To have a two-wheeler is a dream of many, irrespective of which age group they belong. But the dream has a lot of financial strain to it if you pay the entire sum at one go. Muthoot Capital has made the whole process easy by smoothening the process and affordable two wheeler loan interest rate. This article will give a summary of the essential things that need to be considered while applying for a two-wheeler loan.
Eligibility Criteria for Two-Wheeler Loans:
There are specific eligibility criteria that the person needs to fulfil to apply for a two-wheeler loan under Muthoot Capital, some of them are mentioned below in the list:
● Occupation- The person applying for loans should be a salaried individual or a self-employed individual.
● Age Group- Not everyone can apply for a loan; only people belonging to the age group of 18 years to 65 years can apply.
● Residence- The person needs to have a permanent address where he is residing for at least a minimum of 1 year. Relevant documents to be applied to prove it.
● Employment stability- The person worked for a minimum of 1 year.
● Connection- People who have a telephone or landline connection.
● Income Range- Minimum net income of Rs.96000/- p.a. for salaried profile / net profit of Rs. 1,20,000/- p.a. for self-employed profile
Required Documents
While applying for a two wheeler loans under Muthoot Capital, the person is advised to carry some official documents which are listed below:
● Identity Proof- To confirm the identity, the passport, PAN card, Aadhaar card, driving license or voter ID card must be provided.
● Address Proof- To confirm the address of the person either one of the following documents much be offered such as PAN card, Voter ID card, driving license, Passport or Aadhaar card must be provided.
● Income proof- ITR, payslip, form 16, or salary credit in bank statement must be carried.
● Photo- any passport size picture of the person who is applying for a loan.
● Asset Proof- The latest land, building or house tax receipt.
Steps to Apply for The Loan:
Ensure you follow the steps mentioned below while applying for a two-wheeler loan:
● The Amount- Before applying for the loan, the person should assess the exact amount he/she is required. After, reaching a decision, apply for the loan and the best package for your bike.
● Eligibility- before applying for a two-wheeler bike loan, the person should thoroughly swipe through the eligibility criteria to avoid unnecessary hassle. There is also an EMI calculator, choose the tenure or down payment option which acts to your absolute advantage, to create a smooth repayment plan.
● Application form- This part is extremely crucial. Read and input the correct data in the application form. One small correction or minor change can be the cause of unnecessary trouble.
● The finality- After the loan is approved, read the contract carefully and then sign it.
Bike Loan Interest Rates from Various Banks:
Some bike Loan interest rates are provided below:
SBI: 12.65%
HDFC: 14.03%
PNB: 10.70%
Baja Auto Finance: 11.60%
Induslnd bank: 12.00%
Allahabad Bank: 11.80%
Andhra bank: 10.35%
Bank of India: 7.75%
Union Bank of India: 11.55%
United Bank of India: 11.00%
Corporation Bank: 12.35%
Indian bank: 9.65%
Karnataka bank: 13.85%
Jammu and Kashmir bank: 9.65%
Canara bank: 13.55%
Tata Capital: 10.75%
Advantages of Two-Wheeler Loans:
Some of the advantages of two-wheeler loans
● The loans would be approved as fast as possible without any hassle.
● The interest rates are affordable and are not usually exceeding the charts.
● The repayment options are quite flexible and usually range from 12 to 48 months. There are special schemes which will suit the needs of everyone.
● Low down payment and EMI options which will work at the customer’s advantage.
● Muthoot Capital provides loans under an income base, no income base, and asset proof base.
● The form is quite lucid, and no extra documents are asked.
Additional Charges to Consider
● Pre-payment charges- certain charges are to be paid if you want to pay the full loan sum at a go. These charges are negligible in the case of two-wheeler loans, or no amount at all.
● Processing fee- these charges are to be paid during the time of the form filling process; these charges are usually non-refundable and necessary. The pay varies depending on the object.
● Late Payment Penalties- if you cannot pay the EMI at the given time, these charges will be added.
● Other charges- Depending on the company, other charges might be added.
Conclusion
If you desire a two-wheeler, now, it is straightforward to achieve that desire. You have to apply for a two-wheeler loan and ensure you give the right information and submit the proper documents. Muthoot Capital has made it easy with its easy application process.