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Nothing beats the convenience of a two wheeler when it comes to navigating the traffic. If you want to ride to work, it can just be the right mode of transportation to reduce your commute time significantly. It is also cheaper to maintain a bike and the best part, you never have to worry much about the parking space. Owning a two wheeler is also a prudent choice in this pandemic as it is relatively affordable compared to a four-wheeler and also helps you to limit the coronavirus exposure in any form of public transport. If you’re a salaried individual and want to buy a bike but are unable to go ahead with the decision due to financial woes or you’re someone who just wants to invest in a bike for personal mobility for your family members, you should consider going for a NBFC that offers two wheeler loans with some special benefits. These are testing times and any extra benefit or important features in your two wheeler finance can help reduce the monetary burden.
Choosing the best bike loan interest rate is always on our mind when we are planning to keep the outgoing amount as low as possible. We eagerly punch in the numbers on a bike loan calculator and arrive at the EMI thinking that is what we have to pay. However, sometimes, there is more to a bike loan than just EMIs. Let’s dive deeper.
Loan to Value (LTV) is the amount of loan you can get from a lender in respect to your bike’s ex-showroom price. Some lenders offer up to 75% LTV while some may have provisions to fully fund the 100% amount. If you don’t have access to some funds for the down payment, you can go for the fully financed loan option. Muthoot FinCorp is one NBFC that has recently launched a special two wheeler loan scheme for salaried employees and is offering maximum funding up to 100%*.
Most lenders will offer you varied interest rates based on your credit worthiness (CIBIL score), your yearly and monthly take home salary, and some other variables. So, it is best to reach out to the lender individually and understand their method to calculate the EMI. It is wise to remember here that since these types of loans follow the compound interest formula, even a slight difference in interest rates can mean a heavy EMI payout. Besides the interest rate, there are also prepayment charges and other costs involved that can cost you some more money. To maximize the benefits, try to go for the lender with the lowest interest rate with maximum tenure and of course, little or negligible prepayment fees or other hidden charges. In its special offer, Muthoot FinCorp is currently offering two wheeler loans with the interest rates starting at just 6.99%* and the maximum payment tenure is up to 36 months*.
Once your scooter loan is processed and the EMIs are going out every month smoothly, you don’t have to do much except to stay disciplined in your payment behavior. However, behind a seamless and efficient loan approval to disbursement process lies the power of a great lender. Think about the pre-purchase and after sales service of the lender? Do they’ve a proper customer care team and setup? Do they have a digital presence? Can you easily apply for the loan online? Is the documentation process simple and transparent? Is the lender offering you an easy two wheeler EMI calculator option? Are all your queries answered to your satisfaction? Has the lender informed you about any hidden charges? Is the lender a trusted name in the market? Doing some research and talking to your friends and family, including the customer care representatives of the organization can help you make a good assessment of the lender.
If you’re looking forward to avail the special loan schemes from Muthoot FinCorp, please contact 18001021616 or visit the nearest Muthoot FinCorp branch or meet our representative at your two wheeler dealership. We make it a hassle-free experience for you to avail a bike loan. And we’re at every step of your journey to make it as simple as possible for you. Let’s #RestartIndia together.
* – Please note that terms and conditions apply for the lowest interest rate and maximum funding options. Please get in touch with our representatives to know more about it. We’re eager to answer all your queries.
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All You Need to Know About Bike Loan EMI Calculator and How it Works Read More
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