How can I choose between a 3-year and a 5-year bike loan?

Here are some tips on choosing between a 3-year and 5-year bike loan:

• Assess your monthly finances: Higher Equated Monthly Instalments (EMIs) of 3-year loans may be harder to manage compared to more affordable 5-year option.
• Consider total interest payout: 5-year likely has higher overall interest but lower EMIs than 3-year's lower total interest.
• Evaluate required bike budget: 5-year allows financing more expensive bikes with lower monthly burden.
• Check current interest rates: Compare rates for 3-year and 5-year, see which offers more savings.
• Analyse credit profile benefits: 5-year builds long-term history, 3-year quickly builds equity.
• Account for future financing needs: 5-year has longer debt obligation than 3-year flexibility.
• Plan for financial changes: 3-year limits risk if income reduces compared to 5-year uncertainty.
• Consider reselling after 3 years: A 3-year loan builds equity faster if planning to sell in 3 years.
• Seek expert financial advice: Consult advisors to determine the ideal tenure for your situation.
• Strike a balance between prudent borrowing and maximizing flexibility
• The ideal tenure you choose will depend on individual financial circumstances and the bike required