Can I apply for a business two-wheeler loan online?

Yes, most leading banks, Non-banking Financial Companies (NBFCs), and financial institutions allow businesses to apply online for two-wheeler loans. Follow these steps for quick approval:

• Eligibility Criteria: Check the maximum loan amount, interest rates, tenure, Equated Monthly Instalments (EMIs), fees, etc., offered by shortlisted loan providers via online portals. You can also view eligibility criteria, including minimum credit score, turnover, and profitability.
• Documentation: Using your phone, scan or click images of required documents like identity proof, address proof, business registration papers, Income Tax Returns (ITRs), and bank statements. If needed, convert files into PDF format.
• Registration: To start an application, you may need to create login credentials or register on the loan provider's website by submitting basic personal and professional details.
• Application Form: Fill out the online form with accurate information, including personal details, employment specifics, income information, and business financials.
• Upload Documents: Log into your profile and upload scanned documents in the specified formats and sizes. Then, submit the application by hitting apply.

Online applications offer more convenience and faster processing compared to manual submissions. You can track your status in real-time. However, ensure the availability of documents upfront and the accuracy of information provided for quick in-principle approval.

A relationship with a loan provider also aids in faster sanctioning. Processing fees can typically be paid using net banking, Unified Payment Interface (UPI), or a debit/credit card.