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Axis Bank introduces super bike loan to fund 95% of the cost

Axis Bank
Axis Bank has launched super bike loan. Under this loan, the bank will fund bikes with an engine displacement of over 500 cc with 95% of the cost.

After analysing the craze of superbikes amongst Indian consumers, Axis Bank today introduced a special loan for the bike lovers. The loan will offer funding up to 95% of their costs. Bikes with an engine displacement of over 500 cubic centimetres(cc) will come at a price tag of 10-11% per annum.

The third largest private sector lender’s executive director Rajiv Anand said many Indians are aspirational of owning iconic brands like Harley Davidson and Triumph which made the bank launch the offer.

In a statement when asked about the new bike loan, the bank said the leisure biking segment is expected to grow at 30% per annum over the next three years on high consumer spending and increasing population of high net worth individuals. While calculating the loan to value ratio which has been capped at 95%, the bank will consider accessory funding along with the cost of the bike.

Over dozens of brands are selling these superbikes. These bikes come with a price tag between ₹5 to ₹50 lakh. The segment had witnessed sale of over 3,000 units last year.

According to the reports, people having average age between 30-40 years prefer to buy such kind of bikes. While their sales helped by riding clubs and other adventure activities. Apart from people living in metro, tier-II and tier-III cities are also witnessing some traction for these bikes.

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