A two-wheeler loan helps borrowers purchase bikes or scooters without worrying about the budget. Various factors affect two wheeler online loan approval, including credit score, income levels and prior financial obligations of the borrower. Below listed is a step by step guide to applying for such loans. 

Steps to Availing Bike Loan:

• Checking Eligibility

The borrower should be of at least 18 years of age while applying for such loans and must not be beyond 65 years of age at the time of maturity of the loan. Furthermore, the borrower must be a resident of India for more than a year. 

• Filling Up the Application Form Online

The next step is to choose a financial institution and fill up the application form available on the website. The complete details about the two-wheeler’s total cost and dealer name, along with the applicant’s details, will be required at this step. 

• Submission of Documents

Next, the borrower must submit the necessary documents for the Two Wheeler Loan Online Approval. These documents include identity, residence, and income proof. 

• Verification and Approval

After all the documents are verified, the loan is approved, and the amount is transferred within the stipulated time. 

With the help of the bike loan calculator, borrowers can determine the amount of equated monthly instalments (EMI) required for the fixed tenure. Moreover, the borrower can adjust the repayment tenures, interest rates and principal amount as per their budgets. 

Additional Read: 5 Perks of Funding Your Purchase with a Two Wheeler Loan