Address

• Muthoot Capital Services Ltd. 3rd Floor, Muthoot Towers M.G. Road, Kochi - 682035 Kerala, India
• CIN: L67120KL1994PLC007726
• GST Number: 32AADCM1805H1ZZ

Planning for Your Two Wheeler Loan

Though companies like MCSL provide a quick, no-hassle, easy to secure, and attractive two wheeler loan, the importance of researching and knowing what you are getting into can never be undermined. Here Are Some Things You Need to Keep in Mind To Choose The Best Offer Two Wheeler Loan Offer:

• Planning your purchase: During festivals and at the end of the year, you can avail attractive offers and discounts. These include no processing fees and benefits like free insurance.
• Knowing the loan amount eligibility: Most lending institutions take into account your credit score. However, as explained above, your repayment capacity is judged to know the loan amount you are eligible to get. As a rule of thumb, a person with a salary of 15,000 can secure the best bike loan for up to 45,000 rupees.
• Researching the other eligibility criteria: When you approach a lender for a loan, there are eligibility criteria such as age and income you need to keep in mind. For example, MCSL offers loans to people who are 18 years of age, at the time of application and 65, at the end of the loan tenure.

Creating a Repayment Plan

In 2019, 4.13% of people who took out two wheeler loans risked default on its payment. Creating a financial plan is important to ensure you can make the EMI payments on time. Some steps you can take when planning your repayment:

• Reach out to the customer care representative who can help you plan the repayment.
• Use the online loan calculator. It is an easy-to-use tool where you can choose the loan amount, interest and tenure to get the EMI. The EMI should not be a burden on your current finances.
• Factor in fuel and other costs. While planning your monthly budget, keep in mind the cost of fuel, service charges, etc.
• Plan for contingencies. It is a better idea to opt for a longer loan tenure and save money for other expenses you are likely to incur.

Keeping Your Documents Ready

Lenders expect you to submit documents as per the rules and regulations of the RBI- NHB and their protocols. Here is a generic list of documents you need to keep ready:

• Proof of Residence (ration card, driving license, Voter ID, Passport, credit card bills, electricity bill)
• Proof of Identity
• Income Proof (Salary slips for employees. Tax return forms for self-employed professionals)
• In the case of asset-based loans, you need to furnish asset proof – land/building/house tax receipt
• Passport size photographs
• Applying for a Two Wheeler Loan?

Once again, the application process may vary across lenders, and follow the general pattern mentioned below:

• Click on the ‘apply’ button.
• Fill in your personal information.
• Verify your mobile number with OTP.
• Select the preferred brand of vehicle.
• Fill in details about your residency.
• Fill in your income details and the required loan amount.
• Don’t forget to tick the box before hitting the accept button on the final page.

After completing the online process, you should receive a referral ID through messaging. Save this for all future correspondence. A customer care executive gets in touch to help you complete the formalities. Read More : Bike Or Scooter Which Is Better

Key Takeaways

It is easy to get a bike or scooter loan, as long as you meet the eligibility criteria. Researching the interest rates and repayment capacity to make an informed decision.