Documents Required for Two-Wheeler Loan

Documents Required for Two-Wheeler Loan

Two-wheeler loans are becoming more widely available, affordable, and accessible. Therefore, finding the correct lender at that time might be challenging, but more so than if you’re searching for a loan.  However, you must be prepared with several documents before applying for an online two-wheeler loan to quickly and easily receive the loan amount. To retain your lender’s confidence, you must have these documents required for two-wheeler loan on hand before applying for the two-wheeler loan.

These documents will enable you to purchase your ideal bike in one move easily. The needed documentation varies from case to case, depending on several factors. For instance, the bike loan documents for salaried individuals differ from those for self-employed individuals.

What Are the Documents Required for Two–Wheeler Loans?

One of the biggest two-wheeler markets globally is reportedly found in India. This country’s urban middle-class population or the fact that bicycles are the most affordable mode of personal transportation may be to blame for the burgeoning motor sector. The fact that two-wheelers are readily available to Indians and that there are several banks and NBFCs that offer affordable two-wheeler loans is one of the other most compelling explanations for the increase in two-wheelers.

Submitting the correct documents on time saves you time and increases your loan eligibility to get an instant two-wheeler loan. Because financial institutions may need time to process your documents, you must not waste time scrambling for documents at the last minute. The supporting documentation you submit is crucial because it will be used to determine whether you qualify for loan payback.

The documents required for two-wheeler loan are as follows. The documents below must be submitted along with a duly filled application form.

1. Salaried Person

  • ID Proof: Passport, driverʼs license, credit card, pan card, Aadhaar card, and identity card with applicantʼs photograph issued by Central/ State Government Departments, PSU.
  • Address Proof: Passport, voterʼs id, driverʼs license, utility bill, bank account, Aadhaar card, post office savings bank account statement, or property or municipal tax receipt
  • Last 3-months salary slips, latest Income Tax Return (ITR), Form 16

2. Self-Employed

  • ID Proof: Passport, driverʼs license, credit card, pan card, Aadhaar card, and identity card with applicantʼs photograph issued by Central/ State Government Departments, PSU.
  • Address Proof: Passport, voterʼs id, driverʼs license, utility bill, bank account, Aadhaar card, post office savings bank account statement, or property or municipal tax receipt.
  • Company address Proof: Electricity bill, maintenance bill, registration certificate, property documents, or rent agreement
  • Business existence Proof: Tax registration documents, registration certificate
  • Latest ITR
  • Last 3-months bank statement.

How Do I Apply For A Loan For A Two-Wheeler?

Two-wheeler loan applications can be submitted online, or you can speak with your car dealer about financing options while making a payment. Both solutions often need you to fill out an online form with basic information about your identity and income.

Scanned copies of your papers must be sent if you apply online (in some cases, the lender may send his agent to visit you personally to collect the copies of the mandatory documents required for the loan). Once you have submitted all necessary documents and your loan has been authorized, you can buy your two-wheeler.

Zero Down Payment

A customer will often pay a down payment at the start of the process when ordering an expensive item or service. The down payment is a part of the total assessed value of the product or service. A down payment lowers the mortgage’s monthly payment for the principal and interest while allowing the buyer to take possession of the products they have just bought.

A bike on zero down payment is one where your lender pays the full price of the bike. While purchasing your bike, you won’t be required to make any upfront payments. The processing fee, typically charged directly by the bank during the loan procedure, is the only upfront cost related to a zero down payment bike loan.

There are several financial institutions that provide zero down payment bike loans, but before taking out a loan, it’s a good idea to do extensive research and pick the best one. For a hassle-free experience and a host of advantages, you should opt for the bike on zero down payment.

Conclusion

While meeting the eligibility requirements is crucial to obtain a loan, failure to provide the necessary supporting documents required for two-wheeler loan will result in denial. Similar to eligibility requirements, each lender may have a unique documentation procedure and document need.

Financial institutions offer bike-on zero down payment two-wheeler loans to make securing a two-wheeler loan easier and hassle-free. If you fulfill the requirements, the lender will purchase the bike or scooter for the full amount without requiring payment.

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