Complete Guide to Two-wheeler Loan-Online Application
Last Modified: 11-January-2023
A two-wheeler can be a boon for an individual or a family when it comes to the daily commute. However, not everyone can afford to pay for a two-wheeler upfront. For such consumers, Muthoot Capital has come up with simple and convenient two wheeler loans. This article aims at throwing light on the ease of procuring a two-wheeler loan online and the process of getting two-wheeler loan online approval.
Features of Two-Wheeler Loan
- Get up to 100% of the cost of the two-wheeler.
- The Two wheeler loan interest rates start at 0.99% p.a.
- Repayment tenures for two-wheeler loans are from 12 to 48 months.
- The processing charges for availing loans range from 1- 4% of the loan amount.
- You can get two-wheeler loan online approval faster with minimum documentation and zero hassles.
Eligibility for a Two-Wheeler Loan
Before you apply for a two-wheeler loan online, ensure to check your eligibility for the loan based on your age, income, and other listed parameters.
- The applicant should be at least 18 years of age when applying for a two-wheeler loan and a maximum of 65 at the time of maturity.
- Salaried people must have a minimum income of Rs 96000 p.a, while self-employed individuals should have at least Rs 120000 p.a. as profits.
Documents Required for a Two-Wheeler Loan
Here are the documents required along with the loan application:
- Identity Proof- self-attested copy of the PAN Card / Passport/ Voter ID / Aadhaar Card/ driving license
- Valid identity proof: Any one of passport / Aadhaar card / voters ID card / driving license / PAN card
- Valid address proof: Any one of passport / Aadhaar card / voters ID card / driving license / telephone bill / electricity bill / gas connection bills / ration card/ LIC policy.
- Income proof: ITR / form 16 / pay slip / salary credit in bank statement
- Asset proof: Latest land/building/house tax receipt
- Recent passport size photo
Steps to apply for a two-wheeler loan online
Step 1: Once you have finalized Muthoot Capital as your loan partner, visit our website to check your EMIs.
Step 2: Calculate your two-wheeler loan EMI using our free two-wheeler loan calculator. This tool is available 24×7 on our website. It calculates the EMIs based on the loan amount, tenure, and the interest rate.
Step 3: Submit your loan application form with your personal information and loan details.
Step 4: Upload your essential documents like identity proof, address proof and bank statements as and when required. You can also deposit them at your nearest Muthoot Blue branch.
Once your loan application and documents are verified, you will be notified of your two-wheeler loan online approval. Muthoot Capital will arrange for an executive to contact you or come to your doorstep for further proceedings.
Online Payment Options
Muthoot Capital offers you the facility to make all payments online post-approval. You can do so on our website with the available payment modes. You can also download the Muthoot Blue app on your smartphone and then go through the payment process as directed.
Also Read- How to Find Out the Best Two Wheeler Loan at a Lower Rate?
Standard online payment options like debit and credit cards, UPI payments, digital wallets, net banking, and mobile banking are available.
Ensure that all the details in your application form and the required documents are in order for quick two-wheeler loan approval. With online application and approval, the process is easy. Visit the Muthoot Capital two wheeler loan page to understand the eligibility, requirements and terms. You can even call us at 1800 102 1616 to have our two wheeler loan representative guide you through the process and intimate you of all the terms of the loan.
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