In a world where people have to reach places within the shortest period, waiting and getting delayed for public transport is not an option. People choose two-wheeler vehicles as a suitable transportation mode because of their speed, size, and budget. But sometimes, this cost becomes a bit much and might cause some strain in the bank account. For this purpose, Muthoot Capital has come up with two-wheeler loans to help people achieve their desires with almost no hassle and less paperwork. There are many advantages of two wheeler loans; some of them are provided in this article.
THE REASONS
- Comparison – when compared to the interest rates in the market, the interest rates provided by NBFCs are considered to be extremely affordable.
- Easy Interest Rates- Generally, Bank interest rates are higher than that of NBFCs. Bank interest rates can go upto 9% to 20%, compared to that NBFCs charge a negligible amount. The loans get approved faster for two-wheeler vehicles. Some companies also provide remarkable Loan Against Vehicles (LAVs).
- Documents- the documents to be provided are less than the documents that must be shown when opting through a bank. The instructions provided in the form are relatively easy to decipher. Unlike bank loans, this process is not time-consuming and completes with even any minor hassle.
- Beneficial Schemes- NBFC loans come with added benefits, which make them quite approachable and affordable. The most significant change that they made was giving loans based on income and not based on assets as done by the banks. Some provide a flat rate of interest on a loan, under which you can pay the interest on the principal amount till maturity. There is an option of pre-payment, which allows the person to pay the installment early. Other than this, they have included reduced EMI rates, zero interest rate on EMI, long tenure, and hassle-free, quick procedures. Some companies avail top-up offer two-wheeler loans for immediate financing. And this is just the tip of the iceberg when it comes to the benefits.
- Repayment options- the repayment options are flexible and drafted so that it is more beneficial for the customers. They allow very little time for repayment and are strict about the time. On the other hand, NBFCs provides flexible payment schemes that can be extended to more than 60 months.
Bike Loan Interest Rates from Various Banks
Some bike Loan interest rates are provided below:
SBI: 12.65%
HDFC: 14.03%
PNB: 10.70%
Baja Auto Finance: 11.60%
Induslnd bank: 12.00%
Allahabad Bank: 11.80%
Andhra bank: 10.35%
Bank of India: 7.75%
Union Bank of India: 11.55%
United Bank of India: 11.00%
Corporation Bank: 12.35%
Indian bank: 9.65%
Karnataka bank: 13.85%
Jammu and Kashmir bank: 9.65%
Canara bank: 13.55%
Tata Capital: 10.75%
THE ELIGIBILITY CRITERIA
The loans are issued used, keeping in mind the criteria mentioned below:
Occupation- The person applying for loans should be a salaried individual or a self-employed individual.
• Age Group- Not everyone can apply for a loan; only people belonging to the age group of 21 to 60 can apply.
• Residence- The person needs to have a permanent address where he resides for at least a minimum of 1 year. Relevant documents to be applied to prove it.
• Employment stability- The person worked for a minimum of 1 year.
• Connection- People who have a telephone or landline connection.
• Income Range- the person should have a minimum salary of 15000 per month.
EMI Calculator Estimation
Two Wheeler loans EMI calculator has been observed to be useful for the customers who need to plan before applying for the loan. It digitally calculates the loan amount, bike loan interest rate, and principal amount to bring out the payable EMI amount and payable interest amount. It will make the applicant know about the exact amount that he/she needs to pay. This enables the person applying for the loan to make proper arrangements ahead of the given time and pay monthly installments without any hassle as he/she is aware of the amount that needs to be given and will save the amount.
THE CONCLUSION
With the help of two-wheeler loans, it is easier to purchase the car of your choice without any added hassle.
