6 Benefits of Two Wheeler Loans Which Make Your Life Easy
Last Modified: 25-November-2022
Two-wheelers such as scooters & bikes play a significant role in our day-to-day life, helping us catch up to this fast-tracked world. Our daily requirement of going from one corner of the crowded town to another is eased up by a two-wheeler. The popularity of two-wheelers can be gauged from the fact that India is the largest market for two-wheelers in the world with more than 2 million units sold in FY 2019.
However, when it comes to saving up for a two-wheeler, we often keep making compromises to reduce expenses and set aside some extra cash. But not this time. For something that holds such an essential place in our day-to-day life, there is no need to compromise on anything. Two wheeler finance can help you get your dream bike or scooter effortlessly by not putting much extra burden on your monthly budget. With a Two wheeler loan, you can get up to 100 percent of the amount financed through us, Muthoot Capital Services Limited. Let us have a look at how a two wheeler loan can enhance your buying experience.
Perks of applying for a two-wheeler loan
Getting approval for two-wheeler financing is easy and straightforward. The minimal eligibility criteria posed for online bike loans or scooter loans let a large section of the population avail themselves it.
- The individual must be 18 years old or above at the time of applying and at most 65 years at the end of the loan tenure.
- Both salaried and self-employed individuals can avail of the loan.
- Salaried individuals applying for bike finance or scooter finance need to have a minimum net income of Rs.96,000 per annum.
- Self-employed individuals applying for a two wheeler loan must have a minimum net profit of Rs.1,20,000 per annum.
These few criteria mentioned above need to be met to be eligible for a two wheeler loan.
The minimal paperwork involved in the application process speeds up the loan disbursal procedure. The verification procedure gets simpler, letting you have the loan amount in your bank account in no time. Hence, bring your dream two-wheeler to your doorstep without having to wait for your savings to add up to the amount. Listed below are some of the documents that you need to present for the verification process.
- A Valid identity proof which can be your Aadhaar card, voter ID, driving license, or PAN card
- A Valid address proof which can be your Aadhaar card, voter ID, driving license, telephone bill, electricity bill, gas connection bill, or ration card
- Income proof which includes income tax returns, duly filled form 16, salary slip, or salary credit in a bank statement
- Asset proof which can be land, building, or house tax receipt
- Recent passport size photograph of the applicant
Flexible Repayment Alternatives
We offer two-wheeler loans with flexible repayment options. Borrowers have the freedom to set any tenure according to their choice between 12 to 48 months. They can use a two-wheeler loan interest calculator to evaluate the exact amount of interest depending on their loan amounts and tenure, which is generally recommended to choose the tenure wisely upon considering your financial capability in advance.
Selecting a tenure more than required can lower your EMI value but increase your overall interest payment. Selecting a tenure too short can decrease your net interest payments but will increase the EMI value putting too much pressure on your budget. Hence, pick a tenure only after undergoing a deliberate calculation and analysis of your finances.
Two-wheeler finance lets you repay the loan in easy installments. The borrower can select the appropriate structured equated monthly installment (EMI) according to his or her convenience. You can use a two-wheeler loan EMI calculator to calculate the precise amount of EMI value that you are supposed to pay depending on the loan scheme and tenure that you are thinking of applying for. It will help you figure out your finances in advance.
With a two wheeler loan, you can finance up to 100 percent of the value of your dream two-wheeler that you are willing to buy. That lets you purchase your brand-new two-wheeler at a nominal down payment, saving you from paying in a lump sum.
Alluring Interest Rates
Financial institutions offer two wheeler loans at competitive interest rates. It helps you lower your equated monthly installment value and lets you enhance your savings by paying less on interests and recouping the principal faster.
All these attractive attributes of two wheeler finance combined can make your buying experience seamless and convenient. Moreover, the online portals of most of the significant financial institutions let you apply for bike finance online without any hassles.
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