Have you decided to take a two- wheeler loan to fund the purchase of your dream bike? If you are looking to eliminate your dependence on public transport to get around and to reduce your commute time to and from work, this is a great decision. Many young professionals benefit from investing in their own two- wheeler because of the time and money it saves them in commute. Even if they have little to no cash saved up for such purchases, the ease with which you can get a two- wheeler loan in Ahmedabad makes this dream quite possible. If you too have been dreaming of owing your brand new bike, here is how you must prepare yourself before applying for a loan.
Download your credit report
One of the first things to do is to check how you stand when it comes to your credit score. You will be interested to know that when you apply for your loan to the leading two- wheeler finance companies in India, this is the first step they will take too. Checking your credit score tells you how the lender will view you- as a good risk or bad risk. A good risk is a customer who is highly likely to repay the loan in a timely manner and thus such customers are very attractive to the lender. Bad customers are those who are very likely to default on the loan and hence are not at all appealing to the lender.
Now, what makes you a good risk or good customer? If your credit score is above 750, then you are a customer the lender definitely wants. A good credit score shows that you are diligent about paying back your debts, that you are financially responsible and that your financial health is very good.
Understand eligibility criteria
While all lenders may not have the exact same criteria, by and large these match across lenders. You will find the eligibility terms mentioned on the lenders’ website. Check these and ensure that you do match these criteria before you apply. Else, you will only have wasted your time and the application will get rejected summarily. Typically, these are not very complex criteria and they have to do with your age, your income and your employment status. Remember that you will have to show documents to prove what you fill in about these criteria in the application form when you apply for a two- wheeler loan in Ahmedabad.
Check how much loan you can get
Again, this may vary from lender to lender and you must do your homework to find a lender who can give you the loan amount you need for your purchase. Before you start, do check the price of your dream bike and also a couple of lower cost alternatives. Figure out if you want to make a down payment from your savings or you will take a 100% loan to cover the entire cost of the bike. Now that you know the loan amount you need, you can start checking for two- wheeler finance companies in India who offer loans to cover the sum.
Gather all the documentation
All top rated two- wheeler finance companies in India enable online application submission or submission via their app. On their websites you will also find detailed instructions on what documentation they need submitted along with the application. Gather all of these first before you even start the application process. This makes it easy and quick for you to fill in the application, thoroughly check all the details and then submit it all in one go in the least possible time.
Once you have submitted the application, it is up to the lender to verify the details and then process it further. A further set of documentation may be needed when the application passes the preliminary approval stage. After you have submitted whatever documents are needed and they have been verified to the lender’s satisfaction, your two- wheeler loan in Ahmedabad is approved and sanctioned. This does not take much time these days and you can expect it to happen over a few days from the date of your application. If you haven’t heard from the lender after a week, do call and check the status or check it online through the portal or app if they have a ‘Track application’ option.