The two-wheeler loan can assess you for the purchase of a scooter or a motorcycle which completely depends on your choice. The loan can be repaid in monthly installments or equated monthly installments. It is sanctioned for both self-employed individuals and salaried individuals. The loan for two can be approved online instantly. There are many mobile apps or websites which can be used to get approval for the loan. After the submission of your online application for your loan, the associates of the particular company come in contact with you.
Approval Process for Two-Wheeler Loan
The eligibility criteria can be checked by visiting the official websites. The complete formalities can be conducted by taking the help of the representatives for the Bike Loan Online Approval. It is known to be the most demanding loan as many youngsters who are willing to but their dream bike.
HOW TO APPLY TWO WHEELER LOAN ONLINE –
There are many attractive interests at which loans are sanctioned for individuals without any complications and hassle-free online process. There are certain steps that are supposed to be followed for the online approval of the loan. Follow the below steps for applying for the two-wheeler loan:
Step1: Visit the official website of the bank and search for the two-wheeler loan.
Step2: The page is redirected with the application which contains information like mobile number, occupation details, and the residential address including your pin code.
Step3: Now select the vehicle including its model number and the amount of the loan and the code is generated that would provide you along with KYC documents for verification. After the verification of your documents, your loan is been sanctioned.
LIST OF DOCUMENTS REQUIRED FOR TWO WHEELER LOAN:
There are certain eligibility criteria for the approval of the loan. An individual needs to have certain important documents to get the loan. If the client is eligible for the loan application then the documents should be attached with the application for the approval. The scanned copy of the documents is supposed to be attached to the application.
ADDRESS PROOF: Aadhar card, gas bill, electric bill, credit card, passport, Voter ID card, PAN card, driving license, etc.
IDENTITY PROOF: Passport, Voter’s ID card, PAN card, a passport-sized photograph, company ID card, etc.
INCOME PROOF: ITR the last 2 years, last 3 months’ payslip, and other relevant documents.
LIST OF BANK OFFERING TWO WHEELER/ BIKE LOAN
- Axis bank
- HDFC bank
- ICICI bank
- Yes bank
- Tata capital finance
- Hero Fincrop
- United bank of India
- Andhra bank
- IDFC bank
- Syndicate bank
ADVANTAGES OF TWO-WHEELER LOAN
It is known to be the most processing loan as many youngsters who are willing to buy their dream bike.
EASY PAYMENT: The individual can get complete time to pay back for a two-wheeler loan. There is no burden for the applicant. The loan can be repaid in a range between 12 months to 60 months. There is complete flexibility provided for the individual to back the loan to the bank. The payment for the loan to the bank can be managed according to the budget and the monthly earning.
INSTANT LOAN SANCTION: In the present technology, one can simply walk into the showroom and direct contact the dealer and buy the bike. It takes less time and less effort is required for it. It is known to be a time-saving process.
LOW-INCOME CRITERIA: Upon comparing with other loans, two-wheeler loans are also sanctioned to the people with an average income.
It ensures the low EMI and it does not affect the monthly expenditure of an individual. It is mostly offered for 60 months or 5 years.
CREDIT SCORE EXCLUDED: there are many loans that prefer the credit scores to get their loan sanctioned. The higher the credit score the faster the loan is sanctioned. This is a kind of loan which helps to increase credit history.
MARGINAL PREMIUM AND INSURANCE COVERED: There is an insurance that covers for the vehicle and there is also an accident cover for the buyer with a marginal premium while sanctioning the loan. It is done according to the Indian Act Motor.