Complete Guide To Get A Two Wheeler Loan

Every Indian household prefers two-wheelers for daily commuting needs. They are convenient, require less maintenance than cars, and easily navigate through traffic jams. Whether it’s a stylish scooter or a sporty motorcycle, Muthoot Capital’s bike loan can help you own your dream two-wheeler.

Applying for loans is often perceived as a tedious process, but Muthoot Capital simplifies it. With our Two-Wheeler Loans, you can purchase your desired vehicle with Equated Monthly Instalments (EMIs). Meeting the eligibility criteria may even allow you to secure up to 100% financing without the need for collateral. These loans come with competitive interest rates and flexible repayment tenures ranging from one to four years.

If buying a new two-wheeler is on your wishlist for 2025, Muthoot Capital’s Two-Wheeler Loans offer an ideal solution. Features like up to 100% financing, interest rates starting as low as 0.99% per month, and convenient EMI options make owning a two-wheeler a hassle-free experience.

Easiest Way to Get a Two-Wheeler Loan Instantly

There are several do’s and don’ts that you should follow when you apply for a loan for your two-wheeler. Follow these guidelines so that your loan approval process goes faster.

1. Determine Your Loan Requirement: Know the exact loan amount you need to ensure you compare various schemes effectively and choose one that suits your needs.
2. Check Eligibility and Payment Options: Ensure you meet the eligibility criteria and explore repayment options that align with your income and spending habits for smoother financial planning.
3. Complete Your Application Accurately: Make sure your application form is filled out correctly. Errors or incomplete submissions may lead to delays. Customer care assistants are available to guide you through the process.
4. Include a Co-Applicant: If you don’t meet the eligibility criteria, include a guarantor, guardian, or parent in your application to improve your chances of loan approval.

Features and Benefits 

• Flexible Repayment Options: Repay your loan easily with flexible tenures ranging from 12 to 48 months.
• Special Schemes: Avail of tailored schemes and benefits to suit your unique requirements.
• Lowest Market Interest Rates: Enjoy attractive interest rates starting as low as 0.99% per month on Two-Wheeler Loans.
• Quick Approval: Get your loan approved quickly with minimal paperwork.
• No Income Proof Required: No need for collateral or income proof to qualify for bike finance.
• Loan Up to 100%: Finance the full cost of your new two-wheeler with 100% financing from Muthoot Capital.
• Low Down Payment: Our EMI and down payment structures are designed to accommodate every customer’s financial needs.

Eligibility Criteria

To be eligible for a Two-Wheeler Loan from Muthoot Capital, applicants must meet the following criteria:

• Employment Status: You must be either self-employed or a salaried individual.
• Minimum Income:
  • Salaried individuals: A minimum income of Rs. 96,000 per annum (Rs. 8,000 per month).
  • Self-employed individuals: A minimum income of Rs. 1,20,000 per annum.
• Age Requirement: You must be over 18 years of age at the time of the loan application and no older than 65 years by the end of the loan tenure.

Once these criteria are met, the loan processing can begin.

Documents Needed 

The documentation required for a Two-Wheeler Loan includes the following:

Photo Identity Proof:

• Aadhaar Card, PAN Card, Voter’s ID, Passport, or Driving License

Address Proof:

• Latest Electricity Bill, Phone Bill, Bank Passbook showing current address, LIC Policy, Property Documents, Water Bill, or Ration Card

Income Proof (based on loan requirements and scheme)

• Salaried Individuals: Payslips, Form 16, Income Tax (IT) Returns, and Bank Statement
• Self-Employed: Latest Income Tax Returns (ITR) and Bank Statement

Photo Proofs:

• Recent passport-sized photographs (6 copies)

Gathering these documents in advance can help speed up the loan application process.

Top 4 Reasons to Apply for a Two-Wheeler Loan 

1. Affordable Financing Options: A bike loan allows you to purchase your dream bike without paying the full amount upfront. With flexible repayment options and competitive interest rates, it becomes easier to manage your finances.
2. Quick and Hassle-Free Process: Top lenders like Muthoot Capital have fast approval processes with minimal documentation. Two-Wheeler Loans can be approved within minutes, ensuring you can get your bike quickly and conveniently.
3. Flexible Tenure Tenures: Bike loans come with flexible repayment tenures, typically ranging from 12 to 48 months. This ensures you can select an EMI plan that suits your monthly budget.
4. Improves Credit Score: Regular and timely repayment of your bike loan EMIs contributes to building or improving your credit score, which can help you qualify for larger loans in the future.

Online Payment Methods for EMIs

You can easily make EMI payments and access your loan details anytime, anywhere, through the Muthoot Capital website. It also provides instant updates on your loan status and EMI schedule.

When taking a Two-Wheeler Loan, there are certain additional charges to be aware of. One such charge is the processing fee, which is a percentage of the loan amount and is payable at the time of loan application. Additionally, if you decide to repay the entire loan before the agreed tenure, foreclosure charges may apply.

For more information and to start your loan application, feel free to get in touch with our team today.

FAQs

What are the rules for two-wheeler finance?

To qualify for a Two-Wheeler Loan, you must meet basic eligibility criteria such as age (18-65 years), income stability, and a good credit score. Additionally, you should have your proof of address, identity, and income ready.

What is the process of a Two-Wheeler Loan?

The process involves selecting a lender, filling out the application form, submitting required documents (ID proof, address proof, income proof), and waiting for loan approval. Once approved, the loan amount is disbursed directly to the bike dealer.

How to choose the right Two-Wheeler Loan?

Compare lenders based on interest rates, loan tenure, processing fees, and customer reviews. Use an EMI calculator to ensure the loan fits your budget and repayment capacity.

How is a Two-Wheeler Loan calculated?

A Two-Wheeler Loan EMI is calculated using the formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1],
where P is the loan amount, R is the monthly interest rate, and N is the tenure in months. Online EMI calculators make this process quick and easy.

How to check Two-Wheeler Loan details?

You can check your loan details through your lender’s online portal using your loan account number. Alternatively, contact customer care for updates on your loan balance, EMI schedule, and payment history.