Two Wheeler Loan Fees and Charges

Two Wheeler Loan Fees and Charges involve one-time processing charges, document charges and foreclosure charges. The two-wheeler loan processing fee is imposed as a fragment of the sought loan amount when applying for the loan. The document charges are also applied at the time of application and depend on the applicant’s scheme. Nominal foreclosure charges are applied when the loan is closed before the due date.

Go for a two-wheeler loan with lower interest rates and buy your dream bike without straining your pocket. When you apply for a two-wheeler loan with Muthoot Capital, you get to avail yourself of flexible loan tenure, maximum loan disbursement, and interest rates starting from 0.99%.

Charges for Two Wheeler Loan Process

The charges applicable on the loan amount include the following two wheeler loan fees and charges listed below:

• Document Charges – The document charges are also mandatory to be paid before the loan is sanctioned. The charges are applied at the time of the document submission and are nominal. The document charges applied on the two-wheeler loan depend on the scheme the applicant selected.
• Foreclosure Fees – A foreclosure fee is a minimal charge that is applied when an applicant pays the loan before the due date. The foreclosure fee is also identified as a prepayment charge applied when the complete loan is paid earlier than the scheduled repayment tenure.
• Interest Rate – The interest rate charged is paid along with the monthly EMI slated to repay the loan. Muthoot Capital offers interest rates starting at 0.99% for two-wheeler loans.
• Processing Charges – The two-wheeler loan processing fee is applied to the applicant’s overall loan amount and varies between 1 to 4% (varies basis schemes). This charge is paid at the time of application and allows further loan proceedings. The processing charges applied to depend on the scheme the applicant selects.

Eligibility Criteria and Documents for Applying Two Wheeler Loan

The eligibility criteria outlined by Muthoot Capital to avail of a two-wheeler finance is listed below:

• The applicant must either be self-employed or salaried to take the bike loan
• The salaried individual must have a yearly income of 96,000 and a self-employed individual must earn 1,20,000 annually to be eligible for the loan
• The minimum age requirement is 18 years at the time of applying for the loan and the maximum age is 65 years by the time of the loan repayment
• The applicant must have KYC documents while applying for the loan

Documents required at the time of applying for a two-wheeler loan are listed below:

• Valid Identity Proof- Any government issued ID like Aadhar Card, Voters ID Card, Passport or Driving Licence
• Valid Address Proof- Aadhar Card, Voters ID Card, Passport, Driving License or Ration Card can be used
• Valid Income Proof- For income proof Bank Statements, ITR’s, Salary Slips or Form 16
• You must have Asset proof and some recent passport size photograph of yours

Terms and Condition for Two Wheeler Loan Process

Getting a two-wheeler loan with Muthoot Capital is easy, however, you must know the following terms and conditions before applying for the loan.

• Some charges will be applied over the interest rates charged on the specific loan amount like the foreclosure, processing and documentation fee
• The interest will be paid on the principal amount and the loan must be paid in the form of an EMI’s
• The loan amount will be disbursed for a particular tenure and specific interest rates will be charged
• The maximum repayment tenure is set to be 48 months by Muthoot Capital and some nominal foreclosure charges will be applied if the loan is closed before the due date

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