As against previous two wheeler loan application processes, the current online procedure for loan applications has been significantly simplified by lending institutions. One can thus easily complete the application process for the desired loan from the comfort of home without needing to step out and visit the lender branch, which exists as an option too.
For instance, when seeking a bike loan, you can easily proceed with two wheeler loan online application with your selected lending institution.
When seeking a two wheeler loan
Here’s a quick look at the steps involved when applying for the advance online.
You need to visit the selected lender’s official website
Next, navigate to the two wheeler loan page, scan through loan details and open the application form available online. It will direct you to the lender has dedicated portal where you can proceed with the two wheeler loan online application.
Proceed to fill up your bike loan application form with the necessary details related to your personal information, finances, and occupation. Note that both salaried and self-employed individuals can apply for the required two wheeler loan online if they fulfill the right eligibility parameters.
You would then be needed to submit the application form along with necessary documents related to your eligibility like age proof, identity proof, address proof, and proof of income along with any additional document needed by the lender.
Once the loan application is submitted, you can expect to receive approval for the bike loan shortly, which is followed by a loan amount disbursal to your bike seller within the next 24 to 48 hours.
Make sure that you have applied for the advance after having fulfilled all eligibility requirements laid down by the lender for improved chances of quick approval.
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As eligibility for the bike loan involves various criteria, you can focus on such parameters beforehand and plan to improve on them ahead of applying. Such prudence shall improve your chances of receiving approval for the advance drastically.
Also allowing you to negotiate with the lender for favorable terms of lending such as reduced rates, flexibility in repayment terms, and the likes. Following is a look at some of the tips you can utilize to improve your eligibility for the advance.
Tips to Improve Bike Loan Eligibility for Better Chances of Approval
Provide all primary and secondary income documents your present income indicates the existing repayment capacity that you carry and the overall affordability it poses for availing any new credit.
Thus, providing the available income documents, both primary and secondary, can represent a true financial standing and repayment capacity that you hold for availing of the advance.
You can provide documents like salary slips/financial statements of the business depending on your occupation along with secondary income documents. During your two wheeler loan online application, which may include rental income from any let-out property, lease income, profits from investments, etc.
Leverage your employment status if working with a reputed company
This tip is for individuals who are salaried employees. Such prospective applicants can leverage their existing employment status to negotiate for better rates.
Other favorable terms in case they are employed with a reputed company. Be it a government-backed, public company, an MNC, or a private enterprise.
Such employment status indicates the stability of finances, thus posing confidence in the lender for loan approval at favorable terms.
Apply with a credit score above 750
A credit score is a 3-digit number that; represents the creditworthiness of an individual based on his/her credit behavior in the past. The score ranges from 300 to 900, with the ideal score being not less than 700.
Lenders consider an individual with a high credit score to be people’s financial discipline; and reduced risk of defaulting on credit repayments.
While meeting the minimum credit score specified by the lender is a mandatory requirement. It is not so with secured advances like bike loans.
However, the importance of credit scores cannot be ruled out. As lenders still send a hard inquiry on an applicant’s credit history and score to assess his/her creditworthiness.
It is thus best to check your credit score before applying. If you hold a score lower than 700, it is advisable to go for necessary measures; that help in improving this score over time.
Repay existing credit before applying
You can also initiate to repay your existing loans before going for a two wheeler loan online application. Repaying your existing credit not only lifts off the financial burden from your shoulders; but also leaves room for availing of new credit. Thus improving your borrowing eligibility.
Make timely payment of any loan EMI
If you are servicing any existing loan. It is advisable to make timely payment of its EMIs towards the loan repayment liability. If you have availed of any credit card or such financial product that reflects borrowing.
It is also essential to make full payment of the monthly bills; as it should reflect discipline handling of finances and improve the likelihood of availing a new loan.
Additionally, when availing of a bike loan; choose to make a higher down payment than required. As it conceives a positive step among lenders towards loan approval.
Make sure to check all eligibility requirements and fulfill them; before sending your two wheeler loan online application for smoother loan processing.