A personal vehicle has become an indispensable part of our lives in this day and age when uncertainty surrounds us. Indians' love-affair with two-wheelers is a result of affordability and convenience.
You can further reduce your financial burden of buying a two-wheeler by applying for a two-wheeler loan.
While availing a bike or two-wheeler loan may seem like an uphill task, technology has some solutions on offer.
Lenders today offer express two-wheeler loans at your convenience.
It's true! You heard that right! It's time to say goodbye to long queues and never-ending branch visits. You can now apply for two-wheeler loans online.
Here's your 5-step guide to ensuring a smooth ride while getting a bike loan:
1. Select your lender
With so many bike loan lenders out in the market, one is spoilt for choice. Thus, it is imperative to carefully evaluate your options and select the brand that most closely meets your needs.
If you are looking for a hassle-free two-wheeler loan, Shriram Finance offers express two-wheeler loans.
- Get tailor-made online two-wheeler loans at your convenience.
- Finance your purchase 100% with Shriram Finance's express two-wheeler loans.
- Quick disbursal of your online two-wheeler loans is ensured within 24 hours of approval.
- Affordable interest rates start from 11.50% at Shriram Finance.
The Smoothest Way Two Wheeler Loans
1. Check the eligibility criteria.
Checking your loan eligibility only takes a couple of minutes. Simply follow these simple steps to find out whether you qualify for a two-wheeler Loan so that you can begin applying.
- You can navigate to the lender's website to find out the eligibility criteria, including the minimum gross income, age limit, and residency status of the applicant.
- A login page appears after you click on the 'check eligibility' option.
- Logging in with your Customer ID and verification code makes it easy if you already have an account. Alternatively, you can use your mobile number to log in with an authorization code sent to your mobile phone.
- Post logging in, you can check your loan amount eligibility as stated by the lender.
At Shriram Finance, the eligibility criteria are as below:
- The minimum age for applying for a two-wheeler loan is 21 years.
- The maximum age for applying for a two-wheeler loan is 59 years.
- The applicant should be salaried or self-employed.
- Minimum work experience for salaried is one year with a minimum monthly income of Rs.12,000.
- For self-employed individuals, a minimum work experience requirement exists.
- The applicant's current address should be in use for at least one year.
2. Determine your two-wheeler loan EMI.
Upon determining your eligibility, you can learn what your EMI will be and for how long it will be.
- Navigate to the two-wheeler loan EMI calculator on the lender's website.
- Input your personal and financial information, along with a description of the vehicle and an indication of the price.
- To arrive at the desired EMI, adjust the variables accordingly.
3. Proceed with your online two-wheeler loan application.
When you determine your eligibility, you'll be able to learn how long your EMI will be for. After completing your research, visit the website and apply for your bike loan. Please fill out your financial details and personal information. Furthermore, you must provide details about the vehicle, such as the RTO location, the dealer's name, and the on-road price.
As the entire approval process is digital, you can get a status update on your application within minutes.
Shriram Finance offers paperless two-wheeler loans, and it has the most effortless and hassle-free two-wheeler loan documentation process. The following is a list of documents needed for a two-wheeler Loan.
- Proof of identification: PAN card, voter ID, passport, driver's license
- Proof of residence: Utility bills, passports, etc.
- Income proof: Salary slips, income tax returns, bank statements
- Passport size photographs
Lenders have denied loan applications from a few applicants. This kind of experience is neither enjoyable nor helpful to your credit score.
You can apply successfully for a two-wheeler loan by following these tips:
1. Apply for an appropriate loan amount
You must calculate the amount of money required to purchase a bike, according to your needs, and it is never wise to request more funding than is necessary.
2. Ensure that you meet the two-wheeler loan eligibility
Depending on the amount of money you need to borrow, you can explore all loan options at your disposal. It's essential to understand this. You should never take out a loan for which you are not eligible, and your application will be rejected automatically if you do this. Ensure you satisfy all the requirements for two-wheeler loans.
3. Check your credit score
A credit score is a significant factor in deciding whether you will be approved for a loan, and a low credit rating usually results in rejection by lenders. Consider improving your credit history before applying for the loan.
4. Find a co-applicant or guarantor
You might want to consider getting a co-applicant or guarantor if your credit score isn't enough. You may be able to obtain the loan you need if you have a co-applicant with good credit history.
5. Apply for a loan correctly
Don't forget to fill out your application with all the details your lender demands. The application may be rejected if it is incomplete or contains inaccurate information.
6. Documentation requirements fulfilled
Ensure that you submit all the required documents when submitting your loan application. The application may be rejected if the required documents are not attached.
7. Apply with your existing lender
It might be more convenient to take the loan from a bank you have a relationship with already. You may still qualify for a loan based on your good standing even if you don't meet all the requirements.