Scooters and motorcycles play an essential role in our daily lives, allowing us to keep up with the fast-paced world. Two-wheeler financing can enable you to obtain your dream bike or scooter without breaking the bank. With a two-wheeler loan in Hyderabad, you can obtain up to 100% of the amount funded. It enables you to purchase your desired bike without a significant down payment. After your loan is authorised, you must pay it back in easy monthly EMIs.
How to apply for a two-wheeler loan in Hyderabad?
You can apply for a two-wheeler loan in Hyderabad in both online and offline mode by following the given instruction:
Online mode
If you want to bring your dream bike home, you can apply for a bike loan right away from the comfort of your own home. To apply for a two-wheeler loan in Ludhiana, follow the steps outlined below:
- Look for the best interest rate, repayment duration, and discount offers from a bank or lender. Compare multiple lenders using web tools to get the best match.
- Go to the website of the chosen bank or financial organisation. Check the lender’s qualification standards to reduce the chances of your loan application being denied.
- Complete the online application and upload the necessary documentation.
- Apply after deciding on an appropriate interest rate and repayment duration.
- All that remains is for your application to be processed and accepted. The bank or lender will verify all the information you submit. After verification, your application will be approved.
Offline mode
You can apply for bike finance by following the steps outlined below:
- Find a bank or lender that offers competitive interest rates and discounts. At the branch, fill out the application. Contact the loan manager or agent to discuss your loan alternatives and repayment strategy.
- Choose the repayment duration and loan amount you want to apply for. Also, submit all necessary papers and information.
- Following submission, the bank will verify all facts and documents. The bank will approve the application and begin the distribution process when the verification is complete.
Documents required for a bike loan
The following documents are required for a two-wheeler loan in Hyderabad:
- Identity card: PAN card, Voter ID card, Aadhar card, Passport, or DL are all acceptable forms of identification (Driving licence).
- Address proof: a utility bill, a phone bill, a ration card, a driver’s licence, a passport, a voter ID card, or a bank statement from the previous two months.
- Income proof: Form 16, most recent salary slips, most recent three-month bank statement reflecting salary credits, Salary Certificate, or income tax return documents if self-employed.
- Age proof: PAN card, Passport, Driving licence, Birth certificate, or School or college leaving certificate are all acceptable forms of proof of age.
You should always be prepared with documentation to avoid last-minute complications when applying for a loan.
Eligibility for a two-wheeler loan in Hyderabad
The eligibility required for a bike loan is as follows:
- You must be at least 21 years old at the time of loan application and no older than 65 when the loan matures.
- You must be a resident of India and have lived at the same address for a minimum of one year.
- You must be employed or self-employed.
- You must have a good credit score or CIBIL.
Individuals who wish to escape the additional stress of paying the whole amount for a two-wheeler might use one bike loan option. The cost of the two-wheeler can be divided into manageable EMIs. It is available for both salaried and self-employed individuals. Contact your lender to learn more about the application process and interest rates for two-wheeler loans in Hyderabad.
