Benefits and Features of Acquiring Two Wheeler Loan

Are you planning to buy a two-wheeler? If so, you have made the right choice to navigate daily traffic in this COVID-19 pandemic. However, with the increasing prices of two-wheelers in the market, not everyone can afford to buy one from their pocket. In such cases, applying for a two wheeler loan is the best way to manage finances without dipping into your savings or investments. If you are wondering where to get a two wheeler loan, it would be wise to opt for Muthoot Capital. The process of getting a loan is easy and seamless. Muthoot Capital offers up to 100% of the bike’s on-road price as a loan. The interest rate can be as low as 0.99% with the repayment tenure ranging between 12 to 48 months. The benefit of applying for a two-wheeler loan from Muthoot Capital is that you can pay it back at your convenience. Features and benefits of getting a motorcycle loan from Muthoot Capital:

• Higher loan amount 

The benefit of getting a motorcycle loan from Muthoot Capital is that you can secure up to 100% of the bike’s market value as a loan. Buying your dream bike is now just one step away, and the good news is that you do not have to dip into your savings to manage your finances. Muthoot Capital offers up to 100% loans for specific models under specific schemes.

• Attractive interest rates

Another benefit of applying for a two-wheeler loan from Muthoot Capital is that you can avail yourself of attractive interest rates.  The interest rates can start from as low as 0.99%. However, it is worth noting that the two-wheeler loan interest rate depends on factors, such as age, income, credit score, current financial obligations, etc. To get the best interest rate, you will have to convince the lender that you are a trustworthy borrower.

• Quick approval 

The whole process of getting a two-wheeler loan is easy and quick. After meeting the eligibility criteria and submitting the relevant documents, Muthoot Capital approves the loan within just minutes. Keep in mind that the two-wheeler loan approval is subject to eligibility criteria. So, before applying for a loan, it would be wise to use a two-wheeler loan calculator to determine your eligibility and affordability.

• Flexible loan tenure

When applying for a two-wheeler loan from Muthoot Capital, you have a flexible tenure to choose based on your needs. The repayment tenure within which you will have to pay the loan starts from 12 months and can go up to 48 months. It is worth pointing out that a longer loan tenure brings a higher interest as the risk of defaulting on repayments is higher. So, if you wish to secure a lower interest rate, it is better to opt for a shorter loan tenure.

• Easy documentation 

Compared to other lenders in the market, the documents required to submit at Muthoot Capital for a motorcycle loan are minimum. Here are the documents required to get a two-wheeler loan:

• Identification proof: Passport, Aadhaar Card, Voters ID Card, Driving License, or PAN Card.
• Address proof: Utility Bill, Aadhaar Card, Driving License, Passport, or Ration Card.
• Income proof: Salary credit in the bank statement, Income Tax Returns (ITR), Salary Slips, or Form 16.
•  Asset proof: Last building, land, or house tax receipt
• Photo proof: recent passport-size photographs

Minimum eligibility criteria  The criteria to get a two-wheeler loan are a bare minimum. As long as you have a stable income with no current financial obligations, you get a loan easily. Here are the eligibility criteria to get a motorcycle loan from Muthoot Capital:

• You must be an Indian citizen currently residing in one of the cities in India.
• You must either be an employee of a private or public organization or a self-employed professional.
• You must be at least 18 years old at the time of loan application or 65 years old at the end of the loan tenure.
• The minimum net income required for a salaried employee is Rs. 96000/- per annum.
• The minimum net profit required for a self-employed person is Rs. 120,000/- per annum.
• The minimum CIBIL score requirement to get a two-wheeler loan is 750.

In short  Getting a two-wheeler loan from Muthoot Capital is the easiest and seamless way to meet your financial needs without putting any burden on your monthly budget. However, before applying for a loan, it is imperative to assess your needs and check your eligibility. You can use the two-wheeler loan calculator to determine your affordability.