Buying the Hero Splendor Plus, one of India’s best-selling motorcycles, is now easier than ever. If you can’t afford to pay the full amount in one go, bike finance is a great option. It allows you to purchase your favorite bike with a small down payment, and then pay the remaining amount in monthly installments (EMIs).
Features and Price
The Hero Splendor Plus is known for its excellent mileage, comfortable ride, and low maintenance costs. This makes it a popular choice in both cities and rural areas across the country. If you’re considering purchasing this motorcycle, this article will be very helpful.
The Hero Splendor Plus is available in three different variants, with ex-showroom prices starting from ₹80,166 and going up to ₹81,416. Here, we’re providing the finance details for the base variant, Standard. Its ex-showroom price in Delhi is ₹80,166. After adding ₹6,413 for RTO and ₹6,251 for insurance, its on-road price comes to ₹92,830.
What is the EMI of the Hero Splendor Plus
If you purchase the Hero Splendor Plus with a down payment of ₹20,000, you will need to take a bank loan for the remaining ₹72,830. If you take this loan for 5 years at an annual interest rate of 10%, your monthly EMI will be ₹1,547. Thus, you will have to pay ₹20,015 in interest to the bank over 5 years, bringing the total cost of your motorcycle to ₹1,12,845.
How to Reduce Your EMI
Your motorcycle EMI depends primarily on three factors: the loan amount, the interest rate, and the repayment term. If you want to lower your monthly installment (EMI), you can increase the down payment amount. The higher the down payment, the lower the loan amount, and therefore your EMI. You can also extend the loan repayment period. If you take out a loan for 5 years instead of 3 years, your monthly EMI will be lower, although you will have to pay more interest overall.