The MSRPs of motorcycles in India are no longer in the ‘affordable’ range per se. The reason is simple – bike manufacturers in India have increased the prices of their products. This is done to boost business by keeping bike production profitable even amidst uncertain conditions the pandemic brought with it. Hence, bike buyers now prefer to buy their dream bikes through financing – which is a great decision.
With that stated, it is time to take a look into some important information. Following the information shared below will allow a person to get their bike loan approved in no time!
Here goes –
Aspects that lenders focus on while approving a bike loan
To get a Two wheeler loan approval at the first attempt, one would need to focus on the following –
Eligibility
Whether one applies for offline or online two wheeler loan approvals one should make sure they are eligible. The eligibility requirements of lenders vary but there are some common aspects and they are as follows –
- The loan applicant has to be an Indian citizen for at least a year.
- The loan applicant should reside in the location of the lender’s office.
- The loan applicant has to be at least 18 years old. On the other hand, the maximum permissible age of a loan applicant is 65 years.
- The loan applicant has to have a stable source of income. They can be a salaried individual at a public or private corporation. Business owners can also apply for a bike loan. In both cases, the loan applicant has to have an annual income that matches the requirements of the lender.
- The loan applicant has to have a ‘good’ credit score.
- The loan applicant should be able to produce necessary KYC (Know Your Customer) documents. These could be their PAN card, Aadhaar card, driving licence, etc.
EMI
The next order of business is to make sure that the bike loan comes with manageable EMIs.
How to do that?
One can use the free-to-use online bike loan EMI calculator tool available on the official website of their preferred lender. Using this tool is pretty easy. All one would need to do is provide the necessary information asked by the tool and follow on-screen instructions. The whole process takes just a few minutes.
Why calculate EMI?
EMI calculation reveals whether the loan amount, its EMIs and rate of interest is affordable or not. If it is not in the affordable range then alterations can be made accordingly to make it feasible.
Other necessary documents
Apart from producing the documents mentioned above, the loan applicant would also need to produce –
- A self-attested application form. This can be submitted online or produced in person at the lender’s office.
- Passport size photographs.
In case the loan applicant is a salaried individual then they would need to produce –
- Salary slips for the last three months.
- Their bank statements for the last 6 months and
- Their ITR (Income Tax returns) documents for the last 3 months.
Closing statements
Applying for a bike loan is one of the best and quickest ways to buy a bike these days. There are lots of benefits in store for the person who chooses to do so. For instance, each EMI payment will boost the loan applicant’s credit score. Furthermore, a bike loan will help keep the loan applicant from breaking into their savings. For more details, consulting with a financial advisor is strongly recommended.
The post Complete Guide To Getting A Two Wheeler Loan appeared first on VOICENDO.
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