What is the Procedure for a Two-Wheeler Loan?

two wheeler loan

Online applications for two-wheeler loans have made every two-wheeler rider’s life easy with their easy accessibility and ability to get loans done and sanctioned in simple steps. Many applications have been reigning the market, which guarantees the cheapest bank loans along with the promise of 100% sanction amount being provided straight to the client’s bank account in less than 10 minutes. The main requirement for the same is the fulfilment of the KYC (Know — Your — Customer) criteria. The application looks into the amount requested, the concerned bank, and the previous records of the applicant. One has to submit their Aadhar Number and their PAN card Number for cross verification with records. This is called the credit score checking process, also known as CIBIL.

One must keep a high and clean credit score as it forms the primary basis for such apps to grant and sanction loans. Especially with the two-wheeler loans, there is a procedure to verify which two-wheeler is being bought and whether it is directly purchased from the store and authorized dealership. The reason is that such apps don’t allow loans for second-hand buying of any two-wheeler. Other than that, additional offers of less paperwork and swifter loan amount sanction are available with the festival season.

Buy Bike on EMI

Anyone can now complete their dream of owning a two-wheeler by easy EMIs. Finances are accessible to all with equal monthly instalments. With this, the loan amount clubbed with interest gets divided into small monthly instalments and makes it super easy to pay back on time. If this account is linked to a salary account, then the EMI gets deducted in real-time. One also gets notified about the instalments left. All the registered dealers now have the scope of down payment and getting EMI facility on their sale. EMIs go easy on the pocket and guarantee the safety one needs before buying a two-wheeler. One even has the facility to get EMIs adjusted according to their ease of payment. That makes EMIs stress-free and easy.

Applying online for two-wheeler loans can be an added benefit. Easy paperwork accompanied by step-by-step teaching of procedures makes the process hassle-free. Customer feedback for the EMI planning is also taken quarterly, with mid and pre-quarter changes also allowed. At each step, one will have a whole customer support team to look into the grievances so that the buying experience is satisfactory.

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About the Author: Peter Beaumont

Peter Beaumont is a senior reporter on Daily Mid Time Global Development desk. He has reported extensively from conflict zones including Africa, the Balkans and the Middle East and is the author of The Secret Life of War: Journeys Through Modern Conflict. Email: peter@dailymidtime.com