6 Benefits of Two Wheeler Loans Which Make Your Life Easy

Two-wheelers, such as scooters and bikes, have become an integral part of our daily lives. They offer us the convenience of getting from one place to another, even in the busiest of towns. Whether it’s commuting to work, running errands, or exploring new destinations, a two-wheeler makes travel simpler and more efficient. India, being the largest market for two-wheelers in the world, with over 2 million units sold in FY 2019, showcases just how essential these vehicles have become for the population.

However, when it comes to purchasing a two-wheeler, many people struggle with saving enough money or end up compromising on the model they desire. But you don’t need to compromise anymore. With a Two Wheeler Loan, you can now easily own your dream bike or scooter without putting a strain on your finances. By opting for two-wheeler financing through Muthoot Capital Services Limited, you can finance up to 100% of your bike or scooter purchase. Let’s explore how a Two Wheeler Loan can enhance your buying experience, providing both convenience and affordability.

Perks of Applying for a Two Wheeler Loan

Easy Approval

Getting approval for a Two Wheeler Loan is simple. The minimal eligibility criteria allow a large section of the population to apply for online bike loans or scooter loans.

• Eligibility Requirements:
  • The applicant must be at least 18 years old and not more than 65 years old at the end of the loan tenure.
  • Both salaried and self-employed individuals can apply for the loan.
  • Salaried individuals must have a minimum annual net income of Rs. 96,000.
  • Self-employed individuals must have a minimum annual net profit of Rs. 1,20,000.

Quick Approval

The instant Two Wheeler Loan process is streamlined with minimal paperwork. This ensures faster loan disbursal, letting you get the funds into your account without delay. This quick approval process is perfect for those looking for a Two Wheeler Loan online without the hassle of long waiting periods. The funds can be used to purchase the two-wheeler of your choice, bringing it to your doorstep in no time.

Read More : Two Wheeler Scheme For Ladies

Documents Required

• Valid identity proof (Aadhaar card, voter ID, PAN card, etc.)
• Valid address proof (Aadhaar card, telephone bill, electricity bill, etc.)
• Income proof (salary slips, tax returns, or bank statement)
• Asset proof (property papers)
• Recent passport-size photograph

Flexible Repayment Alternatives

A Two Wheeler Loan offers flexible repayment options that are tailored to your budget. Borrowers can choose a loan tenure ranging from 12 to 48 months. This flexibility allows you to select a tenure that best suits your financial capabilities. You can also use a Two Wheeler Loan interest calculator to assess the interest based on the loan amount and tenure. While selecting the loan tenure, it’s important to consider both your monthly budget and the total interest paid.

• Longer Tenure: Low EMI but higher total interest paid.
• Shorter Tenure: Higher EMI but lower total interest.

Best Two Wheeler Loan Interest Rates

Finding the best Two Wheeler Loan interest rate is key to making an affordable decision. Muthoot Capital offers competitive interest rates to ensure that your Two Wheeler Loan does not put undue pressure on your monthly budget. By comparing various options, you can secure the lowest Two Wheeler Loan interest rate possible, ensuring that your loan is not a financial burden.

Two Wheeler Loan Without Income Proof

In some cases, individuals may not have formal income proof but still need a Two Wheeler Loan. For such applicants, it’s possible to apply for a Two Wheeler Loan without income proof. However, applicants may need to meet other criteria, such as providing alternate documentation, showing good credit history, or offering collateral.

EMI Option

Two-wheeler finance lets you repay the loan in easy instalments. The borrower can select the appropriate structured equated monthly installment (EMI) according to his or her convenience. You can use a Two Wheeler Loan EMI calculator to calculate the precise amount of EMI value that you are supposed to pay depending on the loan scheme and tenure that you are thinking of applying for. It will help you figure out your finances in advance.

High-Value Financing

With a two wheeler loan, you can finance up to 100% of the value of your dream two-wheeler that you are willing to buy. That lets you purchase your brand-new two-wheeler at a nominal down payment, saving you from paying in a lump sum.

Read more : Tax Benefit On Bike Loan For Salaried Employees

Alluring Interest Rates

Financial institutions offer two wheeler loans at competitive interest rates. It helps you lower your equated monthly instalment value and lets you enhance your savings by paying less on interests and recouping the principal faster.

All these attractive attributes of two wheeler finance combined can make your buying experience seamless and convenient. 

FAQs

What is the minimum and maximum loan tenure available for a Two Wheeler Loan?

The minimum tenure is 12 months, and the maximum is 48 months.

Can I apply for a Two Wheeler Loan if I don’t have income proof?

Yes, you may be able to avail a Two Wheeler Loan without income proof, but alternate documentation or collateral might be required.

How can I get the lowest Two Wheeler Loan interest rate?

To get the best rate, you should compare offers from different lenders, check your credit score and ensure a stable income.

What documents are required to apply for a Two Wheeler Loan?

You’ll need identity proof, address proof, income proof, asset proof and a recent photograph.

How fast can I get the loan amount after applying for a Two Wheeler Loan online?

Once your application is processed, the loan amount can be disbursed to your account within a short time, usually within 1-2 business days.

What is the eligibility criteria for a Two Wheeler Loan?

You must be between 18 and 65 years old. Salaried individuals need an annual income of Rs. 96,000, while self-employed individuals need a net profit of Rs. 1,20,000.

Can I get a loan for 100% of the bike’s value?

Yes, Muthoot Capital provides up to 100% financing for your two-wheeler.

What is the difference between short and long loan tenures?

A shorter tenure has higher EMI but less overall interest, while a longer tenure has lower EMI but higher total interest.

How can I check my Two Wheeler Loan interest rate?

You can use a Two Wheeler Loan interest calculator to check the applicable rates based on the loan amount and tenure.

Are Two Wheeler Loans available for both new and used bikes?

Yes, Two Wheeler Loans are available for both new and pre-owned bikes and scooters, subject to certain eligibility criteria.