For bike lovers, having a bike is a great way in terms of freedom and self-expression Read More yume x7 electric scooter review
Having a bike can make commuting easier. It will be convenient in traffic and easy to park in crowded places.
However, not everyone can afford to buy their dream bike.
Through a two-wheeler loan, individuals can finance their dream bike. A two-wheeler loan permits an individual to purchase a bike or a scooter without paying the entire cost at once.
The loan can be repaid (principal amount and the interest) with easy equated monthly instalments or EMIs.
How to finance your dream bike?
To easily finance your dream bike, you can follow the below steps:
- Ascertain the exact amount required
Before taking a two-wheeler loan, you are advised to decide the bike you wish to buy and ascertain the exact amount of the loan you will require to buy your dream bike.
- Pick a two-wheeler loan
Once the loan amount is ascertained, you need to choose the lender from where you wish to take the bike finance. A trusted provider of bike finance with an easy loan approval process is Muthoot Capital.
With Muthoot Capital, individuals can get bike finance of up to 100% of the cost of the bike at attractive interest rates and quick approvals with minimum documentation. Muthoot Capital also provides special two-wheeler loan schemes to suit the customers’ needs.
- Check the eligibility criteria
After the individual has selected the lender, they are advised to check the eligibility criteria.
The eligibility criteria with Muthoot Capital is:
- An Indian resident, whether a salaried or self-employed person, can avail of a two-wheeler loan.
- Salaried individuals who are earning a minimum annual income of Rs. 96,000 or self-employed people who have an annual profit of at least Rs. 1,20,000 can apply for bike finance.
- Applicants aged between 18 (at the time of application) and 65 (at the end of the loan tenure) are considered eligible for the two-wheeler loan.
- Calculate two-wheeler loan EMI
Once you have done the eligibility check, you can find out how much EMI you are likely to pay out on your loan.
With Muthoot Capital’s two-wheeler loan calculator, individuals can calculate the monthly repayment amount of their loan immediately. They just have to fill their loan requirement, interest and tenure. The EMI will be automatically generated.
The EMI calculator will help them plan their monthly budget.
- Apply online
With Muthoot Capital, individuals can apply for bike finance online in just 4 to 5 clicks through their website or app. The loan will be approved quickly through online mode as the documents are verified digitally.
Applicants have to provide their personal details, bike details and the loan amount required.
- Submit the documents
Once the application form has been filed online, applicants are required to submit the documents.
The documents required with Muthoot Capital for bike finance are:
- Address proof: Passport/voter ID card/Aadhaar card/driving licence/ utility bills/ Ration card/ LIC policy.
- Identity proof: Passport/Voter Id card/PAN card/Driving licence/ Aadhaar card.
- Income proof: ITR/ Salary credit in a bank statement or payslip.
- Asset proof: Latest land/building/house tax receipt
- Recent passport size photo
After the documents are submitted, Muthoot Capital’s representative will contact the loan applicant to help complete the bike loan online application process.
So, do not hesitate while applying for a loan, just thinking that the process will be cumbersome. With Muthoot Capital, this is not the case.
With Muthoot Capital, the loan is approved within a few days after the application is completed and documents are submitted. Applicants can get the bike of their dreams in a very short time.
If you are willing to get more details of the two-wheeler loan, click here.
Conclusion
Owning a dream bike need not be a fantasy. In fact, it can be quite affordable if you finance it smartly. Follow these six simple steps and you’ll be riding your dream bike in no time.
Just remember to do the right things before you make your final decision, start with a budget, think about whether you can afford to pay each month, look for a bike that fits your budget and compare interest rates from different lenders.
With Muthoot Capital, getting a two-wheeler loan is easy and seamless, with attractive interest rates starting at 0.99%, less documentation, and prompt customer service.
You can contact us directly at 1800 102