Are there any benefits of two-wheeler loans for women?
Last Modified: 26-April-2022
Women’s access to credit indicates many other aspects of their financial lives.
Between 2016 and 2021, the number of active female borrowers rose from 22.5 million to 54 million. This comes to 19%, which is a significant increase and encourages lenders to pay more attention to these consumers.
During this period, women borrowed for numerous reasons, such as two-wheeler loans, personal loans, home loans, gold loans, education loans, etc.
Earlier, it was a bit difficult for women to get loans, and a guarantee from their husbands or even fathers was required.
However, there has been a remarkable shift, and now women can easily take loans without any obstacle.
Benefits of two-wheeler loans for women
With the ease of credit and access to finance, women can easily buy a two-wheeler, whether it is a bike or scooter.
The two-wheeler loan for women comes with numerous benefits; let us see a few of them:
1. Quick approval
Getting a two-wheeler loan approved is quick and straightforward.
The minimal eligibility criteria for women let many women get loans instantly. Women can apply for two-wheeler finance in a few steps, and the loan will be approved quickly as all the documents are verified online.
Further, the minimal paperwork makes the process go faster, and one can get the money in their bank account in no time.
Once individuals meet the eligibility criteria, the process to get a two-wheeler is hassle-free and seamless with Muthoot Capital.
2. Flexible repayment tenures
Two-wheeler loans come with flexible repayment options.
Borrowers can repay the loan in a preferred tenure, from 12 to 48 months.
Depending on their loan amount and term, they can also use the EMI calculator to see how much they will have to repay.
3. Low down payment loans
The two-wheeler loan is designed to help customers finance their dream two-wheelers.
When individuals take two-wheeler finance, they first have to make a down payment to receive the two-wheeler and then pay the lender in installments.
With some lenders, women can get two-wheeler loans at a very low down payment, thus not putting a burden in one go.
Individuals can get two-wheeler finance of up to 100% of the value of their two-wheeler with Muthoot Capital.
4. Affordable interest rates
Financial institutions offer competitive interest rates on two-wheeler loans.
This can help women lower their EMIs and save more money on interests, ultimately paying off the principal faster.
Further, some institutions also have minimal processing fees and foreclosure charges.
With Muthoot Capital, women can get two-wheeler finance at affordable interest rates starting from 0.99% and with minimal processing fees and foreclosure charges.
5. Schemes to suit your needs
Before applying for any loan, it is essential to know the exact amount of money individuals will need for their purchase. They can evaluate their options, check out some financing calculators, and determine what will work best for them.
Some financial institutions provide women with two-wheeler finance schemes tailored to their needs and requirements.
With Muthoot Capital, women can get a two-wheeler loan instantly, with minimum documentation and schemes that suit their needs.
Documents required for a two-wheeler loan for women
The documents needed for a two-wheeler loan for women are:
- A valid proof of address, i.e., latest phone/electricity bill, latest bank passbook, LIC Policy, water bill, etc.
- A valid proof of identity, i.e., Aadhaar card, driving licence, passport, voters ID, etc.
- A valid income proof, i.e., ITR, bank statement, or payslip.
- Recent passport size photographs
In the last few years, there have been many changes in our country. A vast number of women are joining the workforce, which has led to a large shift in how they commute. Two-wheelers are a more affordable and accessible mode of transportation for women.
Apart from the affordability, two-wheelers also offer a bonus of saving time.
Though only 11% of Indian drivers are female as of 2021, this number is rising as more and more women work outside their homes and come to appreciate the freedom their vehicles can provide.
A two-wheeler is a great way to commute to work or the market, but it can be hard to get hands-on with the funds one needs.
Two-wheeler loans are an excellent solution for women, as they provide freedom and mobility and help them be independent.