Getting a two-wheeler is the best way to navigate daily traffic and protect yourself from contracting the new variant of the COVID-19 in metropolitan cities. Owning a two-wheeler has become a necessity than a luxury, as it is safer to commute by bike rather than the public bus.
However, with the rising prices of two-wheelers in the Indian market, not everyone can afford to buy a bike from their pocket. Therefore, applying for a two-wheeler vehicle loan is the best option to manage your finances. The process of getting a bike loan is easy and convenient. All you require is a smartphone and a sufficient balance in your bank account. You can fill in your application and get approved for a loan from the comfort of your home.
How to get a two-wheeler vehicle loan?
Unlike the old days, getting a two-wheeler vehicle loan is easy and quick. The best part is that you can avail yourself of affordable two-wheeler loan interest rates. But, getting the best deal depends on your age, income, credit score, and current financial obligations.
Here is how to get a two-wheeler vehicle loan:
Decide the loan amount
The first thing you need to do before applying for a loan is to assess your needs. It is crucial to decide the exact loan amount you need. To understand that, it is advisable to make your mind about the bike you need and find out its market price. You will also need to know how much of the bike price you need as a loan.
Know the eligibility criteria
To get a two-wheeler loan or secure a lower two-wheeler loan interest rate, you will need to meet the lender’s eligibility criteria. It is worth noting that the eligibility requirements vary across lenders in India.
Some of the common requirements for a two-wheeler vehicle loan are:
- The applicant must be an Indian citizen currently residing in India.
- The applicant must be either a salaried or self-employed professional.
- The applicant must be at least 18 years old at the time of application and 65 years old at the end of the loan tenure.
- In the case of a salaried person, the applicant must earn a minimum of Rs. 96000/- as net income.
- In the case of a self-employed person, the applicant must show a minimum net profit of Rs. 120,000/-.
Calculate the EMI amount
After checking the eligibility criteria, it is crucial to find out how much you can pay as EMI. Every lender has an online bike loan calculator through which you can figure out a suitable EMI for yourself. It requires you to enter the loan amount, two-wheeler loan interest rate, and loan tenure. You can easily create a flexible repayment plan using the calculator.
Prepare the documents required
Before applying for a two-wheeler loan, you will need to prepare the following documents
- Identification proof: Aadhaar Card, Passport, Voters ID Card, or PAN Card.
- Address proof: Aadhaar Card, Passport, Utility Bill, or Voters ID Card.
- Income Proof: ITR, Form 16, salary slips, or bank statement.
- Asset Proof: House tax receipt
- Recent passport-size photograph
Fill in the application form
After preparing the documents and meeting all the requirements, you will need to visit the lender’s website and fill in a mandatory application form. Make sure you are aware of the minor mistakes that cause delay or rejection of your application.
In short
Getting a two-wheeler loan is the best way to manage your finances without dipping into your savings or investments. Affordable two-wheeler loan interest rates and flexible loan tenure enable you to make repayments within the stipulated EMIs.
