A Complete Guide On Two Wheeler Loan Eligibility And Application Procedure
Two wheelers are an excellent means of transportation for Indian roads. Be it for conveyance, daily commute or be it just a fascination for one’s dream bike, purchasing a two wheeler comes with a sense of freedom and excitement. Be it the utility or be it the experience, two wheelers are simply a great choice when it comes to owning a vehicle. Amidst the recent COVID-19 pandemic, two wheelers are even better for safety as well as convenience.
That being said, when it comes to buying a two wheeler, a person may not want to pay the entire amount of the bike at the time of the purchase. One might also not have the financial capability to pay off the entire purchase amount at one go. Although, all hope is not lost under such circumstances.
In today’s time, there are numerous financing options available for a two wheeler purchase. Two wheeler loans are also a popular choice of bike buyers in India right now. Not only is it convenient and seamless, but the approval chances are great with minimum documentation and two wheeler loan eligibility requirements.
Two Wheeler Loan: The Perfect Financing Option For You
In the next part of this blog, we will discuss all essential details that you need to know about two wheeler loans. From how to apply for such a loan to two wheeler loan interest rates and eligibility, documents etc. we have provided all the information you need if you are planning to buy a bike with a two wheeler loan anytime soon.
How To Apply For A Two Wheeler Loan?
Applying for a two wheeler loan might just be the easiest thing to do in the entire bike purchase procedure. In today’s time, there are so many lenders and banks offering two wheeler finance options. You can apply for a two wheeler loan with the lender of your choice at any point of time you want. The application can be online as well as offline. Here are some of the basic steps to follow when applying for a two wheeler loan.
Step 1: Choose a lender of your choice. This choice will be based upon a variety of factors which are:
- Processing fees
- Two wheeler loan interest rate charges by the particular lender
- Plan benefits
- Customer service
- Options for online or offline applications.
- Loan tenure
- Repayment module and flexibility
You need to compare various lenders based on these points and then make a decision.
Step 2: The next step is to confirm your two wheeler loan eligibility and wait for the application to be approved. Most lenders will confirm your eligibility in just a few minutes, be it online or offline.
Step 3: The third step is to actually apply for the loan. Most lenders enable customers to apply for a two wheeler loan completely online without having to go anywhere or visit any office. You simply need to visit the website of the bank/lender and visit their “two wheeler finance” section.
You can also apply for a two wheeler loan at the dealership grom where you buy the bike. Alternatively, you can visit the lender’s office or bank’s branch and talk to their representatives to apply for the loan.
Step 4: Along with the loan application, you would also need to submit all the essential documents required by the lender for the approval and disbursal of the loan. While the documents required varies upon the lender, some basic documents needed for a two wheeler loan are:
- Identity proof (Voter ID, Aadhar Card, Passport, driver’s license, etc.)
- PAN Card
- Income proof (salary slip or IT returns and bank statements of at least last three months)
- Passport size photographs
- Residence proof (Voter ID, Aadhar Card, etc.)
- Loan application form
Two Wheeler Loan Eligibility: Simple and Seamless
With the right lender, getting a two wheeler loan becomes a cakewalk. Two wheeler loan eligibility requirements are minimum and most lenders need some basic criteria fulfilled. They are:
- Your age must be between 21 and 60 years.
- You must be a citizen and resident of India.
- You must have residential stability for at least a year.
- Now, You must have a stable employment status for at least a year or a business at least 2 years old.
- A good credit score also helps.
With those basic criteria fulfilled, your chances of getting the loan approved is maximum, and buying your dream bike becomes simple and seamless without having to break your bank!