Two-wheelers has become one of the prime necessities for daily transportation. Individuals can easily finance a two-wheeler against a loan at a competitive interest rate and on easy terms. A two-wheeler loan helps individuals to purchase the desired motorcycle or scooter, with the liberty to pay in easy EMIs (equated monthly installments) with a loan. 

Steps Before Making a Two-wheeler Loan Application

● Check the Eligibility: First, applicants need to check if they are eligible for a two-wheeler loan. Self-employed, salaried persons and business owners with good credit scores can apply for a two-wheeler loan. The age limit is 18-65 years. A loan eligibility calculator can help individuals to check their two wheeler loan eligibility.

● Loan Tenure: The loan tenure for a two-wheeler loan should be flexible enough to repay the loan conveniently. It can be between 12-36 months with many lenders. Using a two-wheeler loan EMI calculator is good for estimating how much the borrower will need to pay every month during the selected loan tenure.

● Keep the Documents Required Handy: Renowned financial institutions offer two wheeler loans against minimal documentation. To make a quick loan application, keep the required documents handy. The common set of documents includes ID proof, address proof, salary slips, and others, depending on the employment or business of the applicant.

Steps to Apply for a Two-wheeler Loan in Minutes

The process to apply for a two wheeler loan with renowned lenders is digital. Here are the common steps to be followed by the borrower:

– Step 1: Refer to the lender’s official website to access the online application.

– Step 2: Select the applicable option – salaried/self-employed individual.

– Step 3: Complete the form with the required personal details, employment, and bank account details.

– Step 4: Submit the application.

After this, the lender’s representative connects with the applicant for various checks. The applicant needs to provide copies of the required documents. After the completion of all formalities, individuals can get their loans approved.

Must Read: Four Benefits of Online Personal Loan Calculators Over Manual Computations