Every home must have at least one two-wheeler. A ride on your own bike or scooter will get you there faster than any other mode of transportation, whether you’re traveling great distances or navigating through severe traffic. Don’t worry if you don’t have enough money to purchase one. It’s never been easier to get a 100% two-wheeler loan with no down payment and no collateral required. Before applying for a loan, there are a few things that every borrower should think about.
Advantages of taking a two-wheeler loan
No need to plunge into your savings
You may maintain your funds while financing your goal of owning a bike or scooter. Pay down the loan in convenient monthly payments, according to your schedule and monthly budget.
Helps to improve credit score
A two-wheeler vehicle loan typically has lower interest rates and shorter repayment periods, making it easier to repay. This feature makes it appealing to young professionals who want to quickly improve their CIBIL Score.
Attractive interest rates
The interest rates for two-wheeler loans are very low. Because there is a boom in demand for two-wheeler lending, lenders and non-banking financial companies (NBFCs) are striving to offer fair rates.
The days of standing in long lines at the bank are long gone. Loans can now be granted swiftly, and repayments are now twice as simple. The approval process has improved to the point that your 2-wheeler loan can now be disbursed within a few days of your application.
How to get instant approvals
Fill your application form carefully
To gain immediate acceptance for your bike loan, the first and most important thing you must do is read and fill out your loan application form carefully and properly. If you have any questions, contact the financier’s customer service staff and get all of your inquiries answered before filling out the form.
Check eligibility criteria
The requirements for a two-wheeler loan may differ from one lender to the next. Make certain that you meet your loan provider’s eligibility requirements.
Maintain a good credit score
Your credit score reflects your creditworthiness and, as a result, the level of risk taken by the lender if you are approved for a loan. As a result, maintaining a credit score of 750 or higher is critical. If your credit score isn’t high enough, you should apply for the loan with a co-applicant or guarantor to show the lender that you’re creditworthy.
Use EMI calculator
You can easily understand your payments and prepare for your loan by using the two-wheeler loan/ vehicle loan calculator. This calculator provides you with a thorough amortization plan in only a few seconds, allowing you to make an informed decision.
Apply for a right loan amount
You should apply for a loan that is proportional to your monthly income. As a general guideline, your monthly EMIs should not exceed 40 percent to 50 percent of your monthly wage.
Submit all required documents
You must complete and submit all essential paperwork for the loan application process on time. To complete your two-wheeler loan application, you’ll typically need proof of identification, address, income, and other KYC documents.
Apply with the existing financier
Applying for a bike loan with an established lender is one of the simplest ways to acquire fast approval. Because your current lender has confirmation of your creditworthiness and other information, the documentation and verification processes are accelerated.
Almost all operations have been computerized in recent years, and bike loans are no exception. A two-wheeler loan can be applied for both online and offline. Due to the simplicity of documentation and application submission, online bike loan applications are often approved faster than those submitted offline.
The bottom line
Obtaining a two-wheeler loan is unquestionably one of the greatest and most convenient ways to realize your bike goals without jeopardizing your financial situation. So it requires proper research and knowledge about the process and its technicalities. Consider the above points to get instant approval for your two-wheeler loan.