Commuting in India is a big hassle, owing to the congested roads. Two-wheelers have thus become the most preferred choice of vehicle, as they help to navigate one’s way on the busy Indian roads quickly. Owning a two-wheeler is not within everyone’s reach.
However, the growing popularity of two-wheelers has led many lenders in India to offer a two-wheeler loan at affordable interest rates instantly online.
This could be an excellent opportunity to apply for a two-wheeler loan. However, even for instant two-wheeler loan applications, approval is guaranteed only if the requisite conditions, including accurate factual details, are met.
So, how to obtain a two-wheeler loan application accepted in one go without facing any hiccups?
Tips to get your two-wheeler loan application approved instantly
- Verify the Eligibility Criteria
Get the two-wheeler loan eligibility criteria verified with the concerned lender to check whether you meet the requisite eligibility requirements.
Though these criteria tend to differ between lenders, the standard eligibility criteria, applicable for both salaried and self-employed individuals, include:
- Borrower age should be between 21 years – 60 years
- Stable job/employment for at least one year
- One-year minimum residential status having resided at the address during the period
You can go ahead and apply for the loan only if you meet the conditions mentioned above. Also, ensure your creditworthiness gets reflected in the credit information report, assuring the lender of your potential loan repayment capability. This will provide quicker loan approval and disposal.
- Ensure accurate filling of the Loan Application Form
Your bike loan application form is the gateway through which lenders verify your creditworthiness and get the loan approved without any hassles. So, ensure that you have accurately filled up the form and check for any incorrect information before submitting it for approval.
- Keep all requisite documents ready:
Having all the requisite two-wheeler loan documents ready will ensure a quicker and hassle-free document verification procedure. Lenders require documents to determine your eligibility for the loan applied.
Most lenders provide a document checklist of the mandatory document requirements from
borrowers for the bike loan process. So, get the checklist from the concerned lender before proceeding with your two-wheeler loan application with them.
Document required tends to differ between financial institutions.
However, to enable easy loan processing, the below standard documents must be submitted by the borrower.
- KYC related documents like Aadhaar Card, PAN Card, etc., to fulfil the photo identity and address proof requirements
- The latest income tax returns
- The latest salary slips for salaried borrowers
- Past three months, bank statements
- Proof of ownership of residence (optional)
- Estimate EMI through the Bike Loan EMI Calculator
Many lenders now provide online bike loan EMI calculators that help you customise your two-wheeler loan requirements. Use the same to get the EMI estimate concerning the loan amount, bike loan interest rates, and tenure.
So, you get to personalise the loan amount and term at the available interest. This ensures that you get the loan as per your needs and within your repaying capability, thus avoiding overspending.
The above tips will ensure a hassle-free loan application and approval process. Going in for a reputed lender will help you quickly realise your dream of owning a two-wheeler.
If you are holding back buying a two-wheeler owing to a lack of funds, then the Tata Capital two-wheeler loan made available at competitive bike loan interest rates is just the right one for you.
Tata Capital online bike loan EMI calculator helps you customise your loan requirements, thus enabling a seamless loan process.
Get started. Please choose your desired two-wheeler and visit us for the loan of your choice.