How Can I Get Loan For Two Wheeler? Here Are Solid Tips.

You no more need to put your dream of going on a bike journey to the mountains of the Himalayas on hold due to financial constraints. Muthoot Capital Services Limited offers an easy and seamless way to get two wheeler loans. It ensures the best two-wheeler loan interest rate available in the market. 

We offer the simplest process to apply for a loan and get the best two wheeler loan interest rate starting at 0.99%. You can get up to 100% of the on-road price of the bike. Get a favorable EMI based on your current finances with our online bike loan calculator. 

If you are applying for a bike loan for the first time, it is crucial to understand the common phrases the lenders use while approving your application. 

Principal Amount: It is also known as the loan amount. It is the amount disbursed by the bank against which an interest rate is paid on monthly basis. 

Interest Rate: A certain percentage of the principal amount is decided for you to pay which is called an interest rate. 

EMI: Equated Monthly Instalment is the amount (a part of principal amount and interest applied on loan) that you are to pay the lender every month. 

Loan Tenure: It is the duration within which you must repay the loan amount. You can choose a repayment tenure from 24 to 48 months at MCSL. 

Processing Fee: It is a one-time fee levied for processing your loan application. 

Documents mandated by the Reserve Bank of India 
 

• Valid Identification Proof such as Passport, Aadhaar Card, PAN Card, or Voters ID Card

• Electricity Bill, Ration Card, or Aadhaar Card as address proof. 

• Either bank account statement where salary is credited to or form 16, ITR as proof of income.

• Tax receipt of the property if you applying for a two-wheeler loan based on your assets.   

• A recent passport size photograph. 

The procedure to apply for two wheeler loans online 
 

1. Visit Muthoot Capital’s website and use the bike loan calculator also known as EMI Calculator to choose a loan amount, interest, and tenure to get an EMI. 

2. Click on the ‘Apply’ button 

3. Complete a simple application form by filling in your name, email address, and phone number. 

4. You will then receive a one-time password on your registered mobile number. You will have to fill the OTP in your form and click ‘Submit’. 

5. You will then have to choose your preferred brand from the list and click continue. 

6. Choose your state and district you currently reside in. 

7. You will then be requested to fill in your income details and the loan amount you need. 

8. Now choose your gender and mention your date of birth, and tick the box that contains Muthoot Capital’s privacy policy. 

9. You should receive a reference number on your mobile number for future references. 

A customer care representative will contact you to complete your two-wheeler loan application process. 

Also, the eligibility criteria to apply for two wheeler loans is: 

• You need to be above 18 during the time of application and below 65 at the end of the loan tenure to be eligible. 

• A salaried person with a minimum of Rs. 96000 income pa or a self-employed person with Rs. 120,000 income per anum