Today, all over the world, numerous people use bikes for their regular transport. However, these bikes are most often expensive, and buyers are always looking for ways to finance the purchase of these bikes.
Bikes are essential for a smooth commute, but it is often difficult to buy one because of insufficient funds to do so.
If you need a bike, but do not have sufficient funds, you can avail of a loan. Nowadays, bike loans are available online, and you can easily avail yourself of one.
There are many ways to get a bike loan, one of the easiest and most convenient ways is online. Earlier you would have to visit a bank in person to get a loan, but now with online loans, you can quickly apply from the comfort of your home.
Factors to consider before applying for an online bike loan
To get an online bike loan, there are some factors that you can keep in mind before applying for the same.
1. Credibility of the lender
It is easy to be overwhelmed by the many choices of online bike loans, but it is crucial to compare different lenders.
The lender’s credibility can also be checked before making a final decision.
Muthoot Capital is a trusted provider of bike loans. They have an easy loan approval process with minimum documentation. They also offer attractive interest rates to customers with bike finance of up to 100% of the cost of the bike.
2. Eligibility criteria
Many factors determine eligibility for a loan. The eligibility of a loan applicant depends on the bank/NBFC. However, for most platforms, the standards are almost the same.
With Muthoot Capital, the eligibility criteria are:
- Any resident Indian (whether salaried/self-employed person) can get an online bike loan.
- The minimum annual income of salaried individuals should be Rs. 96,000, and the minimum annual profit of self-employed people should be Rs. 1,20,000.
- Individuals should be between 18 years (at the time of application) and 65 years (at the end of the loan tenure).
- Applicants must have a good credit score. Generally, a score above 750 is considered good on a scale of 300-900.
3. Documentation requirement
As with other loans, an online bike loan will also require you to submit some documents. Fortunately, the documents are minimal, so the application process is shorter.
Each lender has specific requirements for the documents they need. They may include identity, income and address proofs, and photographs.
With Muthoot Capital, the documents required are:
- For identity proof: Voter ID card/Driving licence/PAN card/Passport/Aadhaar card.
- For address proof: Voter ID card/Passport/Driving licence/Aadhaar card/ Utility bills/LIC policy/Ration card.
- For income proof: ITR/ Salary credit in a bank statement or payslip.
- For asset proof: Latest building/land/house tax receipt
- Recent passport size photo
4. Interest rates
When you are looking to avail of an online bike loan, comparing the interest rates offered by each lender is crucial. Interest rates vary depending on how much you want to borrow, your credit score, and the model of the bike.
So, make sure to compare the interest rates being offered and select the one that offers you the best interest rate.
With Muthoot Capital, getting an online bike loan is easy and seamless, with attractive Bike loan interest rates starting at 0.99%.
5. Other charges
To get the best rates on your online bike loans, find out what other fees a lender might charge. Lenders can charge a processing fee for processing your application and may also charge a foreclosure fee for prepayment.
With Muthoot Capital, the processing and foreclosure fees are very minimal.
Conclusion
Bike loans are the best option for individuals who require a bike. Bike loans enable them to pay in monthly instalments and make their dream of owning a bike come true. The loan process is quick and easy when compared to other loans.
Now that you know everything you need to know about applying for an online bike loan, go ahead and do so. Bringing your dream bike home is just a few clicks away now.
With Muthoot Capital, taking an online bike loan is seamless; the loan is approved within a few days once the application and documents are submitted. To get detailed information on a bike loan.