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

Last Modified: 25-November-2022

Thinking of Buying a Bike during COVID times

Have Your Bike and Avoid the COVID Spread

  • In the era of 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 You Have Enough Cash to buy? No Worry!

  • The biggest issue that one would face while trying to buy a bike is managing funds. During times such as these, 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.

Instant Two Wheeler Loan by Muthoot Capital to manage this issue

  • 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 also 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 buying 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 as well. For salaried people, the net income must be around 1 lac 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 their 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.

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!

About Author
Muthoot Capital Services Limited is one of India's most progressive financial companies. It is the part of Muthoot Pappachan Group which carries a legacy & trust of more than 133 years.
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