What are the Benefits of Applying Bike Loan with Muthoot Capital?

A bike is helps you flee from the long traffic jams and gives him the ultimate traveling experience. Unlike other vehicles, bikes have been the most adequate transportation option.

Bikes are best for urban employees as they provide convenient and cheap transport. Is lack of money keeping you from buying your dream bike? If yes, then Muthoot Capital is here to make your dreams come true. Get bike loans at the lowest EMI and interest rates. Go for a bike loan, apply online and get your dream bike with a 100% loan amount. Take a look at the benefits listed below before you apply for a bike loan online.

1. Flexible Repayment

Apply for a loan without stressing over the repayment. Muthoot Capital provides the option of flexible repayment of up to 48 months. Long tenures help you repay the loan in smaller EMI’s so that you don’t feel stressed. The repayment tenure can be anywhere between 12 to 60 months, depending on the person’s EMI capacity for a stress-free repayment. However, the longer the tenure, the higher the interest is charged, so select your tenure smartly as per your financial situation.

2. Attractive Interest Rates

One of the most incredible benefits of bike finance from Muthoot Capital is its attractive interest rates. The bike EMI interest rate starts from as low as 0.99% per annum. However, factors like the vehicle model, nature of employment and repayment capacity affect the interest rates applied on the amount. You can also choose a used bike loan online if you’re purchasing a pre-owned bike, with attractive interest rates available.

3. Hassle-free Quick Approval

Applying for the loan is hassle-free as it is entirely online. The loan is also sanctioned within a day after verification of documents. All you need to do is fill out the application form, submit the documents and get your bike loan approved within a day without wasting time by standing in long lines. You can also check your bike loan status online for real-time updates.

4. Least Documentation

While applying for a bike loan, you only need to submit minimal documents. The paperwork is kept to a minimum for a better borrowing experience. The documents asked for include identity proof, residence proof and income proof. This simplicity makes it easy for you to apply and get quick approval without a lot of complications.

Read More : Best Way to Buy a Bike on EMI

5. Up to 100% Loan Schemes

You can avail of up to 100% of the loan scheme for some bike models. Depending on the model of your bike and the scheme selected, you can get loans up to 100%. The loan amount eligibility depends on the borrowers’ income, dream bike models and credit scores.

6. Low Down Payment

Before you apply for a bike loan online, you must know the down payment required. With 100% financing, the down payment required by Muthoot Capital is zero. If necessary, as per your eligibility, the down payment charged by Muthoot Capital is low. The bike loan schemes are also designed to suit the customer’s financial requirements.

7. No Income Proof Required

Muthoot Capital provides loans on three bases- income base, no income base and asset proof base. A borrower can choose to go for any of these while filling out the two-wheeler loan application form. The services availed by various bases differ from one another. However, you can take the bike finance without providing any income proof.

8. Minimal Processing Charges

Muthoot Capital keeps processing charges minimal to ensure that your overall borrowing cost is low. There are no hidden charges that will catch you by surprise.

9. No Pre-Closure Charges

If you wish to close your loan early, you will not be charged any pre-closure fees. This gives you the flexibility to pay off your loan ahead of time without worrying about extra costs.

10. Speedy Approvals and Disbursals

Muthoot Capital prides itself on offering speedy approvals and disbursals. Once your loan is approved, the funds are quickly disbursed, allowing you to get your bike and start your journey without unnecessary delays.

Read More : Zero Down Payment Bike

11. Tax Benefits for Business Use

If you’re purchasing the bike for business purposes, you can avail yourself of tax benefits. The bike can be considered a business expense, which can help reduce your tax liability.

Now that you know all the benefits of a bike loan, fill out the online application today! You can also choose to calculate your eligibility and loan EMI beforehand to be prepared for future challenges. You must schedule your expenses accordingly not to strain your pocket and keep the loan manageable.

Muthoot Capital provides bike finance for salaried and self-employed individuals 18-65 years old. It allows for the lowest two-wheeler EMI and interest rates as low as 0.99%. The process of applying for a bike loan is easy and you must use the EMI calculators online to help you decide on a comfortable loan structure.

FAQs

What is the minimum CIBIL score required for a bike loan?

The minimum CIBIL score for a bike loan is typically 650, but the higher the score, the better the loan terms.

How can I check my bike loan status?

You can check your bike loan status online through the Muthoot Capital website or mobile app by logging in to your account.

What documents are required for a bike loan?

The basic documents required for a bike loan are identity proof, address proof, and income proof.

What is the best bike loan interest rate?

The best bike loan interest rate starts at 0.99% per annum, but the exact rate depends on factors such as the vehicle model, your employment status and credit profile.

Can I get a loan on an old bike?

Yes, you can apply for a loan on an old bike or a used bike loan online. However, the loan terms and interest rates may vary based on the bike’s age and condition.

What is the repayment tenure for a bike loan?

The repayment tenure for a bike loan can range from 12 months to 60 months, depending on your financial situation and preferred EMI.

Are there any processing charges for a bike loan?

Muthoot Capital keeps the processing charges minimal to ensure a cost-effective borrowing experience.

Are there any pre-closure charges for a bike loan?

No, Muthoot Capital does not charge any pre-closure charges. You can pay off your loan early without incurring additional fees.

Can I avail of tax benefits for a business bike loan?

Yes, if you purchase the bike for business use, you can avail of tax benefits on your bike loan.

How long does it take to get my bike loan approved?

The approval process is quick, and once your documents are verified, you can receive your loan approval and disbursal within a day.