Exclusive Two-Wheeler Loan for Salaried Employees

Considering the skyrocketing prices of vehicles, it is often difficult to manage the cost of a new bike with regular savings. For employees with set salaries, owning a bike is sometimes challenging. This is where financing options such as a Two-Wheeler Loan come in handy. This credit facility bridges the gap between you and your favourite bike by offering the necessary funds.

What is a Two-Wheeler Loan?

A Two Wheeler Loan is a finance option that gives people the money they need to buy a bike or scooter. Muthoot Capital offers Two-Wheeler Loans of up to Rs. 3 Lakhs with a flexible repayment tenure of up to 60 months. This is how it operates: 

Loan Amount: At Muthoot Capital, we provide loans of up to 100% of the bike’s on-road price for specific models under specific schemes.

Tenure: Muthoot Capital offers a flexible repayment tenure of up to 48 months.

Interest Rates: Competitive interest rates help salaried workers easily manage the loan with a steady income.

Why Salaried Employees Should Consider a Two-Wheeler Loan?

Read these major reasons why a salaried employee must consider getting a Two-Wheeler Loan. 

Financial Planning

It’s advisable to maintain liquidity and avoid making a payment that could impact your available funds for other expenses. This way, you can use your money for fulfilling your goals and still purchase a two-wheeler. 

Quick Approval and Disbursement

Loan approvals happen quickly, thanks to simplified procedures and less paperwork. Some lenders enable you to acquire your two-wheeler immediately with immediate approval and disbursement. 

Flexible EMI Options

Use the Two-Wheeler Loan EMI Calculator to select an EMI plan that fits your budget. This tool uses the loan amount, repayment tenure and interest rate to determine the most economical monthly repayment plan.

Minimum or Zero Down Payment

Muthoot Capital provides up to 100% financing, which lessens the upfront cost. This is especially advantageous for people who don’t have a sizable down payment saved up.

Insurance Cover

An optional insurance plan to guard your loan from unanticipated events. It gives you comfort to know that your loan payments are secured.

Using a Two-Wheeler Loan EMI Calculator For Better Financial Planning

It’s a good idea to utilise a Two-Wheeler Loan EMI calculator before applying for a loan. With this tool, you can: 

Estimate Monthly Payments: To determine your EMIs, enter the loan amount, length, and interest rate. This will help you understand how much money you will need each month for repayment.

Plan Finances: Recognise how the loan will affect your monthly spending. This guarantees that you won’t experience financial hardship when managing your costs.

Review Offers: Based on the affordability of the EMI, compare several loan options. This aids in your selection of the most economical loan choice.

Things to keep in mind when taking a Two-Wheeler Loan

Here are some common aspects to keep in mind when borrowing a Two Wheeler Loan Finance: 

Rates of Interest

The interest rates for a Two-Wheeler Loan at Muthoot Capital start from 0.99%*.

Tenure of Loan

You can easily repay the loan within a flexible repayment tenure of 12 to 60 months. 

LTV (loan-to-value) ratio

At Muthoot Capital, you can get up to 100% funding of the total cost of the bike.

Must Read:- Two Wheeler Loan: Things to consider before you apply

How to Apply for a Two-Wheeler Loan with Muthoot Capital

It is easy to apply for a Two-Wheeler Loan if you meet our eligibility criteria and have the required documents.

The process for applying for our two-wheeler loan online:

• Click on ‘Apply Now’
• Fill in your personal information
• Fill in the OTP shared on your registered mobile number
• Click submit
• Choose the bike model
• Our customer care representative will contact you to help you complete the process.

You can call us directly at 1800 102 1616 or walk into your nearest branch.

Conclusion

With better eligibility criteria, fast approval processes, and manageable repayment plans, these loans are designed for individuals with regular (salaried) income. By utilising resources such as the EMI Calculator for Two Wheeler Loans and evaluating bike financing options for salaried individuals, you can discover the favourable offer and get the bike you desire.

Frequently Asked Questions (FAQs)

Q1: How much salary is required for a Bike Loan?

A: A minimum monthly income of Rs 10,000 is generally required for a Two-Wheeler Loan.

Q2: Is a Bike Loan tax deductible for salaried employees?

A: No, tax deductions are not applicable for Bike Loans borrowed for personal use.