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 ?

 

[Ekavya]

Can someone please help me:

I used to get offer on Two Wheeler Loans which had much less interest rate than Personal Loans that were offered to me. But I never understood the process of Two Wheeler loan. I saw that:

I have to pay some money as down payment and then bank will transfer money to Bike dealer's account.

It seemed very hectic to me. And never bother to get one even though it was cheap.

 

[Zacobite]

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 ?

no.. PL can be used.. no issues.. do the full math of ownership not only interest rate and then decide.. prepayment / emi / tenure / reducing rate etc...

 

[Amit_]

Can someone please help me:

I used to get offer on Two Wheeler Loans which had much less interest rate than Personal Loans that were offered to me. But I never understood the process of Two Wheeler loan. I saw that:

I have to pay some money as down payment and then bank will transfer money to Bike dealer's account.

It seemed very hectic to me. And never bother to get one even though it was cheap.

I took personal loan to buy a scooty... Pre approved two wheeler loan was costly as compared to pre approved personal loan... Intrest was around 11.01%.. I have salary a/c in SBI.. I went to the Branch where I have a/c.. Branch Manager guided me to apply for the loan on YONO app.. Before applying I had searched in all banking apps for pre approved offers.. SBI given me best 🤝 deal for the loan.. In fact there was also 0 processing charge offer that time. So if you are confused, you may go to the branch, they may elaborate all charges and installment to you