Things to take care of while submitting documents for bike loan

Things to take care of while submitting documents for bike loan

With the rising demand for two-wheelers in the semi-urban and rural areas, the motorbike industry has spanned a skyscraping growth. As a result, the two-wheeler industry is nearly running its business in crore in size. It reveals an overflowing opportunity for bike loan providing companies, vice versa.

In the older days, the process for bike loans used to be tedious and people used to have less awareness for documents for bike loan. However, with the escalating penetration of financial institutions in India, obtaining a two-wheeler loan is straightforward, handy and quick!

Eligibility Criteria:

  • You have to be an Indian to appeal for the motorbike loan.
  • They must be a minimum of 18 age and a maximum of 65 age.
  • A salaried applicant must hold vocation proof with at least one year of employment.
  • And, the business owners or self-employed people must show running the business operation for over three years.

An applicant must match all the required parameters set by financial lenders to get the loan quickly. However, if you fail to meet any of the aforementioned segments, the bike loan application process can be challenging for you.

Documents for bike loan:

Common documents –

  • Loan application Form
  • Valid KYC papers (Know Your Customer).
  • Passport Size photograph of all applicant(s)

Documents required for the salaried applicant –

  • ID Proof: Voter Card/ Driving license/ PAN Card/ Aadhaar Card/ Passport
  • Residential proof: Utility bill/ electric bill
  • Income Proof: Latest Salary Slip
  • Current Form 16
  • Bank receipt: Last three months Bank Account statement

Documents needed for the self-employed applicant or business owner –

  • ID Proof: Voter Card/ Driving license/ PAN Card/ Aadhaar Card/ Passport
  • Residential proof: Utility bill/ electric bill/ phone bill
  • Income proof: Latest ITR
  • MSME Registration Certificate
  • Lease accordance with other Utility Bills
  • Current A/C bank statement for the last 1year
  • Sales Tax or VAT Certificate
  • Shop & Establishment act Certificate (for business)

Procedure for two-wheeler finance:

To apply for a two-wheeler or bike loan, you must scout the market for diverse financial institutions and banks. This way, you can compare several offers provided by different lenders. Several lenders have assorted terms and conditions, policies and other vital rules. You can validate those essential points of the respective financial company or bank and settle for the suitable one depending on your requirements.

However, gone are those days when the bike loan application process used to be complicated. Now the application process is swift and transparent than olden days. You have to meet the qualification criteria of your banker to appeal for the loan.

Afterwards, the appellant has to fill up and present the application form with all the essential information. You can request for loan agent’s assistance as they will guide you through the whole process. If the lender finds your documents correct, they will proceed with the loan application within 48 to 72 hours. And then, the lender will approve your loan request in no time.

Things to remember:

According to some market experts, a borrower should always seek monetary help from a reliable financial institution. A reputed bank or NBFC always offer easy tenure and flexible repayment options. Also, with an attractive interest rate and flexible loan return policy, shopping for a two-wheeler has become more accessible and convenient.

Besides, if any individual holds positive credit or CIBIL score, they are will easily be eligible for special deals and schemes. And the lender will promptly sanction the finance request as well. However, it is advised to check and customize your tenure period before settling with the designed tenure. Once the lender disburses the loan amount, you will be unable to change the term. Select the tenure period evaluating your repayment ability and monthly income.

Apart from that, many financial institutions offer customized financing solutions for an applicant depending on their requirements. Also, based on your bike model and type, the lender will sanction your loan amount.

Summing Up:

Being a responsible applicant, you must always pay attention to small details about your documents for bike loan. Therefore, we recommend applicants research online on your lender’s website to gain an idea regarding required documents. So, you never miss an opportunity to submit your papers in an organized manner and get your loan approved instantly. Additionally, look after the interest rates and repayment tenure as well and agree with the term after evaluating your affordability.

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