Be a self-employed or a salaried individual, every middle-class family member who starts earning money dreams of owning a bike of their choice. A Two-Wheeler Loan helps them and enables them to do so, even without changing their budget through some monthly EMIs at the lowest interest rates. You can easily avail any Two Wheeler Loans Pune and customize it as per your needs to repay.
There are many finance companies and services that provide some best deals on a Two- Wheeler Loan in Pune. You can check their websites and compare the plans they are providing and select them according to your needs. With tough competition in the market, companies are making the eligibility criteria easy and making the process quick with fewer documents for bike loan to sanction in no time.
Why Choose a Two-Wheeler Loan
Choosing a two-wheeler loan is the best option to buy a bike without cutting out on your savings. It gives you the flexibility to own a bike and do the savings at the same time so that you can manage your finances. Loan companies provide 100% of the two-wheelers’ on-road price without asking for anything as collateral. The interest rates are affordable and the repayment tenure can be planned as per your need either for a longer or shorter period.
Although, the lower interest rates depend on the credit score of an individual. You have to convince the loan companies to get the lowest interest rates for your two-wheeler loan through your stable job or business. And the requirement of just the basic documents for bike loan makes it much easier for a person to secure the loan. You can also choose for the loan with down-payment i.e. you get up to 95% and the rest is paid by you.
Eligibility Criteria for Two-Wheeler Loan
The eligibility criteria to avail of a Two Wheeler Loans Pune are very simple and mentioned below:
- The minimum age should be 18 and the maximum should be 65.
- Be an Indian national and residing at the same address for the past year to show stability.
- Be a salaried or self-employed individual but should’ve been stable for at least one year in both cases.
- Must have a permanent contact number with other related documents for the KYC.
- A good CIBIL score with credit bureaus is a must-have.
Documentation for Two-Wheeler Loan
There are some must-have documents for bike loan that are required and they are as follows:
- Identity Proof: It can be anyone’s Aadhar Card, Passport, PAN Card, Driver’s License, or Voter ID Card.
- Proof Of Address: Anyone copy of Aadhar Card, Passport, PAN Card, Driver’s License, Voter ID Card, Property documents, Water or Electricity Bill, Bank Passbook.
Proof of Income: For Salaried Persons: Salary Slips of last two months, Bank Statement of last six months, Offer Letter.
For Self-Employed: ITR of three years, Last six months Bank Statement, Company Details.
Calculate your Loan EMI
Now, you can instantly calculate your two-wheeler loan EMI online on the respective websites. Yes, to get the best option for yourself, you can use the company’s unique Two-Wheeler Loan calculator feature. You can use it to compare the EMIs and interest rates of many different companies and financial institutions, and then make a final decision according to your preference to apply for the Two Wheeler loans Pune. Simple!
How to apply for a loan?
You can either apply for a Two-Wheeler Loan online or offline, it depends on you. Applying anywhere is as easy as it sounds. Below are the points on how you can apply:
- Open the bank’s website and fill in the application form with your basic details like name, contact information, bike details; etc.
- Once you have completed the form check if you are eligible for the loan by using the loan calculator.
- After completing all the above processes and verification of the documents for the bike loan is done it takes 24 hours to get the loan approved.
To apply for the loan offline you need to visit the nearest branch or call the bank representative. The representative at the branch will help you with all the processes from filling out the form to verifying all the documents for the bike loan.
To sum it all up, you can choose any Two Wheeler Loans Pune to buy a bike of your choice which you have always dreamt of with a hassle-free process and minimal requirements of the documents for bike loan it has become easier to apply for the loan and own a bike. What are you waiting for? Go to the most trusted website of a financial service and use their auto compute tool to calculate your bike EMI. Simply check your future interest rate, principal loan amount, and loan tenure. And take a cost-effective bike loan today!