If you plan to purchase your bike with a two-wheeler loan, compare the various two-wheeler loans available based on the interest rate charged over time, as well as other important factors. The eligibility criteria required may differ from one lender to another. As a result, before applying for a two-wheeler loan in India, you should always gather information about two-wheeler loan EMI options and how they work. Read further to know more about the two-wheeler loan.
What is the process of availing of a bike loan?
There are two ways to apply for bike loans: online and in person.
The processes to apply for an online two-wheeler loan are listed below.
- Look for a reputable lender or bank that offers low-interest two-wheeler loans.
- Visit their official website and complete the application.
- Depending on your financial situation, select the loan amount and repayment period that you want to apply for.
- The following step is to submit all relevant documentation.
Once you have supplied all of the required information and papers, the lender will review them and process your two-wheeler loan application. Your application will be approved once your information has been confirmed
The following are a few procedures for applying for an offline two-wheeler loan:
- Find a lender or bank to approach for a two-wheeler loan.
- Contact the loan manager or customer relationship manager to discuss your options and the optimum amount and tenure for you.
- Give the bank or lender all of the necessary information and documentation.
- Your application is completed and accepted when the bank verifies all of the information you submitted.
- Before applying for a two-wheeler loan in India, carefully verify the interest rate, processing fees, and other additional expenses.
What are the eligibility criteria to get a bike loan?
Eligibility is now a crucial consideration in your two-wheeler loan path. The eligibility conditions differ from one bank to the next based on their rules. When applying for a two-wheeler loan, you should be aware of them. Below mentioned are a few eligibility criteria to get a two-wheeler loan:
- When applying for a loan, the applicant must be at least 21 years old and under 65 at the time the loan matures.
- The person must be employed or self-employed.
- A Cibil Score of 750 or better is required for the application.
- The applicant must have a minimum of one year of a stable residence.
- The applicant must have worked in the current position for at least a year.
Documents necessary for a Bike Loan
The following documents are required for a Kochi two-wheeler loan:
- Identity proof: PAN card, Voter ID card, Aadhar card, Passport, or DL (Driving licence) are all acceptable forms of identification.
- Address proof: a utility bill, a phone bill, a ration card, a driver’s licence, a passport, a voter, ID card, or a bank statement from the last two months.
- Income proof: Form 16, most recent salary slips, most recent three-month bank statement confirming salary credits, Salary Certificate, or income tax return documentation if self-employed.
- Proof of age: PAN card, Passport, Driving licence, Birth certificate, or School or college leaving certificate are all acceptable forms of evidence of age.
To avoid last-minute issues while applying for a loan, you should always be prepared with documentation.
Two-wheeler loan EMI calculator
The two-wheeler loan EMI calculator is an online tool that can be used to estimate the equal monthly payment amount that you will pay for your bike loan. There are several online two-wheeler loan EMI calculators available on the web that you can use. Simply give the required information like loan amount, interest rate, and loan tenure in the designated box and press enter to get your results. You can also change the variables to check different instalment amounts according to your budget.
You can avail of two-wheeler loans from a variety of lenders, including NBFCs (Non-Banking Financial Institutions) and banks. Select the lender with the best options, interest rates and orepayment plan. To make an overall cost-effective decision, use a two-wheeler EMI calculator to determine if the loan fits into your budget. Always examine other charges applicable to your loan, such as processing fees, loan foreclosure penalties, and so on, issued by various lenders. Contact your lender to learn more about your two-wheeler loan eligibility requirements and to assist you with the procedure.