How long does it take to process a two-wheeler loan application?

Most banks and Non-banking Financial Companies (NBFCs) aim to process two-wheeler loan applications within a week or two. However, the actual time can be influenced by:

• Completeness of Documentation: If all required documents are submitted upfront in the right format, verification will be faster, and processing time will be reduced. Incomplete or unclear documents can delay approval.
• Profile of the Applicant: For salaried applicants with a steady income flow, strong credit score and history with the loan provider, approval can be faster. Applications from first-time borrowers or self-employed may take longer.
• Loan Amount: Smaller loan amounts can get approved quicker compared to larger loans that involve more detailed evaluation.
• Digital Processing: Opting for online applications and the use of digital documents reduces physical paperwork and quickens approval time.
• Follow-ups: Proactive follow-up with the loan provider on application status at regular intervals can help expedite processing.

While the standard processing time typically ranges between a couple of days to weeks, ensuring completeness of documents, maintaining a good credit profile and following up regularly can help expedite the two-wheeler loan approval time. Applying online also usually speeds up the process.