Two Wheeler Loans
With the ever-increasing traffic jams and busy roads, two-wheelers are a blessing! Not only do they keep your wallet happy but also help you navigate through tight spaces. It’s no surprise that India is one of the largest markets for them because people love to use their bikes on fuel prices constantly fluctuating. But channeling all your savings into purchasing a bike isn’t a financially sound idea. Here’s where 2 wheeler loans step in. Muthoot FinCorp’s Two-wheeler loans are great to fuel your dreams without burning a hole in your pocket. Here are some effective tips to help you avail quick and inexpensive two-wheeler loans:
Fix your budget:
A two-wheeler is a great way to get around, but it can also be expensive. To make sure you have enough money for your new bike, calculate the amount of disposable income that will go towards the 2 wheeler loan and how much interest monthly installments are going to cost per day. You can use the bike loan EMI calculator to get a fair idea. Budgeting for a two-wheeler is an important step in the process. Figuring out how much you can pay every month helps figure out what size of loan and length it should be, so keep that in mind when figuring your budget Also Read: Own A Two-Wheeler With Quick And Easy Bike Finance
Check your credit score
A person with a higher credit score can get better rates of interest for loans than someone who has lower scores. Even though a two-wheeler loan is secured against your bike and it is usually short-term, one’s credit rating does make an impact on the availability and rate of interest associated with that product. A good credit score goes a long way in your personal financial health, especially when it comes to securing loans.
Get Two Wheeler Loan at Lowest Interest Rate – 6.99% – Apply Now
Who is Eligible for Two Wheeler Loan
Here are Muthoot FinCorp’s minimal eligibility conditions an applicant is required to meet to avail of a bike loan:
- The applicant needs to be either self-employed or salaried to get a motorcycle or scooter loan.
- The applicant needs to be 18 years and above at the time of applying for the bike finance and under 65 at the time the loan is repaid.
- The applicant must have a salary of a minimum of Rs 96,000 per annum or a business income of a minimum of Rs 1,20,000 annually.
- KYC documents are required when applying for a scooter of bike finance.
Apply for a Bike Loan at Muthoot FinCorp
It is important to understand your finances well before opting for a two wheeler loan. Muthoot FinCorp offers a free two-wheeler EMI calculator, available 24×7, to make your decision easier. Two-wheeler loans at Muthoot FinCorp, through its sister concern Muthoot Capital Services Limited, start at as low as 0.99%* interest per annum*. You will have complete ease in getting one of the most affordable loans with the minimum risk involved. Walk into your nearest Muthoot FinCorp branch today or just call us on 1800-102-1616.