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:
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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.
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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.
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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.
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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.
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Minimum documentation
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
In short
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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