How to Get 100% Approval on Your Two Wheeler Loan?

Financing a commuting two-wheeler or owning a cafe racer bike through a two-wheeler loan is no longer a distant dream; you can make it possible now. If you are a first-time buyer, you can immensely benefit from a successful two-wheeler loan.

Applying for a bike loan requires fulfilling the eligibility criteria, such as income proof, bank statement, PAN card, address proof, good CIBIL score. Here’s the need while applying for two-wheeler finance.

7 Tips to Follow for Confirming Your Two Wheeler Loan:

1. Two-Wheeler Loan Eligibility

An applicant for a two-wheeler loan should qualify for the following:

• Your age should be between 21 and 60.
• You must produce valid residential proof (rent agreement over 12 months is also acceptable).
• You must have a regular income source.

Thanks to the cheap bike loan interest rate, even freelancers can take it by providing a regular source of income. Here are a few more parameters that matter:

• CIBIL score (credit record deciding loan availability).
• Bank statement (at least 6-months old).
• Salary or source of income (lower salary reduces loan amount).
• Repayment timeline.

2. Choosing A Lender

If you detest the idea of lengthy paperwork, apply for a two-wheeler loan from NBFCs (Non-Banking Finance Corporations). Unlike banks, NBFCs grant instant two-wheeler loans in less than 24-hours. Such financial organizations can come in handy if you are struggling with situations such as:

• Bad CIBIL score (not a clean record repaying previous loans).
• Instant need for bike finance (beneficial if planning to buy a second-hand two-wheeler without a down payment).
• Working as a freelancer with a regular income (many banking institutions abstain from granting loans to freelancers).

A two-wheeler loan interest rate from an NBFC starts at 10.99% per annum. Instant loan sanctions with flexible repayment options over a convenient timeline.

3. Documentation To Carry

Keep the following documentation ready before applying for a two-wheeler loan:

• ID proof: mandatory for KYC.
• PAN card.
• Bank statement (last 6-months).
• Residential address proof.
• Source of income.
• Recent photographs (passport size).

Besides these, carry photocopies required for in-person verification. Most NBFCs offer virtual authentication of credentials. You need to upload documentation (self-attestation optional) through their application/portal. On successful confirmation, you shall receive the loan amount in your bank account.

4. A Good Recommendation

In matters of finance, especially loans, a firm recommendation eases the procedure. It’s difficult for a fresher looking for a two-wheeler loan, preferring to approach someone with a clinical credit record.

The best choice would be your parents (with high CIBIL scores over the years). You receive a loan based on mutual trust of punctual repayment. It’s better to approach an acquaintance from the esteemed NBFC for a two-wheeler loan.

Most freshers applying alone for a two-wheeler loan often receive disappointment with a lower amount. A solid reference fetches you the ideal loan amount hassle-free.

5. Communicate With The Company

All two-wheeler companies have tie-ups with financial institutions to provide hassle-free bike loans at a discounted rate. Most buyers prefer it for convenience and additional discounts. It’s wise to browse for an affordable bike loan interest rate while buying it in-house appears as a convenient choice.

A two-wheeler has a waiting period before delivery. Most financial corporations abstain from providing loans at any random time, like financial year closure. Applying for a two-wheeler loan through its company gets you the luxury of paying EMI post-delivery only.

6. The Model Matters

A two-wheeler loan varies based on the model and makes of a bike. In this era of climate change, the government encourages people to choose electric vehicles over emitting automobiles. Buying an electric two-wheeler is an economical choice when daily commuting is your purpose.

A two-wheeler is an indispensable choice in the post-COVID world. Amidst rising inflation, high fuel prices, choosing an electric two-wheeler is an affordable choice. Lower expense (electricity), zero-emission, attractive discounts are favorable while applying for a bike loan.

7. Correct Paperwork

An incomplete or misfiled loan application is the last thing you’d want while applying for a two-wheeler loan. Consult with your loan officer and aim to submit a clinical application without discrepancies.

You can also choose the paperless procedure to complete the loan application. It eliminates scribbling, an absolute no for loan applications.

Conclusion

Bike loans are a comfortable choice for those at peace with EMIs. Enjoy the highway on your dream cruiser bike or commute at the comfort of cheap two-wheeler loans. Use an EMI calculator to calculate the ideal loan amount, repayment period, and economic interest rates to own your two-wheeler of choice.