Tag: Two Wheeler Finance

What are the Documents Required to Get a Bike Loan?

bike loan

If you are planning to buy a bike with a loan from a private institution or a bank, you must first know which documents will be required to take a loan. Due to the absence of documentary, it may be time to get an exposure of your loan. This will waste your time. Therefore it is necessary to collect all the necessary documents before applying for a bike loan. To get approved loan, lender seeks different types of documents from the applicant.

Required Documents For Bike Loan

Applicant must have Income Proof, Identity Card, Resident Proof, Income Tax Return or Form-16, latest salary slip, bank statement, passport and driving license. Also, decide how long you can repay the loan. If you have taken any loan in the previous years, the bank or a private institution also checks the rebate of its payment. 

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Representative’s Visit and Loan Acceptance

After giving all the documents in the bank or a private institution, the Investigator comes to your home or office and again checks the papers you have made available to the bank or a private institution. The applicant is required to meet the bank or a private institution representative’s visit. If he/she asks for some information, then you need to provide information to them.

Check bike loan interest rate and ride your dream bike.

Is It Possible for a Student to Get a Bike Loan?

bike loan

In India, Two wheeler is one of the most used modes of transport. Many people are opting for bike loan nowadays but one must have to meet certain criteria set by the lender to avail a bike loan. If you are a student and want to get a bike loan, so you have to match with following eligibility and criteria:

  • Age- The minimum age to avail a two wheeler loan is 21 years. But there are some lenders which are ready to give loans to 18 years students as well.
  • Credit Score History- A person with a good credit history has more chance of getting two wheeler approval.

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  • Down Payment- Higher the down payment, the higher the chances of bike loan approval.
  • Guarantor- It is easy to get a two wheeler if apply for a loan with a guarantor. But the guarantor has to be in a good and stable job. A guarantor is a person who will be responsible if you couldn’t afford to pay the loan amount.
  • Part-Time Job- Mostly lenders wants income proof to check borrowers repayment capabilities. Students can show their part time job pay slips.

Students should be wise with Bike Loan Interest Rate because different lenders offers different interest rates. Select lowest from all. There are certain documents that almost every lender needs like ID proof (PAN card), Address proof (Driving license, voter card, passport, utility bill), Income proof (Salary slips for the last 3 months).

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Is Taking a Two Wheeler Loan is Easy Process or Not?

Two Wheeler Loan

Two wheelers are highly popular kind of vehicle in India because everyone can afford it. But, many people don’t have the required amount of money to make payment in a lump sum for a bike. Taking bike finance help from a lender can make the whole process a lot easier.

Online Two Wheeler Loan offers a low rate of interest. Some lenders are also offering upto 90% bike finance as per customer profile. Find and compare best budget bike in India before availing a loan. See how you can apply for a two wheeler loan:

1. Know your Budget – One should plan their repayment before availing a loan.

2. Fill out Loan Application – After making plan for yourself fill correct details in the application form that will help the lender to evaluate your creditworthiness.

3. Submit Application Form – The next step after filling the details is to submit the application form online or offline.

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4. Understand Loan Requirements- It is necessary to know about the loan requirements like interest rate, tenor and charges  etc. You should follow guidelines to avoid loan application rejection.

5. Agree to the Terms and Conditions – The last step is to agree to the terms & condition applied by the lender. After that, you will get the required amount for your dream bike.

Conclusion:

In the digital  world, It is very easy to get 2 Wheeler Loan in India. Minimal eligibility criteria makes easy approval of loan.