This makes it a great time for buyers who have been considering Royal Enfield's popular 350cc cruiser. The base variant of the Royal Enfield Meteor 350 is priced at Rs 1.91 lakh (ex-showroom, Chennai). Here's how much EMI you will have to pay, considering a downpayment of Rs 30,000:

2-Year Loan Tenure

If we consider an average loan interest rate of about 9% for a 2-year tenure, the monthly EMI comes to Rs 8,958. That means a total repayment amount of Rs 18,906 over 24 months plus the downpayment. While the EMI may feel slightly higher for a shorter tenure, the advantage is that the loan gets cleared quickly, and the buyer pays less in interest compared to longer repayment options.

3-Year Loan Tenure

For those preferring lower EMIs, the 3-year loan option brings the monthly payment down to a more convenient amount of around Rs 6,235. This results in a total repayment amount of Rs 28,374 over 36 months, plus the downpayment. In comparison to the 2-year tenure, you will be paying Rs 9,468 more to the bank, but you will have the ease of an even lower EMI.

4-Year Loan Tenure

Stretching the loan period to 4 years lowers the monthly EMI to roughly Rs 4,880. This equals a total repayment of Rs 38,154 over a period of 48 months plus the downpayment. As compared to the 3-year loan, you will be paying Rs 9,780 extra to the bank. However, the trade-off would be a more comfortable monthly installment.

BikeDekho Says

Buying a bike on loan can reduce the immediate financial load that comes with an upfront payment. However, that comes with the interest rate that you pay to the bank. This increases the total buying cost of the bike. When opting for a loan, we advise you to thoroughly read the terms and conditions of a loan.

That said, the applicable downpayment and the interest rate will vary depending on the loan-issuing bank as well as your credit score. Our EMI calculations are based on the average of these variables. The amounts can be higher or lower depending on each case.