Detailed Guide on Getting a Two Wheeler Loan in Minutes

Two-wheelers’ popularity is growing with easy financing solutions as they give better affordability. Whether an individual wants a two-wheeler for daily commuting requirements or follows the rising trend of bike travelling, a two-wheeler loan can assist them with adequate funds.

With technological advancements, lending institutions can process a loan in no time. Many renowned NBFCs (non-banking financial companies) allow customers to apply for a two-wheeler loan online following a digital process and can disburse the loan amount within a few minutes. They offer ready-to-use tools to customers, like an online calculator that assists loan-seekers in determining two-wheeler loan EMI (Equated Monthly Instalment) and eligibility before making an application.

Plan for a Two-wheeler Loan for Quick Approval

Loan-seekers need to make an online application for a two-wheeler loan and provide the necessary documents; only after that the lender approve and disburse the loan amount. If a borrower considers a few aspects before a credit request, it helps complete the loan application process quickly. 

Key aspects to consider are as follows:

Check Loan Eligibility

Although two-wheeler loan eligibility is easy to meet, it is important to check if one is eligible for a two-wheeler loan. Instant applications at the lender’s official website quickly get you approved for a loan. And this happens only if the applicant meets the eligibility criteria well. 

Common eligibility criteria for online bike loans with most lending institutions are:

• The age limit is 18-65 years
• Self-employed, salaried individuals and entrepreneurs can apply for an online two-wheeler loan
• Salaried employees should have work experience of one year in a company. A self-employed individual needs to submit the acknowledgement of income tax returns
• The applicant should have resided at the same address for at least one year
• The applicant should have a good credit score

Determine EMIs

It is crucial to calculate the two-wheeler loan EMI before initiating the loan application. Determining monthly instalments would be beneficial as it might affect monthly expenses and lifestyle. Your loan amount should not be unnecessarily high. You should apply for the required loan amount only. Look at the model and price of the two-wheeler and apply for a loan amount easily.

Plan Repayment Schedule

Lenders offer two-wheeler loans with a convenient repayment tenure. The borrower can schedule repayment in a convenient tenure from 6-36 months as per current and expected finance inflow and outflows. Consider a maximum repayment period in case of a high loan amount, as this will get you manageable EMIs. 

Keep Necessary Documents Handy

Lenders ask for supporting documents for a loan application:

• Aadhaar Card
• PAN Card
• ITR (Income Tax Return) or Form 16.
• Recent Passport size photos

Know Factors affecting interest rates

The interest rate on a two-wheeler loan is affected by various factors, including the following:

• Credit Score: A good credit score of 700+ with a spotless credit history reflects the individual’s good creditworthiness and how well they have treated their loans or credit card bills in the past. A high credit score reduces the risk for lenders, and the lender offers a lower interest rate on two-wheeler loans.
• The choice of a two-wheeler: The two-wheeler loan interest rate differs per category and the two-wheeler model. Generally, lenders charge a higher interest rate on high-end two-wheelers.
• Loan Tenure: A long-term two-wheeler loan increases the interest payout

Considering these aspects to make an informed decision to apply for a two-wheeler loan.

Steps to Follow for Online Two-Wheeler Loan Application

1. Application: With renowned lenders, the loan application process is digital. You can access the online application at the lender’s official website. And for further processing just need to enter your details.
2. Upload Necessary Documents: Keep the soft copies of the necessary documents mentioned above and upload them.

Applying for an online two-wheeler loan will take only a few minutes. The instant application facility helps to get loan disbursals faster. The lender will verify the details and documents for further processing the loan sanction. After successful verification, the loan amount would disburse. Get ready to ride the desired two-wheeler with easy instalments.