A two-wheeler loan is an excellent way to purchase scooters and motorcycles with easy EMIs. It comes with a few easy steps and minimal documentation. Applying for a two-wheeler loan allows financing up to 100% of your bike’s cost for loan tenures ranging from 1 to 5 years. Many lending institutions help individuals secure their desired two-wheeler loan in a hassle-free manner.
Many NBFCs have made it easier than ever before to get two-wheeler loans with easy eligibility criteria. Some common criteria are shared below:
You must be 18-65 years from the date of application until the tenure of the loan.
You must either be self-employed or a salaried individual.
Salaried individuals must have an income of at least Rs.96,000 per annum, and self-employed individuals must earn at least Rs. 1,20,000 per annum.
Applicants must ensure they have the following set of documents.
- Identity Proof
You must provide valid identity proof such as a PAN Card, Passport, Adhaar Card, Driving Licence, or Voters ID.
- Address Proof
Valid address proof is required, including an Aadhaar card, voter ID, passport, telephone bill, driving licence, electricity bill, gas connection bill, LIC policy, or ration card.
Submit a recent passport-size photo.
- Proof of Income
The bank statement or any other proof of income, such as a pay slip, Form 16, ITR, and salary credit.
- Proof of Asset
You must hold proof of assets such as house tax receipt, latest land, or building.
Before taking a loan, it is crucial to understand the repayment procedure. Take out time to plan your finances carefully – after all you will have to pay EMIs and these are to be budgeted in your monthly expenses. You can use the Two Wheeler Loan EMI calculator to compute monthly EMIs and better understand the terms of your loan.
Apply for a Two Wheeler Loan Online
In the era of digitalisation, customers can enjoy a smooth loan application process. A few simple steps required to apply for the loan are outlined below.
Step 1: Apply for the loan
Visit our website. Click the link labelled “Apply Now” to apply for a loan.
Step 2: Enter the basic details
Fill out your basic personal details as required.
Step 3: Verify your contact details
Enter the OTP received on your mobile number.
Step 4: Brand Selection
Select your preferred brand.
Step 5: Location Details
Select your state and district. Enter the details and click on “Continue.”
Step 6: Income and Loan Amount Details
Next, you will be required to fill out specific details about your income and the loan amount you seek.
Step 7: Personal Details
Step 8: You are all set!
You have successfully documented all the required fields. A customer representative will contact you to take you ahead on your loan application approval. You will receive an SMS containing a reference number. Use this to follow up on your query.
Applying for a two-wheeler loan is a simple and convenient process for those seeking to purchase a new vehicle. It helps get finance for their desired two-wheeler and keeps their liquidity intact.