A two-wheeler loan is a financial product provided to an individual who wants to purchase a bike or a scooter by spending all their savings or cash in a single payment. With a two-wheeler loan in Pune, you can pay the amount of the bike plus interest in affordable budget-friendly EMIs.
You can apply for a two-wheeler loan in Pune in both online and offline modes.
You can apply for a two-wheeler loan in offline mode by following the steps mentioned below:
- Find the bank or lender who offers you attractive interest rates and discount offers.
- Visit the branch and fill out the application. Contact the loan manager or their representative to talk about your loan options and repayment plan. Choose the repayment tenure and loan amount that you want to apply for.
- Provide the required information and documents.
After the submission of the documents, the bank will verify all the details and documents. Once the verification is complete the bank will approve the application and move forward with the disbursal process.
You need to follow the steps mentioned below, to apply for a two-wheeler loan in Pune:
- Search for a bank or lender that provides you with the best interest rate, repayment tenure and discount offers. Compare different lenders using online tools to find the best match.
- Visit the official site of the bank or financial institution you shortlisted.
- Fill out the online application and upload all the relevant documents.
- Choose the applicable interest rate and repayment tenure and then apply.
- After that, you just have to wait for your application to get processed and approved. The bank or lender will verify all the details given by you. Upon verification, your application will be approved.
Always contact the bank’s or lender’s representatives to solve any queries you may have regarding the loan or application process before applying.
Eligibility is an essential factor in whether or not you can apply for two wheeler loan. The eligibility criteria may vary from one bank to another depending on the terms and conditions of the bank. Below mentioned are a few eligibility criteria that you should keep in mind before applying:
- The applicant must be at least 21 years of age at the time of applying for the loan and a maximum of 65 years at the maturity of the loan.
- The applicant must be either salaried/employed or self-employed. They should have a constant source of income.
- They should have a good or excellent credit score, generally 6750 or above.
- The applicant must be a resident of India and must be a resident of the present address for at least a year.
- They should have at least one year of work experience.
For applying for a two-wheeler loan in Pune you need to provide the financier with a few documents. A few of the documents you might need are mentioned below:
Identity proof: Aadhar card, PAN card, Passport, or driving licence.
Address proof: electricity bill, telephone bill, other utility bills, Ration card, Driving licence, Passport, Voter ID card, or Bank statement of last 2 months mentioning your address.
Income proof: Form 16, Latest salary slips, Last 3-month bank statement reflecting salary credits, Salary Certificate, or Income tax return documents in case of self-employed individuals.
Age proof: PAN card, Passport, Driving license, Birth certificate, or School or college leaving certificate.
Make sure to keep the above-mentioned documents ready beforehand to avoid any last-minute hassles. Ask your lender about any other additional documents or information required.
Two-wheeler loans offer many benefits in several ways. A few of the advantages are mentioned below:
- You don’t have to spend all your savings at once to buy your dream bike. You can get funds from a bank or financial institution. Some banks also provide the facility of zero down payment.
- You get affordable interest rates on your two-wheeler loan.
- When you apply for a two-wheeler loan, you can choose the repayment period according to your financial capabilities.
- The price of the bike is divided into affordable budget-friendly EMI, so buying a bike or scooter doesn’t have to be a burden.
- If you pay the EMIs on time without any delay you can build up your credit score. A higher credit score makes you eligible for more attractive loan offers.
A two-wheeler loan can be very beneficial for anyone who wants to buy a bike or a scooter. You can bring home your dream bike without burning a hole in your pocket. But before proceeding with any loan application make sure that you understand how to apply for a two-wheeler loan in Pune, the eligibility and the documents required. Do not hesitate in contacting the lender or their representatives to clear any doubts you may have and help you along the application process.