Applying for a two-wheeler loan? Here’s what to look out for!

Tired of public transportation and looking for a more convenient way to commute? Owning a two-wheeler is the perfect solution. With no more worries about parking or steering through heavy traffic, getting your bike has never been easier. Thanks to Two-Wheeler Loan offers from Muthoot Capital, you can now apply through our website and get Two-Wheeler Loan approval online.

However, before applying for a loan, there are a few important factors to consider. To help you get the best Two-Wheeler Loan interest rate, we’ve outlined the top 5 things to keep in mind when applying. Understanding these points will ensure you choose the right loan that fits your budget and gets you on the road faster.

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1. Which One Are You Buying?

The market is brimming with different types of two-wheelers. While some boast of mileage, others have a lightweight design and style. So, before applying for a loan, you should know which one you want to buy. This will help you determine the two-wheeler’s on-road price, thus knowing the exact loan amount you would need.

2. How Much Do You Need to Borrow?

If you have been planning to buy a two-wheeler for a long time, chances are you would be saving up for it. However, you might be falling short of a small amount and have been looking at loan options. 

At Muthoot Capital, you can get a loan covering 100% of the on-road price of the two-wheeler. Still, it’s crucial to evaluate how much money you need to borrow. This involves understanding any additional costs, such as:

• Processing fees and other charges: Some lenders charge processing fees, administrative charges, or service fees for loan approval, while others may waive these costs as part of their Two-Wheeler Loan offers. Always check these additional costs before applying.

Besides, evaluate your monthly income and expenses to determine how much you can afford to repay. Your loan eligibility will be influenced by your repayment capacity, which is why it’s essential to be realistic about what you can afford.

Ensure you consider these factors carefully to get the best Two-Wheeler Loan offer.

3. Your Eligibility for the Loan

Similar to other loans, Two-Wheeler Loans are approved when the applicant meets specific eligibility criteria. This typically includes providing documentation such as proof of identity, age, income, and address. To qualify for a Two-Wheeler Loan online approval, you should be at least 18 years old. Additionally, ensure you meet the other eligibility requirements, such as a minimum net income of Rs. 96,000 per annum for salaried individuals or a net profit of Rs. 1,20,000 per annum for self-employed individuals. Meeting these criteria will help you secure the best Two-Wheeler Loan interest rate and make your dream bike a reality!

4. Your Credit Score

A good credit score is key to securing the best Two-Wheeler Loan offer. It reflects your ability to manage debt effectively. Timely payments on loans and credit cards boost your score, while missed payments can lower it. A credit score of 750 is ideal for getting quick approval and access to the low-interest Two-Wheeler Loan. Maintaining a strong score can make you eligible for Muthoot Capital’s cheap Two-Wheeler Loan options, starting from just 0.99% per month. If your credit score is low, consider improving it before applying for a loan to get the best terms.

5. Best Deal

Interest rates are a key factor that can significantly impact the total amount you repay on your loan. A high-interest rate means you’ll end up paying much more than the actual cost of your two-wheeler. Therefore, it’s important to search for Two-Wheeler Loan offers.

You can get the best Two-Wheeler Loan interest rate from Muthoot Capital, provided you fulfil the eligibility criteria and have the documents required for a Two-Wheeler Loan ready. You can consider pre-owned Two-Wheeler Loan offerings if you plan on buying a used vehicle.

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Final Takeaway

If you’re looking for the cheapest Two-Wheeler Loan, apply with Muthoot Capital for the best hassle-free experience. Before applying for a loan, you must know the loan amount you need and the eligibility criteria. Once you have gathered all the information regarding the eligibility criteria, your next step is to fill out the application online and submit your documents for verification. Once the verification is done and you are found eligible, you will get a Two-Wheeler Loan online approval. You are now on your way to buy your favourite bike on EMI and steer clear of public transport!

FAQs

What is the minimum age to apply for a Two-Wheeler Loan?

The minimum age requirement is 18 years. However, specific lenders may have varying age limits, so it’s important to check with the lender.

What documents are required for a Two-Wheeler Loan?

You will typically need proof of identity, address, age, income (salary slip or bank statement), and sometimes your bike’s registration details. You can check the documents required for a Two-Wheeler Loan on Muthoot Capital website.

Can I get a Two-Wheeler Loan if I have a low credit score?

A low credit score may reduce your chances of loan approval or result in higher interest rates. However, some lenders may still approve loans based on other eligibility criteria.

How do I apply for a Two-Wheeler Loan online?

You can apply for an online Two-Wheeler Loan through the Muthoot Capital website by submitting the required documents and filling out the application form.

Can I get a loan for a pre-owned two-wheeler?

Yes, many financial institutions offer pre-owned Two-Wheeler Loan options for used bikes at competitive interest rates.

What is the maximum loan tenure for a Two-Wheeler Loan?

The maximum tenure for most Two-Wheeler Loans is typically 4 years, but this can vary depending on the lender.

Can I get a loan without a down payment?

Yes, Muthoot Capital can offer 100% financing with no down payment required, but this depends on eligibility.

What are the processing fees for a Two-Wheeler Loan?

The processing fees vary across lenders but generally range from 1% to 3% of the loan amount. Be sure to check the exact fees before finalising your loan.