Two wheeler manufacturing is increasing in the country along with global markets, due to which there was an increased demand and sale of two wheelers in the country.
Beginners are now more interested in buying two-wheelers, as they do not take much time and can be used anywhere, rather than choosing a car. This trend has changed the lifestyles of people greatly and has improved their life standards. The increasing demand for the prices of the two-wheeler started coming down to a b that many buyers were in the process of acquiring them, but the lower under people were also now attracted and ways to have two-wheeler other to purchase at a time or to avail new loan service which started in the form of two-wheeler loan.
1st process arrangement
There are a number of things that an applicant should think about before buying a two-wheeler like the color, mileage and price. How much oil consumption comes from the two-wheeler and what happens if it is sold after a certain number of years? Then this will affect its resale value. A primary requirement for customers is the CC the bike has. If a bike has competitive features and is easy to operate, then it may get a good price when it’s being sold in the market.
2nd process arrangement
Lender selection is very important because there is a high competition between the loan providers regarding two-wheelers in the market. There are leading banks in the market who are among the top leading charts to which they also offer a variety of schemes and services with value-added gifts for additional services that will allow customers to get attached to the existing loan provider as companies don’t want to lose the customers. Before availing two-wheelers, there is always a requirement of proper comparison among all lenders, which are preferable regarding rate of interest, loan tenure, age limit, eligibility criteria and other related things.
3rd process arrangement
Credit score is the most important aspect to consider when applying for Muthoot Capital’s two wheeler loan. If there is any discrepancy, we can make changes before time in hand so that we can avail for it two-wheeler loan easily. The next turn comes off the evaluation of the credit score. Credit score plays a vital role as it is primarily third party credit bureaus. To have an excellent affordable loan from the loan providers, there is a need to perform some actions to rebuke the credit score for example, Muthoot Capital’s two wheeler loan are very much sophisticated regarding the credit score evaluation
Here are the eligibility criteria which you have to meet for two wheeler loan application:-
- The applicant’s age must be 21 years old (or 18 years with a co-applicant) and the maximum age limit is 65 years.
- The applicants must be a salaried employee or should be self-employed.
- Minimum of Rs. 50,000 income required per annum.
- A good credit score increases the chances of getting a low interest two wheeler loan. Two wheeler EMI calculator helps you to calculate the loan EMI amount.
- It is necessary to provide a landline number of your residence or office.
List of documents that are required for two wheeler loan:-
- Identity proof: PAN card, passport, aadhar card, driving license or voter ID.
- Address proof: Passport, aadhar card, bank passbook, driving license, electricity bill, phone bill, voter ID card or rental agreement.
- Two recent passport size photographs.
- Latest Income Tax Return (ITR).
- Statement of Bank Account/ Pass Book for last six months.
To get a two wheeler loan, you need to meet eligibility criteria for two wheeler loan and provide the proper documents. However, banks or private lenders will approve the application if you fulfill the criteria. Read through this page to know how to get a bike loan and fill in all the requirements before applying.