In the olden days, buying a bike was a complicated affair. You would have to go from shop to shop, sometimes even travelling to different states to get the best deals possible. It was a physically exhausting process.
Moreover, individuals had to pay for the entire bike upfront, making it harder for people who could not afford it.
With finance nowadays, buying bikes has become a much simpler process as individuals can easily buy bike on EMI.
EMI or Equated Monthly Instalment is a payment plan that helps individuals pay for a product in small regular payments, rather than paying the whole amount at once. EMI includes both principal and interest components and is usually paid monthly.
How to buy bike on EMI?
To buy a bike on EMI, follow the below steps:
1. Check Eligibility Criteria
To avail of a loan on EMI, the first thing individuals can do is check the eligibility criteria of different lenders. Different lenders will have different eligibility criteria.
The eligibility is evaluated based on certain factors such as residential status, age, income, credit score, etc.
Before taking a loan, individuals must determine whether they will qualify for the loan.
With Muthoot Capital, the eligibility criteria are easy to meet. To get information about their eligibility criteria, click here.
2. Compute EMI
Once you have checked the eligibility criteria, calculate the EMI.
To get an estimated EMI amount, you can use an EMI calculator.
EMI calculator is a free tool that helps compute the approximate monthly payments(EMI) on a bike loan.
Once individuals enter the loan amount required, the interest rate, and the tenure, the calculator will automatically give the EMI.
Before you buy a bike on EMI, it is crucial to estimate the costs involved, and this calculator will help you do just that.
With Muthoot Capital’s two-wheeler EMI calculator, you can easily calculate your monthly cost at the click of a button.
3. Apply for Loan Online
After checking your eligibility criteria and computing the approx EMI payments, you can go on the lender’s website and apply there.
With Muthoot Capital, the online loan process is seamless, and the loan gets approved quickly with minimal documentation requirements.
To apply for a loan with Muthoot Capital, follow the below steps:
- Visit the app or website and click on apply now for a two-wheeler loan.
- Fill in the details asked in the application form.
- Select the preferred brand for the bike and the state and district where you reside.
- Fill in the loan amount required by you.
After the procedure is completed, a Muthoot Capital representative will contact you for further process.
Nowadays, taking a bike loan is much simpler than before as you can apply for a bike loan without physically going to the loan provider.
One of the benefits of taking a bike loan is that you can buy your dream bike in a few steps. This form of loan is quite convenient, especially when looking for a quick way to get a good deal on your bike.
The best part is that the repayment period for a bike loan is more flexible than other traditional loan options.
Moreover, as you are paying in installments at specific intervals, you can always budget what you are spending on your bike.
With Muthoot Capital, getting a bike loan is hassle-free, at attractive interest rates, minimal documentation, and perfect customer service. To know more about the bike loan, click here.
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