Want To Apply For Two-wheeler Loans? The Offline And Online Process Explained!

By Author: Vishakha Lele
Total Articles: 3
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If you live in cities that are known for not so great public transportation system and heavy traffic, then owning a two-wheeler is a must. Thanks to its compactness, bikes can help you reach your destination in a jiffy. Since it occupies less space, they are easy to drive around even in peak hours. What’s more? All kinds of models are now just a bike loan away.

How to go about the application process? Here is a detailed guide on the offline and online process:

1) Offline procedure: Almost every bank and NBFC offers 2-wheeler loans today.

This five-step guide will assist you in finding your ideal scheme:

• Before approaching a lender, you must compare them. Although most of the lenders today offer similar interest rates, there could be difference of 0.50 per cent, which leads to a lot of savings. Also, look for banks who provide concession on additional charges. It will reduce your overall loan cost.

• To get started with the application, you need to visit the bank’s nearest branch. Every bank has a representative to guide you through the whole application process.

• The representative ...
... will study your financial profile, the type of bike you are vouching for, and so on. Inform the representative about your preferences such as the budget, loan tenure, interest rates, etc.

• Once the representative gains clarity, they will provide you with the form wherein you need to mention your personal, income, and employment details. You also have to give information on the type of bike. Along with the form, submit the related documents. The lenders will verify them based on which they determine the loan amount. The interest rates are dependent on your tenure.

• The lenders approve of and disburse the loan in approximately a week’s time.

2) Online process: Online two-wheeler loan procedure slightly varies from the offline mode.

The five-step guide is as follows:

• Conduct comparative analysis. With the help of third-party websites, you can find the rates that every lender is offering.

• You can narrow down several options and check what fits the bill by using the EMI calculator. You can input as many times and free of cost. The calculator helps you make an informed decision. The parameters for the instrument include principal amount, tenure, and interest rates.

• Once you have made your decision, visit the concerned lender’s website, fill the bike loan form like personal details, income data, and employment information.

• Upload the essential documents or the lender will then send a representative to your doorstep to collect them.

• You will have to wait for the lender’s call. The disbursal process generally takes 2-4 days in case of the online procedure.