In the present day, a two-wheeler loan is the most preferred. Many youngsters who are willing to buy their dream bike can afford it by taking a two-wheeler loan. It is the only loan which is taken by most of the youngsters. It is a hassle-free way and an easy way for the purchase of a two-wheeler or the dream bike.
The two-wheeler loan can also help to increase the credit scores and an individual can afford to buy a bike. The loan amount can be repaid with the applicable interest in the form of EMIs or Equal Amount Instalments.
Tata Capital Two-Wheeler Loan
Tata Capital is always ready to provide loans to their customers. Hence to fulfill this requirement of every household TATA capital is providing you the two-wheeler loan to their customers. Any individual can avail of a two-wheeler loan form the TATA capitals by fulfilling the requirements. Needed documents have to be submitted for getting the loan. Follow the further post to know more details.
Procedure to Take Two-Wheeler Loan By Tata Capital
Certain steps are supposed to be followed for the approval of two-wheeler loan:
Online Application: It can be preceded by visiting the official website. The application for the two-wheeler loan is filled and submitted online.
Documentation Required: Submit the required documents for two-wheeler loans and select the bike whether it is a superbike loan or standard bike.
Verification Of Documents: Soon after the submission of the documents, the verification of the documents proceeds, and the credit reports are verified.
Approval Of Documents: If your documents are verified without any issues and the documents are genuine then your two-wheeler bike loan is sanctioned and the amount is credited directly to your bank account.
Scenarios Of Taking Tata- Capital Two-Wheeler Loan:
Two-wheeler loan can be taken in the following scenario:
For Business Requirements: In-case you are a business magnet, a two-wheeler is required for the delivery of the products in small businesses. It helps you to take care of the business without depending on a third party. Here two-wheeler loan is useful to purchase a bike on loan. It also helps to get rid of the interest and there is an exemption of the interest. It also helps to increase your credit scores.
For Safety: In-case of any pandemic or any natural issues, safe traveling is one of the important things. Two-wheeler helps you to avoid public and to reach on time for your important meetings.
Personal Use: It is known as the best thing which is known to be safe and which helps you to avoid public transport. It helps you to consume your time and no need for a third party who could help you with your daily requirements. During the time of emergency, there is no need for a third party for buying medicines or traveling the hospital.
Social Security Of Taking Bike Loan:
Personal Vehicle Advantages: There is no need to rush for public transportation for like local trains, metro, buses, rickshaw, etc. Here you can use your vehicle to travel around without wasting your precious time.
Being Independent: once you own a two-wheeler, there is no need to be dependent on a third party. An individual can take their rides for their personal needs. It is extremely useful in case of emergencies. Hence, a two-wheeler loan can make you free from your burden.
Zero Down Payments: Even with the zero down payments, one can get finance for up to 100% for the two-wheeler you desired. The maximum amount the bank can provide is up to Rs.1.5 lakhs.
Eligibility Criteria to Get a Bike/ Two-Wheeler Loan By Tata Capital:
Payment or Income: It is not specified in certain cases of standard bikes whereas, in terms of the loan for superbikes, the candidate income of a salaried individual should be at least Rs.15 lakhs per annum, and in-case of a self-employed individual it is supposed to be Rs. 5 lakhs per month.
Residential Stability: The individual is supposed to own a house to get a loan for superbikes. Or it should be a minimum of one year.
Employment Details: employment stability is a must to get the loan sanctioned. In-case of a superbike, it should be at least two years and in the case of a standard bike, it should be at least one year.
TATA Capital REQUIRED DOCUMENTS FOR TWO WHEELER LOAN:
- Residential proof: In-case of a superbike loan, it is mandatory that an individual own a house.
- Address proof: Passport or electricity or ration card
- Income proof: bank statements, pay slip of 1 year
- Bank statements: In-case of a superbike loan last six-month bank statement is required and in the case of a standard two-wheeler, the last three months’ bank statement is required.