When it comes to getting a two-wheeler loan, there are several things that you should consider before making a decision. Here are the top four things to keep in mind:
- Interest rate: One of the most important things to consider when getting a two-wheeler loan is the interest rate. The interest rate is the amount of money that you will have to pay in addition to the principal amount of the loan. The lower the interest rate, the lower your monthly payments will be. It’s important to compare interest rates from different lenders to find the best deal.
- Loan tenure: Another important thing to consider is the loan tenure, which is the period of time over which you will be repaying the loan. The longer the loan tenure, the lower your monthly payments will be, but the more interest you will pay overall. Therefore, you should consider how much you can afford to pay each month and choose a loan tenure that fits your budget.
- Down payment: Many lenders will require you to make a down payment when you take out a two-wheeler loan. This is the amount of money that you will have to pay upfront before the loan is approved. The larger the down payment, the lower the overall cost of the loan will be. Therefore, it’s important to consider how much money you have available for a down payment before applying for a bike loan.
- Credit score: Your credit score is another important factor to consider when getting a two-wheeler loan. Your credit score is a measure of your creditworthiness and it will affect the interest rate that you are offered. The higher your credit score, the better the interest rate will be. If you have a low credit score, you may have to pay a higher interest rate or may not be approved for a loan at all. Therefore, it’s important to check your credit score before applying for a loan.
In addition to the above factors, it’s also important to consider the type of two-wheeler you want to purchase, the brand and the model, the features and the budget.
When considering a two-wheeler loan, it’s important to do your research and shop around for the best deal. By taking the time to consider these four things, you can ensure that you get a loan that fits your needs and budget.
Muthoot Capital Services Limited is a subsidiary of Muthoot Finance Limited, which is a non-banking financial company (NBFC) that offers various financial products and services. One of the products offered by Muthoot Capital is a two-wheeler loan.
A two-wheeler loan from Muthoot Capital can be used to purchase a new or used two-wheeler, such as a motorcycle or scooter. The loan can be used to cover the cost of the vehicle, including taxes and registration fees.
The loan from Muthoot Capital can be availed by both salaried and self-employed individuals. The applicants are required to submit necessary documents such as ID proof, address proof, salary proof, and income tax returns.
The interest rate for a two-wheeler loan from Muthoot Capital is competitive and varies depending on the applicant’s credit score, income, and other factors. The company also offers flexible repayment options, with loan tenures ranging from 12 to 36 months.
Muthoot Capital also offers some additional benefits such as low processing fee, fast and easy loan disbursal, and minimal documentation.
It’s worth noting that, like any loan, a two-wheeler loan from Muthoot Capital should be used responsibly. It’s important to make sure that you can afford the monthly payments and that you have a plan to pay off the loan in a timely manner.
Overall, a two-wheeler loan from Muthoot Capital is a good option for individuals looking to purchase a new or used two-wheeler. With competitive interest rates, flexible repayment options, and additional benefits, it can be a convenient way to finance a two-wheeler purchase.