Simple tips to get Bike Loan approval in one go

From convenient scooters to flashy motorbikes, two-wheelers have quickly become the first choice for those searching for personal transportation modes in India. As a result, many banks now provide easy Loans at reduced interest rates. They have also simplified the application process and reduced the paperwork involved.

If you are looking for easy bike finance, an Instant Bike Loan is just a few clicks away. Irrespective of how easy it is, approval happens only with due process. Do you want to apply for it without any hassles? Ensure to follow these simple tips:

1. Check the eligibility criteria

Firstly, check out the eligibility criteria with the desired bank before applying for a Bike Loan to see if you fit the profile. While these may differ between banks, salaried and self-employed borrowers’ standard eligibility requirements remain the same. You should be between 21 and 60 years old and have stable employment for at least a year. Also, your resident status should be stable for a minimum of a year.

If you want to secure a quick Loan with the bank, apply there only if you satisfy all their conditions. Ensure your credit report displays a favourable repayment capacity to obtain the required funds swiftly.

2. Fill out the application form correctly

Your application form details will help the bank determine your creditworthiness. Ensure you fill it out with the correct information. Also, look for errors in the data provided to avoid Loan rejection due to insufficient or incorrect information.

3. Prepare the documents beforehand

Once you prepare the documents, you can eliminate many hassles during verification. Provisions for alternate paperwork are also helpful if you need help finding them. It is best to ask the bank for the necessary documents before applying for a Bike Loan.

You may need to furnish your KYC documents (passport, PAN Card, Aadhaar, etc.), latest ITR statements or salary slips, last three months’ bank statements, and proof of residence ownership.

4. Use an EMI calculator

Before quoting a Loan sum, always use the EMI calculator to estimate the costs you will likely incur based on the Two-Wheeler Loan interest rate, tenure, and amount. This way, you can easily avoid borrowing more than you need. Only borrow what you can afford to repay. This way, you can become responsible and calculative and manage your finances better.

Conclusion

The Loan application process becomes seamless once you follow the tips mentioned above. To enjoy smooth sanctions, consider applying for it from a reputed bank. If you want to buy a two-wheeler but need more funds, research Loan offers and eligibility requirements well, compare their interest rates and finance it without difficulty.