Complete Guide To Get A Two Wheeler Loan

Last Modified: 3-January-2023

Complete guide to get a two wheeler loan

Every Indian household needs a two-wheeler for its day-to-day functions. It’s convenient, requires lower maintenance than a car, and gets you through traffic jams in a jiffy. From a snazzy new scooter to a sporty motorcycle, you can get any two-wheeler you choose with a bike loan when you apply online with Muthoot Capital. 

Any loan application you can think of is a tedious process and requires significant work. With Muthoot Capital’s two-wheeler loans, you can buy the two-wheeler of your dreams against easy EMIs (equated monthly installments). What’s more, if you meet the two-wheeler loan eligibility criteria, you can get up to 100% financing without any collateral. These loans have a lower interest rate than the market and can be repaid over a tenure of one to four years. So, if buying a new two-wheeler has been on your bucket list for 2023, this is the best way to go about it.

With exciting features like financing up to 100% of the product’s value, interest rates as low as 0.99%, and convenient EMIs, getting a two-wheeler can become a reality for you pretty soon with Muthoot Capital.

Easiest Way to Get a Two-Wheeler Instantly:

There are several do’s and don’ts that you should follow when you apply for a loan for your two-wheeler. Follow these guidelines so that your loan approval process goes faster.

  1. Know the exact loan amount that you need. This will help you compare and contrast the various schemes available so that you get the best loan to meet your needs.
  2. Check that you meet the eligibility criteria and explore the best payment options keeping in mind your income and spending habits.
  3. Fill out your application correctly. Submitting an incomplete or incorrect form can increase the number of times you will have to visit the Muthoot branch and complicate the process. Our customer care assistant can help you with the application process.
  4. If you don’t meet the eligibility criteria, ask for help from a guarantor, guardian, or parent for a higher chance of faster loan approval.

Features and Benefits of Muthoot Finance Two Wheeler Loans:

  • Flexible repayment options: You can repay the loan easily, lasting anywhere between twelve to forty-eight months.
  • Special schemes: You can avail of special schemes and benefits that meet your unique requirements.
  • Lowest market interest rates: We give you the most attractive interest rates on loans for two-wheelers, starting at 0.99%.
  • Quick approval: Get your loan approved quickly with minimal paperwork requirements.
  • No income base: You don’t need to provide collateral or income proof to be eligible for bike finance.
  • Loan up to 100%: Cover your entire cost of a new two-wheeler with a Muthoot Capital loan with 100% financing.
  • Low down payment: Our EMI and downpayment structures have been designed to meet every customer’s financial needs.

Two Wheeler Loan Eligibility Criteria:

There are a few criteria that every loan applicant must meet to be eligible for a two-wheeler loan from Muthoot Capital. Once you meet these criteria, the loan processing begins.

  • You must be either self-employed or a salaried individual.
  • As a salaried individual, your minimum income must be 1,20,000 per annum- (10,000 per Month). For self-employed individuals, it must be Rs. 120,000 per annum
  • You must be over 18 years of age during the loan application period or 68 on completion of the tenure.

Documents Needed for a Two Wheeler Loan:

  • Valid ID proof
  • Valid proof of income such as salary credit statements, Form 16, ITR, payslips, etc.
  • Proof of assets like receipts from land, house, or building tax.
  • Valid proof of address like a passport, voter ID, telephone bill, etc.
  • A recent passport-sized photograph.

Online Payment Methods for EMIs:

You can use the Muthoot Capital website to make EMI payments at any time from anywhere. You can also get instant access to your loan details, loan status, EMI updates on the website. 

There are certain charges levied over your applicable interest rates when you are taking a two-wheeler loan. The first is a processing fee that is to be paid to the finance company, which is a percentage of the amount you take as a loan. This is to be paid while applying for the loan. There are also charges for foreclosure if you decide to repay the entire loan before the tenure is up.

Get in touch with our team to start your loan application process.

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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