From flashy superbikes to convenient scooters, two-wheelers have quickly become the number 1 choice of vehicle for the busy Indian roads. As a result, many lenders now provide easy loans at a reduced bike loan interest rate and a simple online application process.
So, if you are looking for easy bike finance, instant two-wheeler loans are only a click away.
But irrespective of how easy the two-wheeler loan applicationprocess has become; approval comes only with due process. Want to obtain a loan without any hassles?Make sure you follow the tips mentioned below.
#1 Check out the eligibility criteria
Firstly, you should check out the two-wheeler loan eligibility criteria with the desired lender to see if you fit their ideal borrower profile or not.
While these criteria usually defer for different financial institutions, the standard eligibility conditions remain the same (for both salaried and self-employed borrowers). These include –
- Applicant must be between 21-60 years old
- Stable employment status for at least one year
- A minimum of one-year residential stability
So, if you want to secure a quick bike loan, apply with a lender only if you satisfy all the conditions. Also, make sure your credit report demonstrates a favourable repayment capacity to help you obtain the required funds more swiftly.
Additional Read: The Ideal Tenure For Your Two-Wheeler Loan
#2 Fill the application form correctly
Your application form details will help the lender determine your creditworthiness, so make sure you fill the bike loan form duly. Also, keep an eye out for erroneous information to avoid any mistakes and secure loan approval instantly.
#3 Prepare documents in advance
Once you prepare the documents in advance, you can eliminate many hassles common during the document verification process. Provisions for alternate paperwork will also be helpful in case you misplace a crucial document.
Best to approach your desired financial institution and enquire about the necessary documents before you apply. Lenders usually provide a ready documents’ checklist to ease the loan process for the applicants.
Lenders may ask you to furnish documents such as –
- KYC documents (Passport, PAN card, Aadhar card, etc.)
- Latest ITRs/salary slips
- Last three months’ bank statements
- Residence ownership proof (optional)
#4 Use a two-wheeler loan EMI calculator
Before you quote a loan sum, always use a loan EMI calculator to estimate the EMI costs you are likely to incur based on factors like the two-wheeler loan interest rate, tenure, and loan amount. This way, you can easily avoid overborrowing. And only borrow a two-wheeler loanamount which matches your repayment capacity.
Additional Read: How to calculate two wheeler loan EMI?
To sum up
Once you follow the tips mentioned above, your application process will undoubtedly be seamless. But in any case, you should always consider a reputed lender to enjoy a smooth loan sanction.
If you want to buy a two-wheeler but lack sufficient funds, rely on Tata Capital to avail quick and easy loans at competitive two-wheeler loan interest rates and finance your favourite bike without difficulty.
Not sure how much to borrow? Don’t fret, simply use our online bike loan EMI calculatortocalculate a reasonable sum based on your desired loan terms.
So, why wait? Take your two-wheeler pick and connect with us today!