A Complete Guide to Choosing the Best Two Wheeler Loan
April 11, 2020
Two-wheelers such as scooters & bikes play significant role in our day-to-day life, helping us catch up to this fast-tracked world. Our daily requirement of going from one corner of the crowded town to another is eased up by a two-wheeler. The popularity of two-wheelers can be gauged from the fact that India is the largest market for two-wheelers in the world with more than 2 million units sold in FY 2019. However, when it comes to saving up for a two-wheeler, we often keep making compromises to reduce expenses and set aside some extra cash. But not this time. For something that holds such an essential place in our day-to-day life, there is no need to compromise on anything. Two wheeler finance can help you get your dream bike or scooter effortlessly by not putting much extra burden on your monthly budget. With a Two wheeler loan, you can get up to 100 per cent of the amount financed through us, Muthoot Capital Services Limited. Let us have a look at how a two wheeler loan can enhance your buying experience.
Getting the approval for a two wheeler financing is easy and straightforward. The minimal eligibility criteria posed for online bike loans or scooter loans lets a large section of the population to avail it.
These few criteria mentioned above need to be met to be eligible for a two wheeler loan.
The minimal paperwork involved in the application process speeds up the loan disbursal procedure. The verification procedure gets simpler, letting you have the loan amount in your bank account in no time. Hence, bring your dream two-wheeler at your doorstep without having to wait for your savings to add up to the amount. Listed below are some of the documents that you need to present for the verification process.
We offer two-wheeler loans with flexible repayment options. Borrowers have the freedom to set any tenure according to their choice between 12 to 48 months. They can use a two-wheeler loan interest calculator to evaluate the exact amount of interest depending on their loan amounts and tenure, which is generally recommended to choose the tenure wisely upon considering your financial capability in advance. Selecting a tenure more than required can lower your EMI value but increase your overall interest payment. Selecting a tenure too short can decrease your net interest payments but will increase the EMI value putting too much pressure on your budget. Hence, pick a tenure only after undergoing a deliberate calculation and analysis of your finances.
Two-wheeler finance lets you repay the loan in easy instalments. The borrower can select the appropriate structured equated monthly instalment (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.
With a two wheeler loan, you can finance up to 100 per cent of the value of your dream two-wheeler that you are willing to buy. That lets you purchase your brand-new two-wheeler at nominal down payment, saving you from paying in a lump sum.
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. Moreover, the online portals of most of the significant financial institutions let you apply for bike finance online without any hassles.
Muthoot Capital Services -
Muthoot Capital Services Limited is one of India's most progressive financial companies. It is the part of Muthoot Pappachan Group which carries a legacy & trust of more than 133 years....read more