5 Effective Tips to Fund Your Two-Wheeler Purchase
Last Modified: 25-November-2022
Traffic in Indian cities is increasing every day. With hour-long jams now the norm in metro cities, two-wheelers come as a huge blessing. Getting a two-wheeler can not only keep you out of traffic jams but also save fuel costs. They are easier to maintain than cars, cost a lot less, and also require less parking space.
Whether you want an expensive or a cheap two wheeler in India, here are some tips to help fund your purchase.
1. Choose your two-wheeler:
A two-wheeler can cost you anything between a few thousand rupees to over a few lakhs. A gearless scooter is relatively cheaper and more fuel-efficient, easy to navigate through the city. Meanwhile, bikes are more stable and better for long distances, but cost more than scooters.
2. Decide if you want a new two-wheeler:
Once you decide on the product and model you want to buy, you are better placed to decide if you want to buy a new scooter. Several portals provide great deals on almost-new two-wheelers, so you can take a call based on what your requirement is, the kind of offers you are getting, and the usage of the product once you buy it. If this two-wheeler is going to be your primary vehicle, it’s smarter to go for a new one.
3. Decide your budget:
Two-wheelers provide great convenience within the city, but after considering all the expenses included it could cost quite a lot. Before finalizing your purchase, make sure you have sufficient finances. Calculate how much of your disposable income will be spent on the bike loan you take and how much the EMI is going to cost you per month. This EMI calculator can give you a fair idea. Planning your budget is a fundamental part of the buying process. By knowing how much you can afford to spend each month, you can know the amount you need to borrow for the loan and the tenure that costs the least interest.
4. Plan the purchase beforehand:
If you are looking to purchase a two-wheeler this year, you should plan a few months in advance, collect any additional funds to reduce how much you borrow, and get your two-wheeler at the best possible price.
5. Choose Muthoot Capital
One of the best two-wheeler loans in India today is the Muthoot Capital two-wheeler loan. Your eligibility for the loan is determined based on factors like your age, income, credit history, and employment status. You don’t need to have a long credit history for a two-wheeler loan approval. However, having a strong credit score and creditworthiness can help you avail of a two-wheeler loan at the lowest possible rate of interest.
Muthoot Capital gives you attractive two-wheeler financing at interest rates as low as 0.99% per annum without proof of income or collateral.
How to Get a Two-Wheeler Loan Instantly:
- Determine the precise loan value that you need. Evaluate how much you already have and how much more you need to get the best bike loan option.
- Check your creditworthiness and evaluate your options using the EMI calculator on our website.
- Fill out the application form patiently and correctly. If you submit an incomplete or incorrect form, it could slow down the approval process and cause delays for no reason. Your customer support representative can help you complete this process.
- Applying with the help of a guarantor or a co-applicant like a parent or a guardian so that your chances of loan approval are higher.
Once you have met each of these conditions, click on the apply now button on our website or contact our team of experts to start your loan application process.