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Two Wheeler Loan Online Application: A Step-By-Step Guide

When it comes to buying a two wheeler, individuals often struggle with finding the right lender who can help them with the necessary financing for bike purchase. Lenders often offer different types of interest rates, EMI options availability, document requirement, eligibility criteria, etc., which can make the entire process confusing if one is not well-informed. And also, it is not possible to visit every lender in the city to enquire about the loans you need.

So, what could be the best option then? Given the current scenario of loan availability, online loan applications can be the safest bet and the way to go forward with. There are many financial institutions providing online services that can benefit individuals looking for details on two wheeler loan online applications. Nevertheless, a simple search can help you in identifying the best and genuine loan providers available on both the online and offline platforms. Reputed loan providers have their offices in multiple locations in a single city as well that one can approach for confirmation.

Quick Guidelines to Follow before Online Bike Loan Application

Follow these ‘YES’ or ‘NO’ guidelines for a detailed understanding:

  • Apply for multiple loans at the same time? (NO)
  • Have you researched well before applying? (YES)
  • Sign the loan documents without reading them thoroughly? (NO)
  • Examine processing fees and other charges? (YES)
  • Forget to pay your EMIs on time? (NO)
  • Evaluate your credit score before you apply? (YES)
  • Choose an EMI you cannot afford? (NO)
  • Compare interest rates and find the best option? (YES)
  • Apply for a loan simply because you get an attractive welcome gift? (NO)
  • Submit all the required documents without fail? (YES)
  • Forget to foreclose your loan if you can? (NO)

Also Read: 6 Times When an Online Personal Loan Can be a Saviour

The applicant is also needed to provide valid documents in order to complete the loan process smoothly. Following documents are required at the time of two wheeler loan online application:

  1. Identity proof: PAN card, Voter ID, Passport, Driving license.
  2. Address proof: Aadhaar card, Bank passbook, Voter ID card, electricity bill, gas bill, telephone bill, etc.
  3. Income proof for salaried individuals: Salary slips of last 3 months, IT returns of last 2 years, bank account statements.
  4. Income proof for self-employed or business owner: Bank account statements, IT returns, audited financial statements, and in some cases trade license may also be required.
  5. For students: Students can seek the help of their legal guardian who still needs to fulfil the above requirements and must be 18 year-old or more with a valid driving license.

Reasons to Apply for a Two Wheeler Loan Online

  1. Hassle-free application process with a few simple clicks.
  2. Easy and comfortable online application at any time and from anywhere.
  • Any advance payment or fees not required unless loan processing begins.
  1. Your contact information is safe with the lender. Also, you would not receive unnecessary calls and texts.
  2. You can check and compare multiple lenders at the same time to decide on a suitable financing option.

While applying online for a loan, you might be required to provide your PAN details, so the lender could analyse your credit score. Your chance of getting your loan approved very much depends on your credit score. Applicants with a higher credit score stand better chances of quick loan application approvals.

Must Read: Know How Renewing Your Car Insurance Can Minimize Your Financial Loss

Always remember to compare interest rates and repayment tenure amongst various lenders before deciding. The more research you undertake, the more you will be able to save on your down payment and the overall EMI costs. Be aware to cross-check lending sites for authenticity before proceeding to send your two wheeler loan online application.

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