements of this section that the Indian automobile sector is devising newer and newer financing schemes to make the path easier for such people.

There are so many websites which provide information on two wheeler loans, the rates of interest and the process adopted by important banks like ICICI, SBI and HDFC. Since most of the two-wheelers fall in the same price basket, one is not too much bothered about the finalization of the budget.

One need not go for a search to find out the bike-financiers before buying a two-wheeler, because most of the lending agencies have their representatives right there in the showrooms or there are arrangements between the agency holder and the financing institutions. However in order to update ones information in this regard one can go through the sites of individual banks to find out the amount one is eligible for and other pre-qualifications.

Now the question arises should one opt for a floating rate two wheeler loan? ICICI has just announced a floating rate automobile loan. Till now the floating rate facility was available for only the long term home loans. The difference between the fixed and the floating rates offered by the ICICI is just 50 basis points. Ones out-go for the fixed rate borrowing is bound to remain the same irrespective of the rate fluctuations. However in the case of floating rates, the amount of repayment goes up and down in proportion to the increase or decrease in the interest rates.

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