Two Wheeler Loan Eligibility Criteria simplified by Muthoot Capital
Need a bike loan, but the thought of applying for it has been putting your plans on hold? At Muthoot Capital, getting finance for your two-wheeler will not be a nightmare with complex payment terms and paperwork. You can avail our loans for all kinds of two wheelers including bikes, scooters, and mopeds. Our Two wheeler loans are up to 100%* of the on-road price with interest rates as low as 0.99%* pa. You can visit Muthoot Fincorp branch to get a loan for your dream bike or click apply now to get one now.
We offer you quick and hassle-free finance with our simple two-wheeler loan eligibility criteria.
Who Will Meet the Muthoot Capital Two Wheeler Loan Eligibility!
With Muthoot Capital’s customer-centric scooter or bike loan eligibility criteria and repayment terms, you can focus on what is important - buying the two wheeler of your dream. Our processes are simple and easy to meet. Our God-given legacy of trust, truth, transparency and tradition allows us to offer the loan to a diverse mix of people.
Listed below are individuals who can apply for a loan with Muthoot Capital
We provide loans up to 100% for specific models under specific schemes*
Age between 18 (at the time of application) and 65 (at the end of the loan tenure)
Individuals earning an annual income or INR 96,000 or businesses with an annual profit of INR 1,20,000. You need to be older than 18 years of age at the time of applying for the loan and at the time of repayment; you should be 65 years of age.
If you meet our eligibility criteria, walk-in to any of MuthootFincorp branches or contact our customer care representative to help you. They can also help you with queries and provide clarifications to all your concerns. Our straightforward eligibility will help you bring home your first bike or the bike of your dreams, in the shortest time possible.
Documents Required to Suit Your Two Wheeler Loan Eligibility
You can prove your two wheeler loan eligibility with proper documents which verify your age, income and residency.
Valid identity proof: Any one of passport / Aadhaar card / voters ID card / driving license / PAN card
Valid address proof: Any one of passport / Aadhaar card / voters ID card / driving license / telephone bill / electricity bill / gas connection bills / ration card/ LIC policy.
Income proof: ITR / form 16 / pay slip / salary credit in bank statement
Asset proof: Latest land / building / house tax receipt
Recent passport size photo
Tips for Improving Your Two Wheeler Loan Eligibility
Though it is necessary to meet all the eligibility criteria mentioned above, there is no need to feel disappointed if you do not meet the criteria. There are several steps you can take to improve your eligibility and get a loan approved by us.
You can follow the steps mentioned below to increase your eligibility for a bike or scooter loan:
Choosing a longer tenure translates into a lower monthly installment, which improves eligibility while vastly increasing your chances of loan approval.
Increasing your CIBIL score will have a positive impact on your two wheeler loan eligibility. Steps you can take to make your score more robust include paying EMIs on time, managing your debts and maintaining a diversified credit mix.
Increasing your income source will greatly enhance your eligibility, as you will have more disposable income to repay the loan without defaulting.
How to Apply for a Two Wheeler Loan with Muthoot Capital
There are two requirements for bike loan eligibility from Muthoot Capital Services Ltd.:
- You need to be a salaried individual with a minimum net annual income of Rs. 96,000 or above
You need to be a self-employed individual with a minimum net annual profit of Rs. 1,20,00 or above.
- The second requirement for two wheeler loan eligibility is, your age should be in the range of 18 (from the time of application) to 65 years (until complete repayment)
Yes, a salaried person can get the loan, provided he/she fulfils the two wheeler loan eligibility requirements stated below:
1) He/she should be in the eligible age range of 18 to 65 years, from the time of applying and until full repayment of the loan.
2) His/her minimum net annual income should be Rs. 96,000 or more.
If you are a salaried individual, you can apply for a two wheeler loan by getting in touch with us.
If you are a business owner, you can easily get a bike loan from Muthoot Capital Services Ltd. All you need to do is ensure that you are in the age group of 18 (at the time of applying for the bike loan) to 65 years (till the end of the loan tenure). You also need to fulfil the second bike loan eligibility requirement which is, your net annual profit should be Rs 1,20,000 or more.
es, your CIBIL score is an important requirement among the bike loan eligibility conditions. The higher your score, the better are your chances of availing a loan from us at a lower rate of interest. Since the loans are disbursed on an individual profile basis, you should get in touch with us to understand where you stand with respect to the two wheeler loan eligibility conditions and to get the best loan offers for you.
NBFCs like Muthoot Capital Services Ltd. determine bike loan eligibility based on the following:
1) The applicant’s nature of employment- whether he/she is salaried or self-employed.
2) The applicant’s age- he/she should be in the age group of 18 to 65 years of age.
from the date of applying for the loan, until the time of complete repayment.
3) The applicant’s annual income/profit: Rs. 96,000 per annum for salaried and Rs. 1,20,000 per annum for self-employed individuals.