In India, the Two Wheeler Loan Market to grow from an estimated around $ 7 billion in 2020 to $ 12.5 billion by 2025. Due to the decline in Fuel Prices, raising of disposable income, and vehicle ownership growth in the market predicted. Technology has advanced in the form of a shift of customers from combustion engine vehicles to electric vehicles. Due to an increase in Fuel price, rewards offered by the government on purchasing an electric-vehicle and high vehicle replacement rates are raising the sales of two-wheelers across India, leads to pushing the two-wheeler loan market.
COVID 19 has reached all across India and impacted the economy of our country. We have seen a drastic change in Social habits during the lockdown, and yet we have to witness a lot more changes in Human activities post Lockdown. It seems to expect that few industries will go through a golden period post-COVD-19 crisis. There has been a high amount of demand for Bike loans & Car loans as the commutators are preferring entry-level private vehicles instead of Public transport to avoid getting infected from the virus. Recently, Automobile manufacturers have announced tie-ups with various banks to attract buyers with the latest finance schemes, including low EMIs. Bankers are expecting a rush in demand, especially for two-wheeler loans.
Adhering to strict social distancing measures is the best way to diminish the impact of the Coronavirus. According to the recent government guideline private vehicles, two-wheelers should be ride by minimum persons only. This rule push individuals to purchase or own entry-level cars and two-wheelers. Hence, the automobile industry presumed to benefit a lot in this situation. So, the two-wheeler companies have started preparing themselves to increase the production of vehicles.
Stirring towards low budget vehicles than paying high EMIs for owning an expensive motor will not be the top priority of any individuals right now. So buying high-value motorcycle does come at a higher price.
Vehicle financing will be the key as individuals would save their cash and will be happy to take finance. Paying EMIs will be a most-preferred choice for them in comparison to shelling out full savings from their wallets. Two-wheeler is the most affordable way of traveling for the Millennials as the payment of EMI is low, and also it is easy to own compared to cars.
Due to Traffic congestion, two-wheelers are the most preferred transport option for commute in most of the cities in India. Moreover, two-wheelers are very convenient and finding easy in parking compared with other vehicles like Cars, thereby assisting the adoption of two-wheelers, which in turn, is driving the two-wheeler loan market.
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