A detailed process about ” how to avail two wheeler bike loan, eligibility,  loan online approvals, loan EMI Calculator and the benefits of the two wheeler bike loan”.

As you have understood through the headings, today I will give you information about the “how to avail the two wheeler bike loan and benefit of the two wheeler bike loan”. Nothing compares to the thrill of owning a new bike. Financial institutions understand this well, and therefore, they offer you a  loan for the bike of your choice.

Now days, Financial institutions are funding up to 100% on your new motorcycle or scooter. You can get on the road fast and apply for your bike loan with any financial institutions. In this article, I will also give you complete information about the two wheeler bike loan eligibility, loan online approvals, EMI Calculator and its benefits.

How to avail the two wheeler bike loan

Everyone’s dream is to buy a new brand bike. But not everyone has lump sum money to get a bike. In such a situation, you can buy a bike by taking a bike loan approval. To avail the two wheeler bike loan you have to do some formalities like:-

You can apply online on the site of any financial institution you want to take a  loan from. You can check your eligibility status within a short time and get the money.

I will give you detailed information about how to avail the two wheeler bike loan. First of all, you should understand very well about the bike loan eligibility.

Two Wheeler bike Loan Eligibility Criteria

To avail the two wheeler bike loan there are certain conditions which ensure the  loan eligibility criteria: –

1. You should a salaried professional or you are self-employed over the age of 18 years.
2. You have been in employment for at least 6 months or you have been in business for at least 2 years.

 Eligibility Criteria for a salaried or self-employed person

Now there are some basic conditions that apply to meet the eligibility of a two wheeler bike loan for a salaried or self-employed person:-

• Individuals who are at least 21 years of age at the time of applying for a loan, and are not more than 65 years of age at the end of the loan term
• Those who have a minimum gross income of rs84,000/ year for a salaried profile, and rs72,000/ year for a self-employed profile.
• Persons who have been residing at a given residence for at least 1 year (in case of transfer from any other place for less than 1 year to the present location, please provide the relevant documents to the bank during the loan approval phase)
• Those who have been working for at least 1 year
• People who have telephone / office landline connection

Documents required 

Documents required for a Salaried Person:

• ID Proof: Passport / Photo Credit Card / PAN Card / Driver’s License / Voter ID Card / Aadhaar Card / Identity Card wherein the photo of the applicant has been issued by Central / State Government Departments, PSUs.
• Two recent passport size photographs
• Address Proof: Passport / Driver’s License / Voter ID / Utility Bill / Aadhaar Card / Bank Account or Post Office Savings Bank Account Details.
• It should only be computerized documents issued by PSUs, private sector or MNC banks. / Property or municipal tax receipt;
• Address proof of the applicant’s spouse or parents name is acceptable
• Last 3 months pay slip / form 16 / latest ITR
• Last 3 month’s bank statement is mandatory

Documents required  for a Self-employed:

• ID proof: Passport / PAN card / Driver’s license / Voter ID card / Aadhaar card
• Two recent passport size photographs
• Address Proof: Passport / Driver’s License / Voter ID / Utility Bill / Aadhaar Card / Bank Account or Post Office Savings Bank Account Details.
• It should only be computerized documents issued by PSUs, private sector or MNC banks. (All banks except Corporation Bank) / Property or Municipal Tax Receipt;
• Address proof of the applicant’s spouse or parents name is acceptable
• Latest Income Tax Return (ITR)
• Last 3 months bank statement is mandatory

Two wheeler bike loan online approvals

Today is the era of digitalization; everyone wants to take advantage of the facilities to easily get a loan sitting at home. In this case, you also want to take advantage of the online facility for a two wheeler bike loan. This will be very beneficial for you.

Steps of Two wheeler bike loan online approvals

You can easily apply for a two wheeler bike loan online by following a very easy procedure.

• First of all, you need to know where you can get a bike loan easily. Which website or which app will be the best for a bike loan.
• So all you need to do is to mark your preferred lender. Then there is a need to visit that lender online.
• Now go to the specific page of Two Wheeler Bike Loan. First you enter all your personal as well as professional details and after that apply online.
• The moment to do this, you will be redirected towards a page. It saying that your application has been submitted successfully and you will soon get to know the status of your application.

Applying online for a two wheeler bike loan is quick, easy and convenient as you can complete all the required formalities in just a few minutes with a click of the mouse.

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Comparison of two wheeler bike loan before purchase

You should always compare different lenders before saying yes for two wheeler bike loan to any lender. This will allow you to grab the best two wheeler deal. Is it important? My answer is yes, comparison is important! With the help of doing this, you will be able to find out which lender is giving you the best offer. Choosing the best lender will probably be helpful in an online way as you can compare different lenders on different parameters under one roof.

 Loan EMI Calculator

So, now that you have made up your mind to take a two wheeler bike loan, it is also important for you to know the EMI. What would be the exact amount of monthly installment that you need to pay each month to a lender? You can easily know with the help of this  device called EMI calculator. This tool gives you an accurate calculation of your monthly installments in few seconds. Learn more about the same with the help of the example below.

Suppose a 30-year-old teacher Mohan Babu wants to take a two-wheeler bike loan of 1 lacks. A lender has agreed to give him the same loan amount at an interest rate of 11% per annum for a term of 5 years. But, before saying yes to the lender, Mohan Babu wants to know the exact amount of EMI required to pay the lender. He wants to know if his monthly installments are pocket-friendly. They just need to have a look at the table given below to know about the monthly installments and interest outgo: –

Below given table shows EMIs, Interest Outgo and Total Amount Payable on a loan.

Below given table shows the interest, Principal amount and Balance amount of a Loan.

Benefits of the two wheeler bike loan

Following are some advantages of taking a two-wheeler bike loan instead of buying a two-wheeler:-

• When you take a two-wheeler loan, the biggest advantage of doing this is that you do not have to face a big financial dilemma in one go.
• You can take a bike loan both ways. Either you can go to the online company and fill the details of your loan and get a loan or you can go to a showroom and take a loan according to your income. To take an offline loan, you have to fill some paper as well.
• For approval, first of all you have to have PAN card, Aadhaar card. Two passport size bank passbook credit card, your bank details, etc. are thoroughly checked.
• Approval is given to you only after a thorough examination of your profile. It is important for you to have good credit; if you have good credit then you will not face any difficulty in getting a loan.
• Gone are the days when one had to wait months for a loan to be approved. In this era of digitization, Approval of loans can be taken in a few minutes.
• With the improvements made in the loan approval process over the years, the loan approval time of two-wheelers has decreased.
• These are some important things that will give you the benefit of getting a loan.

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Conclusion

If you have already thought about going for a two-wheeler bike loan, then considering loan tap for the most convenient options would definitely be the best option. Compare all options before you take a loan. Hopefully, you will get the necessary information by this article,