Two-wheeler/Bike loans are available at the Muthoot Fincorp. The customers can get the Muthoot two-wheeler loans from the institution very conveniently and easily. The interest rates are very low at this financial institution which starts from 0.99%. Form Muthoot Fincorp the loans for bikes are offering up to 100% of the on-road price of the vehicle. The customers who are taking loans for bike loans need not worry about the Tenures and EMI’s also.
Muthoot Capital Bike/ Two-Wheeler Loan
With the tremendous advantages of mobility, the Muthoot capital services are providing you the loans for the two-wheelers. Now the customers can buy their dream bikes.
The components of Two-wheeler loan-
- The interest will be paid on the principal amount.
- The repayment of the loan will be in the form of EMI which is every month installments.
- The bank will disburse the principal amount with a particular time and tenure.
How to Apply for a Two-Wheeler or Bike Loan?
Two-wheeler loan at Muthoot Fincorp by reaching the official web of the bank or it can also be applied by visiting any of the branches of the bank. If not these customers can also meet our representatives at the dealership. By meeting him the customers have to fill all the details in the application form provided by the representative.
Eligibility criteria for applying for two-wheeler loan-
One meeting with the eligibility criteria required for a two-wheeler loan, the bank will approve the loan for the customers. Here are some eligibility requirements needed by the bank from the customers to give the Bike loan.
- The applicant must be salaried or self-employed.
- The age of the applicant should be 18 years or above when taking the loan and should be 65 years of age at the time of maturity of the loan.
- The salary of the loan applicant must be a minimum of Rs.96,000/- per year. Or else the business income should be minimum Rs.1,20,000/- per year.
- KYC documents should be submitted to avail of a two-wheeler loan.
Documentation procedure by Muthoot Fincorp-
- Valid identification
- Valid Address proof
- Proof of property
- Proof of Income
Under this, any one of the following documents can be submitted
- Voter ID card
- Driving License
- Aadhar Card
- PAN Card
Valid Address Proof
To submit the documents for the address proof anyone among the following can be submitted-
- ID Identification documents
- Ration Card
- LIC Policy
- ITR Income Tax Return
- Salary Slips
- Form 16
- Bank statements
Proof of Property-
Under these documents, the applicants can submit the self-owned property document that can be submitted.
Recent passport-sized photographs of the loan account holder should have to be submitted.
Advantage of Bike Loans at Muthoot Fincorp-
There are many advantages of taking a bike loan at the Muthoot Fincorp as, you will get the loan with the very attractive interest rates, tenure periods will also be flexible, and the loan also covers completely 100% of the ex-showroom price of the two-wheeler you are willing to buy. With the convenience of the terms and conditions of the bank, it will allow you to buy the very brand new two-wheeler. Some more advantages are,
- Muthoot Capital App gives you the enhanced convenience
After the approval of the loan, the customers have to start repaying it every month in the form of EMI. Every Month installments of the loan can be done by using the Muthoot Capital app. The customers can download the Muthoot capital app and start repaying the amount with the help of the app.
- Quick disbursal of the loan
After the application of the loan and once the verification of the documents is done the approval and disbursement of the loan will be very fast.
- Provides maximum loan amount
Muthoot finance covers 1005 on-road prices to their customers to buy their dream bikes. This loan will be approved to the applicants with attractive and affordable interest rates.
FAQ’s Frequently Asked Questions-
- Tenure options of MCSL?
The flexible tenure options of the bank are 12-48 months for a two-wheeler loan. The customers can choose the flexible tenure period according to them among the given tenure period.
- How much finance is availed from MCSL Muthoot Capital Services Ltd?
Up to 100% of the loans under specific schemes for specific models will be provided by the Muthoot Capital Services Ltd.
- Can the loan amount be pre-payed?
Yes, the loan account holder can prepay the loan amount to the bank anytime. But for the pre-payment of the loan, some nominal additional charges are applicable.
- How to repay the installments?
The repayment can be done by using NACH. If not you can also download the M-power app on the google store and payment can be done by using UPI/Net Banking/ Debit card.