A two-wheeler loan is your saviour in such cases. And, nowadays, getting finance for your bike has become smoother and quicker than ever.
Steps to Apply for a Two Wheeler Loan
Similar to all the other kinds of loan application procedures, a bike loan application procedure likewise follows these steps:
- Finding a suitable lender
- Checking for your eligibility
- Applying for loan
- Loan approval
Finding a Suitable Lender
There are numerous banks and financial corporations who provide bike financing options at different interest rates. Bajaj finance
two wheeler loan is one such option. Because of the wide variety of choices available in this regard, it is always safer to do thorough research before arriving at your decision.
The eligibility criteria to apply for a bike loan varies with your lender. However, some of the most common guidelines include:
- You must be older than 21 years, but younger than 65 years. Some of the lenders even provide relaxation for persons older than 18 years.
- You should be a salaried employee or a self-employed person.
Applying for a Bike Loan
Once you have chosen a lender and checked against their eligibility criteria, you can begin with the application procedure. The application procedure starts with a duly filled and signed loan application document. However, along with the application, the bank or financial corporations usually ask you to produce the following documents as well.
- KYC Document - A KYC or Know Your Customer document serves as proof of your identity. Your bank will provide you with the list of acceptable documents under this category.
- Address Proof - This document proves your residential status. Like KYC, there is a list of documents acceptable under this category.
- Salary Certificate - A salaried employee can obtain an income certificate from their employer. Moreover, producing a salary certificate can increase your chance of getting a bike loan.
These are a generic list of documents required. However, there are numerous other documents which may also be asked by your bank or financial corporation of your choice during the loan application procedure. Hence, it is always best to contact your lender to get the list of the required documents.
Another significant point to note is regarding your repayment schedule, which you have to agree upon while filling the loan application form. Also, the repayment schedule decides the value of EMI on your bike loan. However, banks usually provide the option of pre-closure of the loan which you can opt for if you find a financially suitable situation during your repayment schedule.
A customer can begin the loan application process by visiting a bike dealership or doing the same online. While applying online, some of the banks and financial corporations even provide exciting offers to attract customers.
Once the requested documents and the loan application form are submitted, it gets filed at the branch. Usually, this loan application goes through a series of approval processes before getting approved. However, of late, there are many banks and financial corporations that provide you with instant loan approvals, but these are subject to different eligibility criterion.
After getting the loan amount approved, the amount gets credited to your bank account which you can spend on buying the bike of your dream.