Business

How to Finance your Bike by Taking a Two Wheeler Loan?

By December 31, 2020 No Comments

In a country like India with so much population, 2-wheeler is one of the most sought-after vehicles which gives you a sense of pride while also making you independent from using public vehicles. With a limited budget, if you are not sure how to buy a 2-wheeler, taking a loan is the best option to finance your vehicle.

In this article, we will help you with all the necessary details about the Two-wheeler Loan online and how one can avail of it. 

Why apply for a Two-wheeler loan?

Various other financial instruments are available for buying a two-wheeler, but a two-wheeler loan provides you the following benefits:

  1. Easy Processing: Now getting a loan is simple and hassle-free. With minimum documentation and no long waiting period, the two-wheeler loan offers easy processing of applications.
  2. Attractive Interest Rate: The interest rate offered in a Two-wheeler loan is very flexible and attractive. With Fullerton India, you can now get a loan up to Rs 30 Lakh at an exciting interest rate, which will depend on your age, income, and credit score. 
  3. For all individuals: Whether you are working for professional or self-employed personnel, a two-wheeler loan is available for all.
  4. flexible repayment: Depending on your ease of repayment, you can choose a flexible repayment option.
  5. Instant Approval: Waiting in line for the loan is now old school, with the increasing digital presence, you can now apply online and also get instant approval through online tracking.

Eligibility

To get the two-wheeler loan, it is important to fulfill the eligibility criteria of the lender. While the exact criteria may vary based on the lender, some general points include:

  1. The applicant must be over 18 years of age at the time of applying and a maximum of 65 years during loan maturity. 
  2. The applicant must be a resident citizen of India, residing in the same address for a minimum of 1 year. 
  3. The applicant must be an em0loyee of an MNC, private Limiter company or a publish Sector Enterprise for a minimum of 1 year. 
  4. For self-employed professional’s IT returns for 1 consecutive year is required to be produced. 
  5. The applicant must have a good CIBIL score. 
  6. The applicant must have a permanent telephone number. 
  7. The applicant must have all the relevant KYC documents. 

The KYC documents required are as follows:

All KYC documents to verify the following:

Proof of identity – PAN card, voter’s ID, passport, driving license  

Proof of address – Utility bills, passport, rental agreement  

Proof of age  

How to apply 

If you fulfill the above eligibility criteria, you can apply for the two-wheeler loan by following the below steps. 

Step 1: Visit the lender’s website and navigate to the two-wheeler page. 

Step 2: Read all the instructions and click on Apply Now option. 

Step 3: Mention whether you are a salaried individual or self-employed. This will change the documents that you need to submit. For salaried individuals, they need to submit Form 16 and the latest salary slips for 3 months, however, the self-employed personnel have to submit a copy of the latest income tax returns.

Step 4: Fill in your Personal, Employment, and banking details post making your mode of employment declaration.

Step 5: Once all the details have been filled in, click on the ‘Apply Now’ option. 

Step 6: Your loan application has been sent for confirmation. If your application is accepted, you will receive a call from the executive with the loan amount, interest rate, and tenor application to you. 

So with the above details, you know that getting a two-wheeler loan is easy and simple, and with the right documents, you can get it in no time. All you need to ensure that you use the two-wheeler loan calculator while deciding to choose a lender that fulfills your requirements.

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