Know How Do Loan Approvals Work For Two Wheelers

If you plan to buy a bike then make sure that you apply for a bike loan.

When you buy a bike using a bike loan, you would not need to use your savings. Furthermore, with each EMI, your credit score will also get a boost.

How to choose the best two-wheeler loan provider?

Well, that is easy.

All you would need to do is keep the following things in mind –

  • Make sure that the lender has been in business for a while.
  • Ensure that the lender has a good reputation among its past and present clients.
  • Make sure that the lender offers flexible loan repayment options.
  • Make sure that the lender can offer large loan amounts.
  • Make sure that lender provides hassle-free process.
  • Make sure that the customer service cell of the lender is capable of rendering quality assured support to lenders.

How does loan approval work for two-wheelers?

 

You will be able to get a loan for your dream bike if you follow the tips mentioned below –

Choose a lender that offers flexible repayment options:

 

You should apply for a bike loan from a lender that offers flexible loan repayment options.

For instance, you have an excess fund from your Diwali bonus. You want to use it to clear a substantial amount of the loan taken.

Choose a lender that offers flexible loan repayment options. An ideal lender offers customer-centric services. Lenders who offer loan repayment flexibility options are ideal.

Additional Read: Simple Tips To Get Your Two-Wheeler Loan Application Accepted In One Go

You must meet the eligibility criteria of the lender:

 

Every lender has unique eligibility criteria.

Hence, make sure that you are meeting the eligibility criteria of the lender before applying for a loan.

Which parameters can affect a loan applicant’s eligibility?

Well, they are as follows -

  • Age of the bike loan applicant
  • Downpayment made by the loan applicant
  • Monthly income of the loan applicant
  • Financial stability of the loan applicant
  • Previous loan repayment status (if any)
  • The Interest rate of the loan applied
  • Residential address – loan applicants with outstation addresses cannot apply for a bike loan.

Be sure to assess the EMI on your loan amount:

 

Ensure that the EMI is at par with your budget.

How to do that?

The leading lenders have online Bike EMI calculator tools on their official websites.

You can use these tools free of charge and assess the EMI you would have to bear monthly.

This is an important step. Ensure that your EMI on your bike loan is within your budget.

What is the solution if the EMI exceeds your budget?

Well, you would need to apply for a loan with a small principal amount or adjust the tenure period.

Make sure that you have all the necessary documents ready:

 

Before filing a loan application, make sure that you have all the necessary documents at your disposal.

If any paperwork is missing, consult with the loan officer and arrange for alternate documents. Furthermore, make sure that the documents are designated as ‘required’ by the loan officer.

A typical bike loan application will require you to submit the following documents to your preferred lender –

  • KYC documents
  • Your bank statement
  • Your latest salary slips or proof of income
  • Address proof
  • Your latest ITR documents.
Additional Read: How to Check Two Wheeler Loan Application Status?

Conclusion

 

Nothing is more exciting than owning your motorcycle. Hence, if you are planning to buy one, make sure that you get it through a loan. For the best results, remember the tips mentioned above. It is the only way to get the best bike loan. For more details, feel free to contact the loan officer of a reputed lender today.

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