If you, too, are fed up with the daily commute via public transport and wish to roam around freely, this is the perfect time to purchase a bike and reclaim your independence. Many financial institutions offer two-wheeler loans at attractive interest rates. One can avail of up to 100% finance at flexible tenures ranging from 12 to 48 months and convenient repayment options.
While one can quickly check their eligibility and fill the application for a loan online without stepping outside, the verification also completes instantly, and the amount is deposited to your account at the earliest. However, one must be clear about the loan amount, EMIs, and other aspects related to a two-wheeler loan and keep the required documents ready at hand while applying for an online bike loan to get funds quickly without any hassle.
Read on to know about getting a two-wheeler loan swiftly for a new bike.
– Select the two-wheeler loan
First and foremost, you should do in-depth research and pick the two-wheeler loan best suited to you among the various loans offered by different financial institutions. While choosing a loan, one should pay attention to certain factors such as the lender’s credibility and services, percentage of total cost financed, offered rate of interest, tenure flexibility, loan disbursal time, etc.
– Assess your eligibility
Upon selecting the online bike loan, you should check the required eligibility associated with it. Usually, one must fulfill the following conditions:
- The candidate should be an Indian national.
- The candidate’s age must be at least 18 years when filing the loan application and not more than 65 years at the time of loan maturity.
- The candidate should be a salaried professional earning a minimum net income of INR 96000 per year. Conversely, he or she can also be a self-employed individual with a net profit of INR 120000 per annum.
– Calculate loan amount and EMI
Upon fulfilling the required eligibility, the candidate should finalize the two-wheeler loan amount to be applied for. In case you have a substantial amount of money as savings, you can opt for a lesser loan amount and repay it along with interest without any default. Additionally, you should also compute the EMI amount before through the two-wheeler loan calculator before proceeding to manage the finances efficiently in the future.
– Apply online
Upon calculating the EMI amount, one can easily log on to the lender’s website and apply online for a bike loan. Once the candidate registers with an active mobile number, the system will send an OTP to verify the same. Subsequently, he will be required to fill the loan application form with valid personal, employment, and bank details for approval.
– Submit the required documents
Upon filling the form successfully, the candidate will be asked to upload the soft copy of the required documents online for processing the loan application smoothly and disbursing the amount quickly. The necessary documents consist of:
- Recent passport size photo
- Valid identity proof
- Valid address proof
- Income proof
- Asset proof
Once the formalities are completed, the system will process your request, and you will get a notification regarding your application’s acceptance. Subsequently, the two-wheeler loans amount will be deposited in your bank account to purchase the new bike.