Thinking of Buying a Bike during COVID times? What You Need to Know About the paperwork on loans and insurance covers

Have Your Bike and Avoid the COVID Spread

With social distancing and pandemic woes, one cannot think of traveling by any public mode. Even when car rental companies are promoting how they keep the vehicles safe, there is a constant worry about whether the cab was disinfected properly, was the previous passenger healthy, etc. Further, there is no way of checking if someone is an asymptomatic carrier.

The best way of countering this problem is to own a personal vehicle, especially a bike or a scooter that doesn’t break your bank balance. This would ensure that you are the only person using it and you can clean and disinfect it in a proper, elaborate manner. For any kind of travel – personal, professional, or during an emergency, you are assured that you have kept COVID at bay and your health is no longer at risk.

Don’t Have Enough Cash to Buy a Bike? No Worries!

The biggest issue that one would face while trying to buy a bike is managing funds. During such times, where everyone is facing a cash crunch, funds for buying a vehicle may sound like a distant dream. Although this is a lifetime investment and creates an asset for your future, managing the funds when the country’s economy is grappling may sound difficult.

Fortunately, there are financial institutions that offer specific loans for funding your vehicle. However, it is imperative to choose the right lender to keep transactions simple, transparent and ethical.

Read more : Best Bike For Long Drive

Instant Two Wheeler Loan by Muthoot Capital

However, you have nothing to worry about. Muthoot Capital Services is advancing Two Wheeler Loans for up to 100% of the on-the-road price of your bike or scooter. The interest rates start as low as 0.99%*. The company is offering more offers and discounts to check. All you have to decide now is which is the bike you need because the bike loan has got you covered

Muthoot Capital is a trustworthy and reliable name. It is part of the Muthoot Pappachan Group which carries a legacy of 133+ years. We are dependable, transparent, ethical and have a large customer base to vouch for us.

Few things to consider while applying for a Two Wheeler Loan

It is imperative, however, to keep in mind certain important things before you apply for a Two Wheeler Loan. Your cash flows, monthly payout towards repayment, fixed expenses, documentation, etc. are important factors that will have a bearing on your loan.

Check Your Eligibility for Two Wheeler Loan

You can easily check your eligibility for the loan from the website. For salaried people, the net income must be around Rs. 1 Lakh and for self-employed, it has to be Rs. 1,20,000 only. The net income is the “in hand” pay that you receive post all tax deductions. Needless to say, you have to be an adult to apply for the loan (age above 18 years).

Check Required Documents

The documentation is easy and simple. Basic documents for address proof, identity proof – such as Aadhar card, passport, pan card, voters ID, etc. are acceptable. Additionally, income proof documents will comprise of your tax returns, bank statements, form 16, and payslip. A Two Wheeler Loan can also be availed backed by a land/home – if you have an asset proof document of a tax receipt.

Calculate Loan Amount & Interest Rate

You can also easily calculate the details of your loan with the help of Muthoot Capital’s Two Wheeler Loan calculator. All you need to do is enter the loan amount you need, choose your tenure and decide on your monthly payout. The loan calculator will auto-populate all your details and even allow you to modify any particular aspect if you wish to change.

Must go with an Insurance Cover

Further to the above, you must always insist on getting your bike insured. Insurance for your two-wheeler is what safeguards it. There are various options and agencies which can help you get the bike insured at the lowest possible premiums and also ensure that in case of any kind of accident, your bike repair costs do not become a financial burden on you.

Read more : 0 Down Payment Bike

Apply for a Two Wheeler Loan

To own a bike of your own is thus no longer a dream. Easy bike loans, lower interests and simplified documentation ensure that you get your bike in a matter of minutes. Just fill in your personal details, choose the bike of your dreams and our customer representative will call you.

In conclusion, it is easy, simple, and hassle-free to get a Two Wheeler Loan to buy the bike or scooter of your dreams. Don’t let the pandemic dampen your spirits. A dependable name such as Muthoot Capital Services has got you covered. Just let their representative take care of everything. All you need to do is get geared for a ride on your bike!

FAQs

What are the basic documents required for a bike loan during COVID-19?

The basic documents typically required include identity proof (Aadhaar card, PAN card, etc.), address proof (electricity bill, bank statement, etc.), income proof (salary slip, bank statement, etc.), and a recent passport sized photograph. During COVID-19, lenders may also request additional documents due to changed verification processes.

Can I apply for a bike loan if I am working from home due to COVID-19?

Yes, you can apply for a bike loan even if you are working from home. Lenders typically consider your income stability, which can be verified through bank statements or salary slips. Working from home doesn’t impact your eligibility as long as you meet the other loan criteria.

Are bike loan approval processes slower during COVID-19?

The approval process may take slightly longer during COVID-19 due to additional verification steps and safety protocols. However, many lenders have streamlined their online application processes to ensure quick approvals.

Do I need to provide income proof if I am self-employed during COVID-19?

Yes, if you are self-employed, you will need to provide income proof such as tax returns or bank statements. Due to COVID-19, some lenders may offer flexibility in terms of proof requirements or allow provisional statements.

What is the impact of COVID-19 on my bike loan interest rate?

During COVID-19, many lenders have introduced special loan schemes with lower interest rates to support buyers. It’s a good idea to check with lenders for current offers and compare rates.

Is it possible to get a bike loan without a down payment during COVID-19?

You may get zero down payment bike loans as a part of special schemes or under certain conditions, subject to your eligigility.

How does COVID-19 affect the insurance requirements for my bike?

Most bike insurance policies remain unchanged during COVID-19, and you will still need to have valid third-party liability insurance at the time of purchase. Some insurance companies may also offer additional coverage for pandemic-related scenarios.

Can I get a bike loan during the lockdown period?

Yes, you can apply for a bike loan during the lockdown. Muthoot Capital provides online services, allowing you to apply from the safety of your home without the need to visit a branch.

What are the insurance options available for bikes purchased during COVID-19?

Insurance options remain the same during COVID-19, including comprehensive, third-party and own damage insurance. Some insurers may also offer COVID-19-related coverage, such as medical expenses or coverage for specific pandemic-related incidents.

What precautions should I take when applying for a bike loan and insurance during COVID-19?

It’s advisable to apply for both your bike loan and insurance online to minimise physical contact. Ensure that all documents are accurate and complete to avoid delays. Additionally, choose insurance policies that cover COVID-19-related scenarios and verify terms with the insurer to be fully informed.