Choosing the right two wheeler can be very tricky, there are many factors that come into play like whether you need a bike or a scooter, what features you would like to have, how much of your budget do you want to invest in this and where do you plan to buy your vehicle from. This article gives you enough details to help you make an informed decision and ultimately choose the best online bike loan yourself.
A finance bike, scooter, or automobile can be availed at a much lower interest rate with the help of Bike Finance. You can now have easy access to the bank offers and detailed information including the payments online on this site, and make your application within a few hours. The loan is also approved within a day and disbursed in a maximum of four days. Before they are given the final approval, you need to submit some important documents, as listed above. Once your loan is finally approved, you need to pay a nominal processing fee for a refundable security deposit (a criterion that varies from brand to brand.)
Muthoot Loan facilitates you to buy any new & registered (which is not more than one year old) two-wheeler of your choice at an attractive interest rate. It comes under Muthoot Capital Services Limited (MCSL), which is a leading NBFC of India. Get detail Muthoot share price news and analysis, Dividend, Bonus Issue, Quarterly results.
EMI or Equated Monthly Installment
The loan is a form of a financial arrangement where the borrower tenders some amount as loan installment, which is then consider as the payment. The require amount is determine based on the amount of the loan, interest rate and tenure. The EMI of a loan is decide based on the loan tenure and interest rate.
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Tenure is the number of months within which you must repay the loan. Your tenure will vary depending on your chosen loan amount and repayment frequency. Worry free repayment is made easy with a monthly EMI that can be set up from Rs. 2,500-10,000 per month.
You know how difficult it is to get a personal loan. Banks and NBFCs often ask for multiple documents and you need to fill up long forms to get the loan from them. Repayment Capacity is our effort to simplify the process of applying for a loan. The calculator takes into account your current income and expenses, other loans you have, and goes through an evaluation of all these factors. It then helps calculate the repayment capacity by telling you how much EMI you can pay and still be comfortable. You can use this information to apply for an optimal personal loan amount with banks and NBFCs.
MCSL Loan Offers
MCSL offers some of the most attractive interest rates in India. It has amassed a clientele that spreads across the length and breadth of the country and has also spread its network of dealers into several states. However, in planning for a two-wheeler loan, owners need to be aware that this loan comes with certain disadvantages which include repayments being more frequent than on other loans; the fact that business houses like MCSL are just starting out so their financial standing may not be too clear; plus there is the issue of very high EMIs and annual percentage rate or APR which can sometimes be as high as 54%.
Lenders check the following documents before sanctioning a loan: Insurance of the vehicle Proof of Residence (ration card, driving license, Voter ID, Passport, credit card bills, electricity bill) Proof of Identity Income Proof (Salary slips for employees. Tax return forms for self-employed professionals) Passport size photographs.
Once you have decided on the motorbike of your choice, it is time to go for financing. There could be instances where your requirements would exceed your budget and in such a case, an expert’s help can prove to be of great value.
Our two wheeler finance can help you select the best type of loan you need, whether it is a personal loan or a business loan. Some of the things that you should know include the repayment capacity, interest rates and duration of each bike loan.