A Step-By-Step Guide to Getting Your Two-Wheeler Loan Application Approved
So, here is a simple step-by-step guide that will helpyou in getting your two wheeler loan approved.
Step 1 - Choose the right type of loan
Once you have decided what type of bike is suitable for your requirements, the next step would be to pick the loan. You need to pay attention tothe following factors to choose the right one:
- Loan amount
- EMI
- Time required for disbursal of loan amount
- Check if there are festive offers such as free gifts, discounted price, insurance at nominal amount, etc., for select customers
- Flexibility in the repayment process
While there is no foolproof way to choose the right loan, a lot will depend on the above-mentioned parameters,your ability to part with your liquidity currently, andother financial obligations. Make sure tocompare the rates offered against the market rate using loan comparison platforms.
ALSO READ: A Ready Guide to Two-Wheeler Loans
Step 2 - Check your eligibility for the loan
While it has become quite easy to avail a two-wheeler loan today, most financial institutions check the minimum requirements that an applicant have to fulfill in order to avail the loan. Here are the parameters that can affectyour eligibility:
- Age of the applicant
- Down payment
- Monthly income
- Source of income and stability
- Interest rate
- Residential stability
Before you apply for a two-wheeler loan, check whether or not you fulfill these criteria, as required by the desired lender.
Step 3 - Assess your EMI
Once you have checked the eligibility and selected the right type of loan, calculate the EMI and assess whether it is conducive for you to commit for this monthly expense. Consider other obligations and set some funds aside for emergency contingencies before calculating the amount you can comfortably pay.
Some lenders offer loan for a higher duration for an EMI as low as a two-digit amount. However, if you can part with a higher amount on a monthly basis, do not stretch the loan tenure unnecessarily.
Step 4 - Keep your documents in place
Go through your documents properly before filling the two wheeler loan application form. Make provisions for arranging alternate documents in case any paperwork goes missing. Also, ensure that the documents are in line with your application form. Typically, you will require the following documents for a two-wheeler loan.
- KYC documents
- Statement
- Latest salary slips or income proof
- Latest Income Tax Return
Conclusion
Nothing beats the thrill of owning your favorite two-wheeler. If you have been thinking about buying one, there is no better time than now as lenders have become more sensitive towards the needs of their consumers. Many financial institutions are contributing towards developing a loan process that will weed out the unnecessary hurdles and make it easier for people to obtain a two-wheeler loan at an affordable interest rate.
Click here to go to our website and view more about two-wheeler loans.
