These days, purchasing a motorcycle is much easier than before.
Thanks to bike financing options, you can take home any motorcycle by paying a small down payment and covering the remaining amount through a loan.
The balance is repaid in monthly installments (EMIs).
This facility is very helpful for people who don’t have enough money to pay the full price at once.
Instead of spending a large lump sum, they can manage with smaller monthly payments.
One of the most popular choices in India is the Hero Splendor Plus, which is also among the country’s best-selling motorcycles.
Let’s look at its features and financing details.
Hero Splendor Plus: Features and Price
The Hero Splendor Plus is well-known for being:
Fuel-efficient
Comfortable to ride
Low-maintenance
These qualities make it a favorite in both rural and urban areas across India.
The bike is available in three variants, with prices ranging from ₹80,166 to ₹81,416 (ex-showroom).
For the Standard variant in Delhi:
Ex-showroom price: ₹80,166
RTO charges: ₹6,413
Insurance: ₹6,251
Total on-road price: ₹92,830
Monthly EMI Calculation
If you buy the Splendor Plus with a ₹20,000 down payment, the remaining loan will be ₹72,830.
Loan tenure: 5 years
Interest rate: 10%
EMI: ₹1,547 per month
Total interest paid: ₹20,015
Final cost of the bike: ₹1,12,845
How to Reduce Your EMI
The EMI depends on three factors:
Loan amount
Interest rate
Loan tenure
You can reduce your monthly installment by:
Extending the loan tenure, which spreads out the payments.
Paying a higher down payment, which reduces the loan amount.
