Benelli is the oldest Italian motorcycle manufacturer, which was founded in 1911. Initially, this company manufactured shotguns, but later during 1920 and 1921, the company assembled its first engine and made its first motorcycle. The Chinese motorcycle group named Qianjiang took ownership of Benelli in 2005.

Benelli in India

Benelli made a debut of their bikes in India by collaborating with DSK Motowheels, Pune in 2014. In a very short period, Benelli achieved the stamp of the fastest-selling superbike in India. But later in 2018, DSK Moto Wheels and Benelli partnership came to an end due to financial setbacks in DSK real estate and it affected the automobile sector of DSK group also. Benelli had split with DSK MotoWheels and tied up with Mahaveer group which is known for car dealerships in Hyderabad. Now, the Benelli sport bikes are being imported and delivered by the Mahaveer group in India.

Currently, there is only one bike available for sale in India by Benelli that is the cruiser bike, Benelli Imperiale 400. The ex-showroom price of Benelli Imperiale 400 is Rs 2 lacs approximately.

Benelli upcoming models in India

Benelli is going to launch 5 new models in India: two naked bikes: TNT 600i and TNT 300, one sportbike: 302R, TRK 502 is a touring bike; Leoncino 500 is a scrambler bike. Leoncino 500, a scrambler bike will be available in two variants: 249cc and 500cc, the price of the 249 cc bike will be around Rs 2.5 lacs and that of the 500cc bike will be around Rs 4.8 lacs. Benelli TRK 502 is expected to be available in India by May 2021. The expected showroom price of Benelli TRK 502 will be roughly Rs 5.10 lacs. The launch of Benelli 302R can be expected by March 2021 with the price estimation of Rs 3 lacs. Benelli TNT 300 is expected to be launched by March 2021 in India with an estimated price of Rs 3 lacs. Benelli TNT 600i will have the highest price of Rs 6.5 lacs approximately and will be launched by July 2021 in India.

Benelli Superbike Loan details

The bikes which have an engine capacity of 500cc or higher are called superbikes. Since the prices of superbikes are very high, the superbike loans are high-value loans. One can get financing up to 85% of the on-road price of the bike that will be a big amount. Sometimes the Superbike loan providers offer additional funding for accessories that can be up to Rs 2 lacs.

Eligibility

The age of the borrower should be minimum of 21 years at the time of taking the loan and the maximum age at the end of tenure should be 65 years. Since the superbikes are very expensive, you can get a loan of up to Rs 50 lacs. Both salaried class and self-employed can borrow a superbike loan, the condition is that the minimum net annual income should be at least Rs 2.5 lacs. Your credit score decides how much amount you can avail for a loan. The ideal credit score to avail of the superbike loan is 600 and above.

Processing Fees and Interest Rates

Bank of India provides superbike loans at the lowest interest rate of 7.35%. The processing fee for a superbike loan at the Bank of India is a 1% loan amount that is a minimum of Rs 500 and a maximum of Rs 10,000. Punjab National bank offers superbike loans at a 9.55% interest rate and the minimum processing fee is Rs 275.

The minimum interest rate at HDFC Bank is 11.66 % and they charge 3% of the loan amount as the processing fee that is a minimum of Rs 600. The State Bank of India charges a 1.25 % processing fee on the loan amount with a minimum of Rs 250 and a maximum of Rs 500. The State Bank of India provides superbike loans at a 16.05% interest rate.

Loan EMI, Interest Rates and Tenure

As mentioned above, currently only one bike is sold by Benelli in India that is Benelli Imperiale 400 and the ex-showroom price of this bike in India is approximately Rs 2 lacs. So, the on-road price may vary from Rs 2.4 lacs to Rs 2.6 lacs in various states.

Suppose, one gets a loan of Rs 2.04 lacs from SBI, that is the 85% of on-road price Rs 2.4 lacs, for the tenure of 36 months at 16.05% annual interest rate, then the EMI per month will be nearly Rs 7,000. At the end of tenure, the total payment made by you will be around Rs 2.5 lacs with the payable interest of Rs 51,000. You can check: Benelli Bike Loan EMI Calculator.

If the on-road price of Benelli Imperiale 400 reaches around Rs 2.5 lacs and you are eligible for the loan of Rs 2 lacs from the Bank of India at a 7.4% annual rate of interest, for the tenure of 48 months, then you will pay the monthly EMI of Rs 4,800 nearly. At the end of loan repayment, you will pay the total amount of Rs 2.3 lacs including the interest of Rs 30,000. HDFC Bank provides superbike loans at a minimum 11.66% rate of interest. If you take a loan of Rs 1.95 lacs from HDFC Bank for the tenure of 30 months, then you will pay roughly Rs 7,500 as monthly EMI. The total loan payment at the end of tenure will be Rs 2.23 lacs with the interest of Rs 28,000.

The minimum interest rate for a Superbike loan provided by Punjab National Bank is 9.55%. Suppose one takes a loan of Rs 2 lacs from Punjab National Bank at the same interest rate for the tenure of 48 months, and then the monthly EMI will be around Rs 5,000 approximately. The total interest paid at the end of tenure will be Rs 40,000, which will be included in the total loan payment of Rs 2.4 lacs.