The social distancing norms of the COVID-19 pandemic necessitate the use of two-wheelers to commute to work rather than using public transportation. Besides that, two-wheelers are the best alternative to navigate through daily traffic. When it comes to buying a two-wheeler, you can dip into your savings or opt for a 2 wheeler loan to manage your finances.
Due to the financial instability induced by the recent pandemic, not everyone can afford to buy a two-wheeler from their savings. Therefore, taking an online two wheeler loan seems to be a better alternative. You can get up to 100% of the bike’s on-road price as a loan. And you may even secure an interest rate as low as 0.99%.
Benefits of applying for a two-wheeler loan
Reduces financial burden
Much of an online two-wheeler loan’s popularity stems from the fact that it significantly reduces the financial burden from your pocket. You can easily make repayments to your lender without constraining your monthly budget. If you take a two-wheeler loan, it would be wise to pay it off in a year. You will be able to make significant savings on interest. If you choose a longer loan tenure, you will have to incur higher interest in the long run, even though you will have a lower EMI.
A quick loan application process
Your days of standing in long queues to get a two-wheeler loan are long gone. You can now apply for an online two-wheeler loan from the comfort of your home. The whole process, from filling in your application, uploading your documents, and checking your credit score, has been digitized. After applying, you can get the sanctioned loan amount within hours of approval.
Improves your credit score
Your credit score is the most crucial parameter considered by your lender to approve your loan applications, such as home loans, car loans, or personal loans. You will have to maintain a healthy credit score to get loans. When you get two-wheeler finance from Muthoot Capital, the total cost of borrowing decreases. You can easily repay the loan amount with interest without hurting your monthly budget. Paying off your two-wheeler is a great opportunity to enhance your credit score and secure loans in the future.
Affordable interest rates
Another benefit of opting for an online two-wheeler loans is that you can avail yourself of affordable interest rates to reduce the financial burden on your monthly budget. However, it is worth noting that the two-wheeler loan interest rate depends on factors, such as your age, income, credit score, current financial obligations, etc. So, if you wish to secure a lower interest rate, make sure that you have a stable income and a healthy credit score.
Minimum eligibility criteria
Anyone with a stable income and a good credit score can get a loan to buy a two-wheeler. Here are the eligibility criteria to get two-wheeler finance from Muthoot Capital:
- You must be at least 18 years old while applying for a two-wheeler loan. And 65 years old at the end of the loan tenure.
- Also You must be a salaried employee of a private or public company or a self-employed individual.
- You must earn a minimum salary of Rs. 96000/- per annum, and if you are a self-employed person, the minimum net income should be Rs. 120,000/- per annum.
So, don’t worry about the funds and buy your dream two-wheeler with Muthoot Capital’s financial support.