Bike Loan Interest Rate at Muthoot Fincorp
At Muthoot FinCorp, we understand that when you buy a two-wheeler on a loan; you are taking a risk to fulfil a dream. We aim to offer maximum ease of repayment of the two-wheeler loan. Hence, Muthoot FinCorp offers affordable two-wheeler loans to its esteemed customers.
We offer two-wheeler loans at attractive interest rates starting from 0.99% with a 100%* financing of the bike’s on-road value.
What are the Additional Benefits of Two Wheeler Loan Interest Rate at Muthoot FinCorp?
Muthoot FinCorp’s two-wheeler loan comes with a host of features. Along with low interest rates and seamless processing, you get the following benefits:
- Avail up to 100% financing of your chosen vehicle’s on road value.
- Choose a repayment tenure ranging from 12 to 48 months.
- Find two-wheeler loan schemes with interest rate starting from 0.99% per annum.
- Enjoy quick application, easy documentation and hassle-free processing.
- Use the Muthoot Capital app to get answers to your questions, stay updated on your loan and track payments anytime and anywhere
How is Interest Calculated on Bike Loan?
Muthoot FinCorp calculates individual interest rates for every individual loan by factoring in eligibility. We offer competitive 2 wheeler interest rates, starting at 0.99% per annum.
There are two types of two-wheeler loans available at Muthoot FinCorp categorized according to eligibility:
- Income-based loans – Your proof of income becomes an important factor in determining your eligibility.
- No-income based loans – There is no requirement of proof of income under this loan scheme.
A simple interest method helps to calculate the interest on the bike loan.
Two Wheeler Loan Miscellaneous Charges
Muthoot FinCorp’s two-wheeler loans are founded on a commitment to empower our customers to rise above their ordinariness with grit and determination. Our two-wheeler loan interest rates are minimal with a one time processing charge of 0.5-5% of the loan value.
At the time of application, our representative will guide you through the process. To know more about our application fee and processing charges, call us at 1800 102 1616 or visit your nearest Muthoot FinCorp branch.
How to Apply for Two Wheeler Loan Online?
We are happy that you trust Muthoot FinCorp for the financing of your two-wheeler loan. Here are the steps you should follow to apply for a two-wheeler loan:
Step 1: Click on the apply now button on the top-right corner of our website.
Step 2: Fill in your name, email address and phone number on the application form.
Step 3: You will receive a One Time Password (OTP) on your phone. Fill out the OTP on the form.
Step 4: You will then be requested to choose your preferred brand, click continue.
Step 5: Choose the state you reside in and click continue.
Step 6: Choose your district.
Step 7: On the next screen, use the slider to fill in the income details and the loan amount you require.
Step 9: You will receive an SMS with a reference number. Use this reference number to follow-up on your inquiry.
Our representative will connect with you to help you with the completion of your bike loan online application process.
Frequently Asked Questions
Muthoot FinCorp ensures that your two-wheeler loan is cost-effective and convenient. We only ask for a nominal fee for the processing of the loan which is between 0.5-5% of the loan amount. This fee is only applicable during the application of the loan.
Our 2 wheeler interest rates start at 0.99%* per annum. The interest rate for each loan differs from another since it is primarily based on the principal amount and the eligibility of the borrower.
Here are the factors that affect the two wheeler loan interest rate:
- Borrower’s eligibility: Muthoot FinCorp’s two-wheeler loans start from 0.99%* per annum. The interest rate on each loan is decided by assessing the eligibility of the applicant.
- Principal amount: The principal amount is one of the prime factors for calculating the interest rate on the two-wheeler loan. As the loan amount increases, the interest rate rises and vice versa.
Compare the interest rates of our various two-wheeler loans using the Muthoot Two-wheeler loan EMI calculator. Upon furnishing basic information this calculator populates a comprehensive table.
This table displays the tenure and interest rates offered by our schemes, based on your provided information. Compare the interest rates and choose the scheme with offers the lowest two-wheeler loan interest rate.
The applicant is only required to pay the application and processing fee when taking a two-wheeler loan at Muthoot FinCorp. The processing fee is calculated at 0.5-5% of the loan amount. All such information will be intimated to the applicant by our representative.
Visit your nearest Muthoot FinCorp branch or call us at 1800 102 1616 for further details.
What Documents are required to avail gold loan on EMI?
Though you can use our Gold Loan calculator to calculate the EMI, you will require to submit a certain documents availing a gold loan on EMI:
- Original proof of identification. Any of the following are acceptable:
- Govt of India election ID card with address proof
- PAN card and address proof
- Driver’s licence
- Any Govt departmental ID card
- We are bound by and follow KYC norms as per the regulator’s guidelines
Please call our customer care representative at 1800 102 1616 or visit your nearest Muthoot FinCorp branch to know more.