Muthoot Capital Services Ltd. Is a non-banking finance company that is a part of the Muthoot Pappachan Group. The company offers consumer and corporate finance products such as two wheeler loans, car loans and three-wheeler loans. Muthoot’s two wheeler loans make it easier for customers to buy a scooter, moped or motorcycle of their choice.
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Muthoot Capital Two Wheeler Loan Features:
Muthoot Capital two-wheeler finance is characterised by:
- Customised plans for borrowers
- Quick and prompt loan approval, which can be as fast as 30 minutes
- Loan approvals of up to 90% of the on-road cost of the vehicle. The minimum amount is Rs. 10,000 and the maximum is Rs. 60,000.
- Loan periods ranging from 1 year to 3 years
- Convenient repayment frequency that allows you to pay EMIs not just monthly but also daily, weekly or fortnightly – whichever time-frame suits you
- Competitive rate of interest
- Special schemes that require no proof of income
Apart from this, those who own debentures of the Muthoot Pappachan Group can get immediate approval of two wheeler loans. If you wish to buy vehicles produced by Honda or Hero Honda, you can avail spot approval of loan.
Also Read: Two Wheeler Insurance.
Muthoot Capital Bike Loan Eligibility Criteria:
Muthoot Capital two wheeler loans are available to:
- Salaried or self-employed persons
- Persons at least 18 years old and at the most 65 years
- Persons with a minimum salary or profits of Rs. 60,000 in a year
- Persons who have stayed at their current address for at least 1 year
- Persons who have been in the same job for not less than 1 year
Documents Required for Muthoot Capital Bike Finance:
To be able to get two-wheeler finance from Muthoot Capital, you need to have the following documents:
- Identity proof: Passport/Voter’s ID/PAN Card/Driving Licence
- Address proof: Passport/Voter’s ID/ Ration card/Driving Licence/Telephone bill/Electricity bill/Gas connection bill/LIC policy
- Income proof: Form 16/ Income Tax Return/Salary slip/Salary, credit card or bank statement
- Asset proof: Latest property tax payment receipt of land, building or house
- Passport-size photo and filled up application form
Interest Rate and Charges for Muthoot Capital Bike Finance:
The rate of interest of Muthoot’s two wheeler loans is dependent on the assessment of risk-level of a customer. This risk profile takes into account the type of two-wheeler, repayment capacity of the customer, other financial commitments and debts of the borrower, repayment history, etc. So it can differ from one borrower to another.
The interest rates in two-wheeler financing is high mainly because of the higher risk of the loan and possibility of the asset not being sufficient to cover the dues in case the customer is unable to repay the loan. The rates for various tenures are as given below:
|Tenure||12 months||18 months||24 months||30 months||36 months|
|Interest rate for each risk range||High||27-28%||27-28%||27-28%||27-28%||27-28%|
|Low||> 24%||> 24%||> 24%||> 24%||> 24%|
Pre-payment charges: You are allowed to close your loan before maturity, but a nominal pre-payment fee will be levied.
Late payment penalty: 3% per month of the EMI compounded monthly until the payment is made
Frequently Asked Questions:
- Does Muthoot require post-dated cheques for EMIs?
Muthoot Capital only accepts cash payments at any of its branches in the country, so no post-dated cheques are required before approval of the loan.
- Do I have to be a member of any other Muthoot schemes to avail the two wheeler loan?
Not at all. However, if you own debentures of the Muthoot Pappachan Group, your loan will be processed faster.
- How will I know what my risk profile is?
Muthoot Capital will cross-check your income and asset proofs, current debts and repayment history to determine what your risk level is. To make it easier, ensure that you provide all relevant documentation to the company.