Two wheeler loans are definitely the best way to purchase a two wheeler. All over India, over half the bikes sold are on finance. That makes it clear that two wheeler loans are preferred amongst bike and scooter buyers. Along with that, the sale of two wheelers have also increased as more and more people are opting for this mode of transportation amidst the recent COVID-19 pandemic situation. That being said, if you are looking to buy a two wheeler anytime soon, you must definitely consider the option of a two wheeler loan in Chennai.
Right now, there are numerous lenders and banks offering two wheeler loans all across the country. The best part is that two wheeler loans are pretty easily available. You can go for an online two wheeler loan, or apply for one at the bike dealership, bak branch or lender’s office, wherever you prefer. Most lenders offer both online and offline options for two wheeler loan applications.
While it is definitely good news that the application procedure is simple and such loans are easily available, you need to know some key things to get your loan approved quickly and seamlessly. Although before that, here’s a brief guide to plan your application for a two wheeler loan in Chennai.
How To Plan For A Two Wheeler Loan in Chennai?
Getting a two wheeler loan is simple. With something as convenient as online two wheeler loan you can get such a loan from the comforts of your home. Although you need to make a plan for a two wheeler loan. Here are a few steps to plan for a two wheeler loan effectively.
- Check your loan eligibility. Different lenders have different criteria, but the basic ones include being a resident of India, age of 21 to 60 years, employment and residential stability of at least 1 year. A good CIBIL score will also help.
- Research about the lenders, their offers, charges and interest rates and make the best choice accordingly.
- Make a repayment plan for yourself by calculating the EMI, your income and expenses and make sure you do not exceed your financial capabilities.
How To Get Your Two Wheeler Loan Approved Seamlessly?
Applying for a two wheeler loan is only a part of the process. Getting it approved is a key concern as well. For this, you need to be aware of a few factors and act accordingly.
To begin with, you need to check your loan eligibility and then apply for a two wheeler loan. The key factors that affect the eligibility of an applicant are:
- Age of the applicant
- Down payment
- Monthly income
- Source of income and stability
- Interest rate
- Residential stability
- Credit report
A good credit score increases your chances to get the loan approved. For this, you need to make sure that you have paid all dues, and even pay off any existing loans under your name.
The next thing is proper submission of documents. Be it online or offline, along with the loan application you need to submit all necessary documents. The common documents required by most lenders are:
- KYC documents
- Residential address proof
- Latest salary slips or income proof
- Latest Income Tax Return
Both self-employed and salaried individuals can apply for a two wheeler loan in Chennai. Have all the documents in place when applying for such a loan. You can talk to the representatives of the lender or bank to know about what documents are needed for the loan. Make sure you submit all the documents needed by the lender.