Benefits of Two-Wheeler loan from Muthoot Fincorp
Are you planning to buy your dream bike, but do not want to dip into your savings? If so, getting a 2-wheeler loan may be the best option to manage your finances. You can apply for a two-wheeler loan through Muthoot FinCorp which offers up to 100% of the vehicle’s on-road price as a loan. With interest rates as low as 0.99% and flexible tenure options, you can conveniently make timely repayments without putting any burden on your savings or investments.
The best part about a 2-wheeler loan from Muthoot FinCorp is that it is unsecured, which means that you do not have to pledge your asset with considerable value as collateral. However, your qualification for a 2 wheeler loan depends on factors such as age, income, credit score, current financial obligations, etc. To get a higher loan amount and affordable interest rate, you will have to show a stable income and maintain a healthy credit score.
Top benefits of getting a 2-wheeler loan from Muthoot FinCorp
Muthoot FinCorp’s 2-wheeler loan comes with several features and benefits that you can avail yourself, which are:
Maximum loan amount
The best part about the Muthoot FinCorp’s 2-wheeler loan is that you can secure up to the entire value of your bike as a loan. It means that you can buy your dream bike regardless of the market prices. However, it is worth noting that the loan amount has a direct impact on the interest rate. You may have to incur a higher interest rate for opting for a higher loan amount. If you desire to secure the lowest interest rate, it would be wise to apply for a lower loan amount and pay part of your bike’s price from your pocket.
Affordable interest rate
Another benefit of getting a 2-wheeler loan from Muthoot FinCorp is that you can avail yourself of affordable interest rates. The interest rates start from as low as 0.99%, but the interest rate depends on your age, income, credit score, etc. To secure a lower interest rate, it is crucial to maintain a minimum CIBIL score of 750. You will also have to have a stable income that indicates a higher repayment capacity.
Quick loan approval and disbursement
While applying for a 2-wheeler loan from Muthoot FinCorp, you can enjoy quick approval and disbursement facility. To apply for a loan, you will need to visit your lender’s website and share your details. A representative of Muthoot FinCorp will contact you to complete your application. You can also visit a nearby branch or contact a representative at the dealership.
After submitting your application with the relevant documents, allow Muthoot FinCorp to run a verification check. If everything is in proper order, your application will be approved, and the sanctioned loan amount will be disbursed to your bank account within hours.
Relaxed eligibility norms
Applying for a 2-wheeler loan from Muthoot FinCorp is easy and convenient. You will have to meet the underlying criteria to get a loan:
- You must be an Indian citizen currently living in one of the Indian cities.
- You must be a salaried employee of an organization or a self-employed professional.
- You must be at least 18 years old while applying for a 2-wheeler loan or 65 years old at the end of the loan tenure.
- You must show a minimum salary of Rs. 96000/- per annum or a yearly business income of Rs. 120,000/-.
To get approval for a 2-wheeler loan, you will need to meet the above-said requirements, but if you wish to secure a lower interest rate, the higher your income, the greater your chances.
To apply for a two-wheeler loan from Muthoot FinCorp, you will have to submit a few mandatory documents, such as:
- Identification proof: Aadhaar Card, Passport, PAN Card, Voters ID Card, Driving License (Any one of them)
- Address proof: Passport, Electricity Bill, Water Bill, Telephone Bill, Aadhaar Card, Driving License, Ration Card (Any one of them)
- Age proof: Aadhaar Card, Passport, Voters ID Card (Any one of them)
- Income proof: Salary Slips, Bank statement, Income Tax Returns (ITR), or Form 16.
- Asset proof: Property documents to process your 2-wheeler loan
- A recent passport-sized photograph
A 2-wheeler loan from Muthoot FinCorp is the best way to manage your finances. You can secure a higher loan amount at the lowest interest rate. However, before applying for a two-wheeler loan, make sure to assess your needs and affordability through a two-wheeler loan EMI calculator.
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