Can Personal Loan be used to buy two wheelers ?

[krishc]

I was checking two wheeler loans and what I can see is pre-approved personal loans are comparatively cheaper than bike loans !
Also, the hassle with hypothecation is not there in case I pay with personal loan.
Just wanted to check if banks can make trouble later anyway if they find out later ?

 

[Piyush_Jaiswal]

You can do anything with personal loan.
But bike loans would be cheaper since it is secured loan. Personal loans are unsecured so they would be charged higher.

How much interest rate is showing for personal loan and bike loan?

Check with other banks they will offer better rates on bike loan

 

[praveensudhakaran]

I went with first option, I was offered 14% for 2 wheeler loan whereas I had 10.5% for PL.

 

[krishc]

I went with first option, I was offered 14% for 2 wheeler loan whereas I had 10.5% for PL.

yes I'm seeing similar range
PL between 11-12%
whereas two wheelers officially starting from 10.5% & 11% in promos but my research tells me effectively the final rate would be at least 12+ % along with processing fee, hypothecation at RTO charge, and final NOC regarding that

 

[pinki]

No issues, u can use the amt. For whatever personal expenses u have !

 

[Riya]

It's a personal loan... You can use it for car, house, betting, stocks whatsoever you want

 

[magnusfan]

I would recommend using your credit card which would give you the best points. Rotate at about 1% monthly charges on which you will also earn points..

 

[Vasuki]

I was checking two wheeler loans and what I can see is pre-approved personal loans are comparatively cheaper than bike loans !
Also, the hassle with hypothecation is not there in case I pay with personal loan.
Just wanted to check if banks can make trouble later anyway if they find out later ?

I was checking two wheeler loans and what I can see is pre-approved personal loans are comparatively cheaper than bike loans !
Also, the hassle with hypothecation is not there in case I pay with personal loan.
Just wanted to check if banks can make trouble later anyway if they find out later ?

Which bike r u buying

 

[psmangat5]

most of the banks nowadays are discouraging 2 wheeler loans as it is difficult to take possession of vehicle and then sell in case of NPA and that's why increased the rates.

 

[psmangat5]

It's a personal loan... You can use it for car, house, betting, stocks whatsoever you want

no you can't use any loan for betting or speculation

 

[Riya]

no you can't use any loan for betting or speculation

That money is in your account... How can someone stop you to use it

 

[Vasuki]

That money is in your account... How can someone stop you to use it

Catfish Riya k liye koi rok tok nahi h
Maddy hota toh bank wale ghar se utha le jate

 

[psmangat5]

no you can't use any loan for betting or speculation

They can't but agreement me likha hota hai.

 

[Riya]

They can't but agreement me likha hota hai.

Well I haven't taken any loan ever but I know in person a very close relative who took personal loan and put that in stock market...

 

[Slayer]

Well I haven't taken any loan ever but I know in person a very close relative who took personal loan and put that in stock market...

And after that?

 

[Riya]

And after that?

After that nothing...
He returned the money after some time

 

[Slayer]

After that nothing...
He returned the money after some time

Kamai kitni huyi?

 

[rajcasio]

I was checking two wheeler loans and what I can see is pre-approved personal loans are comparatively cheaper than bike loans !
Also, the hassle with hypothecation is not there in case I pay with personal loan.
Just wanted to check if banks can make trouble later anyway if they find out later ?

My brother bought a scooter in 2023 where they stated that there won't be any mention of HYPOTHECATION in RC as the rule was changed.
He now cleared all dues. Need to check the status of it.

 

[helloworld]

I was checking two wheeler loans and what I can see is pre-approved personal loans are comparatively cheaper than bike loans !
Also, the hassle with hypothecation is not there in case I pay with personal loan.
Just wanted to check if banks can make trouble later anyway if they find out later ?

on paper rule.. no

but generally its possible.

 

[Amit_]

on paper rule.. no

but generally its possible.