Two Wheeler Loans
Whether you’re in a cab or driving on your own, navigating the city traffic can be time-consuming in peak hours. The bigger the vehicle, the more careful you have to be at every step. But if you’re riding a two-wheeler, it is easier to reach your destination faster and save precious time. Besides quick mobility, owning a bike or a scooter is no less than a blessing in this pandemic when you have to maintain social distancing. If you’re a government employee working in the state, central governments including PSBs, PSUs, Muthoot FinCorp has a special two wheeler loan scheme customized for you.
First Things First, Why the Need for a 2-wheeler Loan?
Sometimes, it is not always manageable to pay the entire amount for buying a two-wheeler from one’s savings or salary. In such a scenario, it is prudent to spread the one-time load on one’s wallet into easy EMIs and manage the relatively modest payouts month by monthly basis. Also, due to COVID-19, it is wiser to park some money aside for any unforeseen emergencies. Why utilize the entire amount to pay for a two-wheeler when you can easily get access to bike finance with top NBFCs like the Muthoot FinCorp. That too, at attractive interest rates starting at just 6.99*.
How to Apply for Two-Wheeler Finance?
The two wheeler market in India has experienced some dip as COVID hit the country but if we look at the performance of the past several years, it has seen stellar growth. In fact, as India restarts, the demand has picked up and two-wheeler companies are busy rolling out great offers. With so many brands and plenty of bike or scooter options to choose from, it is a shopper’s paradise for those who’re eagerly looking to invest in their dream bike or scooter. Given the pandemic situation, this is an ideal time to buy a two-wheeler at incredibly affordable interest rates.
KYL (Know Your Lender)
Before finalizing a lender, do thorough research both offline and online. An ideal lender should offer you a competitive bike loan interest rate and most importantly, it should be trustworthy.
Are you Eligible for a Two-Wheeler Loan?
Different lenders have different eligibility criteria for disbursing two-wheeler loans. While many factors may vary, one of the critical components of all loans is that the borrower should have some regular monthly income and work experience of at least one year. Do check with the individual lender about such requirements.
Know the Benefits
The first thing most of us do when we are planning to buy a bike or a scooter is to use a two-wheeler EMI calculator and immediately check the monthly installment we would be expected to pay. While it is good to get an idea about the approximate EMI, remember that besides EMI there may be other hidden costs as well which should be discussed with the lender. You should also ask about the amount of loan you can get, the tenure, and repayment options – something that is an important component of a bike or a scooter loan. Currently, under its special scheme for government employees, Muthoot FinCorp is offering maximum funding of up to 100%* and flexible payment tenure up to 36 months*. And the best part – the repayment or pre-closure charges are nil.
Apply for the Loan
Most lenders provide the option to initiate the two-wheeler loan process online, followed by a visit to the branch to finalize everything. It is a good practice to interact with a representative at the branch or over the phone and get all your queries about documents and the two-wheeler loan interest rate answered to your satisfaction.
Also, Read– A Complete Guide to Choosing the Best Two Wheeler Loan
Keep the Documents Ready
Find out all the documents that you are expected to submit when applying for the loan. By doing this, you can prepare in advance and speed up the process of laying your hands on your favorite two-wheeler. Generally, you’re expected to produce identity proof and address proof. These requirements may slightly vary from lender to lender so make sure you have checked with the representative about all the paperwork that needs to be done.
We understand that you may have more queries. Please call us on our toll-free number 18001021616 or visit the nearest Muthoot FinCorp branch or meet our representative at your two-wheeler dealership. Spread the message about this special two-wheeler scheme for government employees in your friends and family circles and join us in helping restart India. Together, we can.
* – 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.