Two-wheelers are an important part of day-to-day life. Especially in busy streets of India, bikes or scooters are extremely convenient medium of transport. Whether it is about regular transportation or pursuing adventure sports (bike-oriented), you need to have a bike. Despite their convenience, bikes are not always very affordable for many. In that case, opting for a two-wheeler loan can be a great help.
Applying for a two-wheeler loan online is easy, quick, and useful. Without having to go to a bank branch, the entire process can be finished from the convenience of your home or place of employment. The online application process gets completed more quickly than paper-based loan applications, saving you time and energy.
Another benefit of applying for a two-wheeler loan online is that you can receive an instant approval without leaving your home. As a result, you can plan your purchase more effectively and choose a bike with confidence.
How to apply for the two wheeler bike loan online?
This article will walk you through the process of applying for a two-wheeler loan online and getting an instant decision from the Bank. Online loan applications also typically have lower processing costs and interest rates, which can save you money over time. So, let us discuss the
step-by-step process to get your bike loan online
Visit the website of various banks and lending companies:
You must first go to the bank’s website in order to check the options offered for an online two-wheeler loan application. Visit more than one website and lookout for “Two-Wheeler Loan” under the loans section.
Check your eligibility:
It’s crucial to confirm your eligibility prior to applying for the loan. Age, income, employment status, and credit score are the specific eligibility requirements listed by the bank for their two-wheeler loan. By completing a form on the website, you can determine your eligibility for the loan. Your name, age, income, and employment status are among the basic questions on the form.
Use EMI Calculator:
Lenders provide an online calculator for your convenience. You can get an idea of the loan amount by using the loan calculator, which considers things like the price of the two-wheeler, your income, and your ability to repay the loan. It will help you estimate the overall cost of the loan.
Online loan application:
With technical advancements in the sector, now it is possible to do the entire process from the comfort of your home. Visit the official website of the lender or go through their app (if available), and you can apply for a loan.
Submit your paperwork:
For verification, you will be required to upload basic documents. It includes identification documents (like a PAN card or Aadhaar card), address proof (like a passport or utility bill), income proof (like pay stubs or bank statements), and a passport-sized photo.
Get instant approval:
This is another advantage of choosing the online method that you get an answer for your application immediately. Following receipt of your application form and supporting documentation, the bank will review your request and inform you of its status.
If your application is accepted, the loan will be disbursed to your account in a matter of hours.
Reputed lending institutions provide loan amounts ranging from Rs. 20,000 to Rs. 2,00,000, for both new and used two-wheelers.
Things to keep in mind when applying for a two-wheeler loan online
Check the interest rate:
It’s crucial to research the interest rate before applying for the loan. The interest rate may change depending on your credit score, income level, and loan amount. Before accepting the loan offer, make sure you’re comfortable with the interest rate.
Choose the right loan tenure:
The repayment period for a two-wheeler loan is flexible, ranging from 12 to 36 months. Choose the right loan tenure for your needs. Select a tenure that fits your budget and ability to make repayments. Keep in mind that a longer tenure will result in lower EMI payments but a higher total amount of interest paid.
Read the terms and conditions:
Read the terms and conditions before deciding to accept the loan offer. It is better to be aware of the loan’s associated costs, such as processing fees, prepayment penalties, and late payment fines. Make sure you are also aware of the implications of loan default.
Maintain a good credit score:
Getting approved for a two-wheeler loan depends in large part on your credit score. By paying your debts on time, lowering your debt, and refraining from applying for numerous loans, you can ensure that your credit score remains high. You may qualify for a loan more quickly and at a low-interest bike loan if you have a high credit score.
Have your documents prepared:
You must submit specific documentation if you want to apply for a two-wheeler loan, online. Before applying for a loan, make sure you have all the required paperwork ready. Time will be saved, and the loan will be approved more quickly.
It’s important to ascertain your loan eligibility before submitting the application for a two-wheeler loan. The online loan eligibility calculator provided by the bank can help you determine how much of a loan you qualify for based on your income, age, and other factors.
If you’re having trouble getting approved for a two-wheeler loan, think about including a co-applicant with a strong credit rating in your loan application. This may improve your chances of being accepted and lower your interest rate.
Plan your EMI payments:
It’s crucial to schedule your EMI payments in advance. Get an idea of your monthly payments based on your loan amount, interest rate, and loan term using the online EMI calculator. This will enable you to budget effectively and stay clear of any default or penalty fees.
Track the status of your loan account:
After receiving an online two-wheeler loan approval, it’s critical to monitor your loan account. To ensure there are no inaccuracies or errors, make sure you pay your EMIs on time and frequently check your loan account. You can guarantee a simple and straightforward application process when applying for a two-wheeler loan online with ICICI Bank by keeping these points in mind.