India is the world’s biggest two-wheeler market and has a huge potential for growth. The government is investing heavily in rural development, with roads improving connectivity to help business and education.
The Indian economy is going through a phase of transition in recent times. The banking sector is being aggressive in disbursing loans to consumers who are flooded with attractive loan offers every day. To take advantage of this situation, it gives them an opportunity to upgrade their lifestyle by taking a loan for a new house, fancy gadgets, and automobiles without depleting their capital reserve. In this paper, attention will be paid to two wheeler loans as they saw a huge surge in demand as one can buy a scooter or a bike relatively quickly without investing huge amount.
Tired of not being able to afford the motorbikes of your dreams? Apply for a bike loan and get zipping in no time. With a rapidly growing economy and higher disposable income, not just the scale but the diversity of motorbikes are increasing too. Whether you want to get the adrenaline rush with a sports bike or have the best mileage for your ride, you can apply for bike loan and be zipping in no time.
In order to apply for a loan amount, you need to check your eligibility. First of all, it depends on your age, domicile and income proof. You can also check your credit score online so that you can know how much loan amount you will be getting.
Applying for a loan within your bike loan eligibility makes it easier to get an early disbursal.
Compare interest rates
When it comes to purchasing a two wheeler, it is essential to shop around and compare rates. This will have an impact on the overall cost of your ride. However, do not just look at low interest rates. Other factors such as customer service and transparency are equally important when choosing the right bank for your needs.
Structure your EMI
You should not make any hasty decisions while looking for EMI amounts. It is better to think long-term rather than just only a few days at the time of loan approval. The future of your family depends on how well you manage your finances.
Before you apply for a bike loan, you need to do your research and assess your eligibility. Find out which bike is the best fit for you before comparing interest rates, monthly payments and even your credit score. Once you know everything, go ahead and apply through the financing company’s website.
Getting up close and personal
If you want to get a feel of what your ride will look like and pick it up from a dealership, or get one at the wholesale market, you could make an instant application with the dealer as well. Muthoot Capital offers you the flexibility to apply for bike loans in a way that is most convenient to you.
Advantages of Taking a Bike Loan on EMI
- The Muthoot Capital Bike loans are offered at attractive interest rates and low cost EMIs make it easier to repay the loan. Loans with progressive EMI schemes ensures timely repayments from the borrower, to help achieve your financial goals.
- If the borrower is unable to make payments and defaults on the loan, the bank can seize a certain portion of your property as collateral. A small amount of money can be paid out in the form of an initial down payment reducing address to many who have fallen into debt so that their property may be repossessed by the bank.
- Repayment tenure can extend up to five years which results in lower EMIs every month. Even if you intend to settle the loan, you will get the same benefits.
- You can make your mortgage application easy and quick when you choose a conventional loan. You will be able to avoid some of the paperwork that often comes with a streamline refinance, including appraisal documents, home inspection reports, and closing statements.
- We have a bike loan calculator which lets you calculate the rate of interest and EMIs you can afford every month for your bike financing. The simple and easy to use tool will help you choose the most suitable plan.
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