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Top 7 Advantages To Get A Two-Wheeler Loan Online

Introduction

Two-wheelers are the modern way of life. Everyone wants to have a two-wheeler that can be used for any purpose like daily commute, touring, and even for sports activity. 

However, purchasing your two-wheeler by paying the whole amount at once may not be the best decision. That is why two-wheeler loans are in demand.  

In India, around 75% of two-wheeler purchases are financed by loans. 

According to a report, the Indian two-wheeler loan market is expected to grow at over 11% per year and is expected to be worth $12 billion by 2025. 

Top 7 advantages to get a two-wheeler loan online

Getting a two-wheeler loan online has several benefits. 

The top 7 advantages to get a two-wheeler loan online are:

1. Reduces Financial Burden

Taking a two-wheeler loan to buy a two-wheeler is a smart choice as you can pay for it in instalments. Further, it eliminates the stress of repaying the whole amount at once. You can also choose an EMI that will suit your monthly budget.

2. Quick & Easy Approval

Nowadays, getting a two-wheeler loan is very easy. The process is digital, making it smooth and quick. 

All you need to do is fill out the application, submit your documents, and get your loan approved in under 24 hours. Thus, eliminating the need for standing in line or running around to do so. 

With Muthoot Capital, getting an online two-wheeler loan is easy and seamless.

3. Attractive Interest Rates

One of the most incredible advantages of taking a two-wheeler loan is that they offer attractive interest rates. Though, interest rates differ from lender to lender. 

With Muthoot Capital, you can get a loan with attractive interest rates starting from 0.99% per annum.

4. Minimal Documentation 

The documents required in a two-wheeler loan is minimal, thus avoiding any inconvenience and making the application process shorter.

The standard documents required are identity, address, and income proofs.

5. Flexible Repayment

The longer repayment tenure of two-wheeler loans is a boon for those who want the vehicle with the flexibility of easy monthly instalments. 

Longer tenure means you can repay the loan in fewer EMI’s. However, the interest rates on long tenure loans may be high; therefore, select your tenure smartly as per your financial situation.

With Muthoot Capital, you can opt for a loan with a repayment tenure between 12 to 48 months.

6. Up to 100% Loan Schemes

One of the advantages of getting a two-wheeler loan is that some lenders provide a loan up to 100% of the cost of your two-wheelers.  

However, the loan amount will depend on the borrower’s income, credit score and the two-wheeler the borrower wants to buy. 

With Muthoot Capital, you can get a loan of up to 100% of the cost of the two-wheeler. 

7. Improve Credit Score

Two-wheeler loans are easy to pay, and it is a great way to build your credit score. 

If you are thinking about taking loans for the future, like higher education, marriage, buying a house, etc., this loan will pave the way.

So, pay the loan on time, and it will make a big difference in your credit score.

Conclusion

In India, traffic congestion and narrow roads make two-wheelers popular among riders of all ages. The low maintenance costs, fuel efficiency, and better resale value make two-wheelers a good choice for the rider. 

A two-wheeler loan is an effective way to pay for your two-wheelers in monthly instalments. 

It is easy to apply for a two-wheeler loan as it does not require any collateral, and the documentation requirement is also minimal. Moreover, the EMIs are affordable and easy to pay.

Thus, before taking a loan, consider the 7 advantages to get a two-wheeler loan to make an informed decision. 

To get detailed information about Muthoot Capital’s two-wheeler loan, click here.

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