Two Wheeler Loans
Traveling from one place to another quickly for work or personal reasons has become a necessity in the current times. You can facilitate it through cabs, cars or buses. But no transport beats the convenience that bikes can offer you. Two-wheelers are a quick and effective means of transportation that you can use for various purposes. The critical factor which makes it the ideal choice is affordability and accessibility to bike loans with minimal documentation requirements.
Before opting for loans, the EMI of every loan is calculated to determine the finances incurred. With the help of a bike loan EMI calculator, borrowers can calculate the total expenditure outlay while opting for loans on two-wheelers. Let us understand the functioning of the calculator, the eligibility requirements, and the advantages of taking such loans.
What are Two-Wheeler Loans?
A two-wheeler loan refers to a financial aid that helps individuals purchase bikes or scooters of their choice and make the repayment in equated monthly installments (EMI’s). Borrowers can opt for such loans without draining their savings.
At Muthoot FinCorp, you can avail of two-wheeler loans at the lowest interest rates and flexible repayment tenures.
Eligibility Criteria for Taking Bike Loans
For availing of a two-wheeler loan from Muthoot FinCorp, You must fulfill the below-listed eligibility criteria.
The borrower must either be self-employed or salaried to avail of bike loans.
The age limit for availing of such loans is 18 to 35 years.
In the case of a salaried individual, the income must be Rs 96,000 per annum. In the case of salaried individuals, the business income must be at least Rs.1,20,000 yearly.
- Know Your Customer Documents
You must submit various documents such as identity proof, address proof, income proof, and photograph to avail of such loans. These can be presented in the form of passports, driving licenses and salary slips, bank statements, or income tax returns.
Benefits of Availing Bike Loans
Taking two-wheeler loans from Muthoot FinCorp has the following features and benefits.
Muthoot FinCorp offers flexible repayment tenures, ranging between 12 to 48 months.
It offers a quick approval process and disbursements with minimum requirements of paperwork. The borrower can easily apply for a loan online, and a customer care representative will get in touch for the details.
- Accessibility with Muthoot Capital App
Lenders is now using technology to help customers’ needs and demands with changing times. One such way is by the use of loan applications. Using the Muthoot Capital App, you can make repayment of the equated monthly installment easily. Moreover, one can easily stay updated and track the status with the help of the application.
How to use a Bike Loan EMI Calculator
With the help of Muthoot FinCorp’s bike loan EMI calculator, you can quickly determine the installments that you need to repay every month. This can be done by following the steps listed below.
In the first step, you must enter the principal amount or the total loan amount into the calculator.
- Step 2- Selecting the Tenure
Tenure refers to the total time duration for which the two-wheeler loan is availed. In the second step, the borrower needs to select the loan term.
- Step 3- Choosing Interest Rates
There are different interest rates for different categories of loans. These interest rates are influenced by the current market rates, the loan amount, and the borrower’s credit history. In the third step, the borrower must choose the interest rates.
- Step 4- Determination of EMI
After entering the amounts, the calculator will determine the EMI, total amount payable, and a schedule showing amortization. Borrowers can change or adjust the input amounts and get revised figures as per their requirements.
Advantages of the Bike Loan EMI Calculator
The merits of using Muthoot FinCorp’s two-wheeler calculator are listed below.
There are always chances of manual errors while calculating the bike loans EMI payments. Using the calculator, the borrower can use the sliders left or right as per their needs and structure their finances accordingly.
The figures shown in the two-wheeler loans are available in real-time. These are also inclusive of the processing and miscellaneous charges.
With the calculator, you can determine the EMI amount to be paid at different intervals. The borrower can decide the affordability factor and structure of the loan based on the EMI amount.
Also, Read- Quick Tips To Get Instant Approval For Two Wheeler Loan
Muthoot Pappachan Group holds a reputation that reflects high-quality practices, steady growth, and the highest level of customer satisfaction over the decades. Currently, Muthoot FinCorp, one of its flagship companies, is among the largest lending organizations in the country. Our two-wheeler loans are designed to provide the most flexible repayment tenures and attractive interest rates to ensure maximum benefits for the borrowers.