Two Wheeler Loans
A two-wheeler is an indispensable part of every household. Whether it’s traveling long distances or finding your way through heavy traffic, a ride on your own bike or scooter will get you there faster than any other means. If you’re looking to buy one but are short on savings, don’t worry. 100% bike financing that allows for easy monthly payments with no collateral needed has never been easier. Here are some tips to get your two wheeler finance approved quickly:
Advantages of Taking A Two-Wheeler Loan
- No need to plunge into your savings: You can keep your savings intact and still finance your dream of getting a bike or scooter. Pay off the loan in easy monthly installments, as per your convenience and monthly budgets.
- Helps improve your credit score: A 2-wheeler loan often has lower rates and shorter repayment periods that make them easier to pay off. This feature makes it attractive for young professionals who want to build a strong CIBIL Score with ease.
- Attractive Two Wheeler interest rates: Two-wheeler loans come at attractive interest rates. For example, Muthoot FinCorp offers 100% financing for your next vehicle, starting at 0.99% per annum.
- Easy Process: The old days of waiting in line at the bank are gone. Now, loans can be approved quickly and repayments have been made twice as easy. The approval process has become so efficient that it is now possible to get your 2-wheeler loan disbursed within a few days of your application.
Get Two Wheeler Loan at Lowest Interest Rate – 6.99% – Apply Now
Use Two-Wheeler Loan EMI Calculator To Know Your EMI
A bike loan EMI calculator, available on our website, is the best tool when it comes to planning a bike loan. The bike loan EMI calculator makes it easy to view the EMI amount and compare multiple variations of the loan structure. You can also see an amortization schedule that lists monthly payments, the total cost towards a specific loan, and outstanding balance in one convenient place. The last rupee will be accounted for when you plan with an EMI calculator, ensuring that you remain risk-free during the entire tenure of the two-wheeler finance.
A bike loan EMI calculator populates the amount you need to pay as EMI based on the chosen tenure, interest rate, and principal amount. It follows the mathematical formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P is the principal amount
R is the Rate of Interest
N is the tenure of the loan (in months) or number of EMIs to be paid
The EMI calculator shows an indicative figure, changing in real-time according to each of the above factors. You can view multiple variants of the loan structure to figure out the one which suits your repayment capacity.
Tips You Must Follow While Applying For a Two-Wheeler Loan
Muthoot FinCorp makes two-wheeler loans absolutely easy and stress-free. Our representatives hand-hold you through each step of the process so that there is no room for error. Yet, for an even more comfortable experience, follow these tips to apply for a two-wheeler loan:
- Use the Two-Wheeler Loan EMI Calculator: Using the two-wheeler loan calculator allows you to understand your payments and plan for your loan with ease. In only a few seconds, this calculator presents you with an extensive amortization schedule to help you make an informed decision.
- Understand your eligibility: Ensuring that you meet the eligibility requirements helps you get your loan approved easily. You can find our eligibility conditions on our website or you can call us at 1800 102 1616 to speak with our representative.
- Keep Your Documents in Order: Muthoot FinCorp only asks for minimal documentation. However, to make the process even smoother, it is important that you keep the required documents organized.
- Fill out the application correctly: Our loan representatives will guide you through each requirement of the application form. However, ensure that you fill in all your information correctly and to the best of your knowledge.
Muthoot FinCorp offers up to 100% of its value in finance for two-wheeler purchases, based on the applicant’s eligibility, with an easy application process that takes only a few minutes. Call us at 1800 102 1616 or walk into your nearest Muthoot FinCorp branch to speak to our representative today.