Buying a two-wheeler can be one of the happiest moments of a person’s life, but sometimes you cannot fulfill them due to a lack of enough funds. But that is not an issue anymore since you can finance your two-wheeler with the following guide.
Research & Planning:
It is equally crucial to research the various lenders and companies that offer two-wheeler loans to ensure you deal with the best lender and get the best deal. It is also essential to ensure that the leader is trustworthy and can be relied upon and choose the right financial institution to finance your two-wheeler.
Decide on the Amount:
Before you can apply for the loan, you need to be sure of the required loan amount. This is to make sure that you don’t take an unnecessary loan with a high amount that is not needed. So it is essential to be firm on the amount required, so you end up sticking to that and avail the right amount only.
Before you can apply for a 2 wheeler finance anywhere, you need to check the eligibility criteria. Only when you are eligible, you can apply for the loan. You might need to give a few details like your salary, city, loan amount and type of two-wheeler, etc. You can check your eligibility online, and depending on the details provided, you will receive a quick call regarding your eligibility and the way forward.
Applying for a loan needs several documents like a pan card, an address proof, a citizenship proof, salary slips, etc. It is vital to check that you have all the documents before applying for a two-wheeler loan. If you don’t have the required documents, it will get challenging to apply for a loan, and you won’t be eligible as these are mandatory.
Before you decide on getting a two-wheeler financed, it is vital to ensure that your credit history is good. The company or the lender always checks the credit history and creditworthiness before granting a loan. This is to check the background history and to be satisfied that you can repay the loan.
When you know that you are eligible to apply for the loan, you must check the interest rates from various financial institutions. It will ensure that you don’t end up paying a high-interest rate when you can get a lesser one. So, compare and contrast various interest rates to get the best deal. The interest rates start as low as 0.99% p.a.
Some of the lenders and institutions charge additional costs and processing fees for the approval of loan. So, it is also essential to know beforehand what the extra expenses will be. This will help you calculate your monthly installments for which you can use a two wheeler loan EMI calculator. Calculating the installments also ensures that you are prepared and enables you to avoid being a defaulter.
It would be best to plan the repayment schedule that suits you the best before applying for the loan. Calculate the installments, and according to that, you can decide on the tenure of the repayment. It is advisable to choose a period where you can comfortably pay the amount every month so that you don’t default if you fail to pay the installment. Failing to pay impacts your credit history and CIBIL score, which is not suitable for availing loans in the future.
Apply for the Loan:
After completing all the steps mentioned, you could apply for an instant loan. You can apply for the loan online on the official website and follow the following steps.
- Visit the website and click on apply.
- Verify your mobile number with an OTP.
- You will be required to select the brand of the vehicle you want to purchase.
- Filling your details like personal, bank details, income, and employment details is crucial.
- Upload the income details, other documents required, and the loan amount.
- Once you submit the application after filling all the details, you will receive a referral ID on the message.
- You can save this ID, as this will make it easier to track your application’s status.
- A customer care representative contacts you to complete further formalities.