Simple Tips to Get Your Two-Wheeler Loan Application

Introduction

Two-wheeler vehicles include scooters, bikes, and mopeds. You can use a two-wheeler for up to 1 lakh kilometres, and it can help you reach public transportation. A two-wheeler allows you to navigate the heavy traffic in metropolitan cities and arrive at your workplace on time. However, not everyone has the budget to buy a two-wheeler.

What do you do if you are in such a situation? The answer is simple.

You apply for a two-wheeler loan . The loan helps you get your dream bike without any burden on your finances. The best part about a two-wheeler loan is that you can go in for an amount that is almost 100% of the vehicle’s on-road price. Moreover, you can benefit from the best interest rate with a flexible repayment tenure.

Individuals who require a bike loan can apply for the same online. However, a few tips can help you get your two-wheeler loan application approved quickly and smoothly.

1. Pick the correct type of loan

After you have selected the bike brand and model suitable for your requirements, you need to pick a loan. There are different aspects of a loan , and you must have information about each one of them.

• Loan amount

• EMI

• Repayment tenure

• Interest rate

• Any ongoing festive offers like insurance at a nominal amount, discounted price, gifts, etc.

• Flexibility in the repayment process

2. Know the eligibility criteria

Before you apply for a two-wheeler loan, you must check for your eligibility. If you meet the lender’s eligibility, it is easier to get approval. Most lenders need the borrowers to meet the following eligibility criteria:

• You must be more than 18 years of age when you apply for the loan.

• You must be a citizen of India for at least 12 months. You must also be staying at an address during this period.

• You must be a salaried or self-employed individual earning the minimum income required as per the lender’s policy.

• You must have a good CIBIL score.

• You must have all the necessary documents, including Aadhar Card, salary slips, PAN, employer reference, etc.

3. Calculate the EMI

Once you know that you are eligible for the loan, check the amount you need to pay each month to repay the two-wheeler loan. To determine this amount, you can use the bike EMI calculator. The tool is easy-to-use and available free of cost online. You need to enter the principal loan amount and the rate of interest. Depending on your requirement, you can adjust the repayment tenure between 12 and 60 months to arrive at an estimated EMI.

4. Collect the required documents

Preparing all the documents in advance helps to eliminate any hassles that you may come across during the document verification process. You should keep provisions for alternate paperwork if you misplace an important document.

If you ask the financial institution about the documents they require, you can keep the same ready before you apply for a two-wheeler loan. Lenders mostly provide a checklist for documents that you must keep to complete the loan application process. These documents will include the latest ITR, salary slips, last three months’ bank statements, KYC documents, etc.

5. Apply online

Once your homework is complete, you can simply visit the website of your financial institution and apply for a two-wheeler loan. You must fill out every detail with caution. Moreover, check for erroneous information to increase the chances of securing a loan instantly.

Conclusion

Following the tips mentioned above, you can make your loan application process seamless. However, one of the foremost requisites to get a loan sanctioned easily is by choosing a reputed lender. You can visit the websites of different banks and financing companies to complete your research online. Lenders now let you avail of quick loans at competitive interest rates, making it easier for you to finance your favorite bike without difficulty.

Disclaimer

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