India’s motorcycle market has been growing at a rapid pace for years, with total sales of about 20 million units every year. The latest figures from India’s Bureau of Indian Standards showed that, for the first time in five years, growth was slowing down again, but bikes are still very popular with all segments of the population.
The opportunities for home loan expansion are not just restricted to the early signs of economic recovery, with a growing economy and increasing disposable income. You can also apply for a bike loan and get zooming in no time
- Check eligibility:
Applying for a loan within your eligibility makes it easier to get a quick disbursal. The first thing to do is to check your eligibility for a loan amount. The eligibility is assessed based on a lot of factors such as age, domicile, income proof, credit score, etc. For example, you may be eligible for a loan amount of Rs. 25000 if you are between 21-44 years of age and have full time employment etc. Apply online and get instant feedback regarding your eligibility status.
- Compare interest rates:
Shop around for a good two wheeler loan interest rate as it will have an impact on your overall cost of purchasing the vehicle. However, do not let just a low interest rate sway you. The reputation of the company, transparency about fee and charges, and the customer service offered are equally important factors to consider.
- Structure your EMI:
The monthly payment for a bike loan calculator will vary depending upon the tenure you choose. A two wheeler loan EMI calculator is available on the website of all financing companies. This allows you to adjust the tenure and amount to arrive at a monthly figure that is affordable.
- Apply online:
The first step to getting a bike is to do proper research. After doing that, you will find out what kind of bikes are available in the market right now and which ones you like the most. Once you have done your research and assessed your eligibility, compared interest rates and worked out your monthly commitment with a bike loan calculator, you can go ahead and apply through the financing company’s website.
Getting up close and personal
You could also opt for a dealership application and pick up your bike from them. You can apply for the same from Muthoot Capital’s platform as well. In such cases, your instant application will be displayed on their website as well. The process remains the same as enumerated above, with a few minor changes that take place in the background of our app.
Muthoot Capital offers motorcycle financing solutions that are attuned to the needs of customers in India. We provide flexible and hassle-free credit, right at your doorstep. You can apply for credit on any eligible bike by availing personal loans, bad customer loans, auto loans or home loans from our network of leading banks through Muthoot Capital Customer Loan Application online application facility.