Owning a two-wheeler is many people’s dream, demanding convenience, freedom, and adventure. Buying a bike is normally a big financial investment. Due to the advancements in technology, applications for two-wheeler loans via mobile apps are possible. In this blog, we will help you learn how to apply for a two-wheeler loan through an app in easy steps and make your journey toward a two-wheeler loan process hassle-free.
Understanding the Concept of Two-Wheeler Loan
Before applying, it would be better to get an idea about what a two-wheeler loan is. A two-wheeler loan is one category of personal loan that has been framed to help people buy motorcycles or scooters. The amount can be given to bear the whole price of the vehicle or else may be partial, depending upon your financial needs and eligibility.
Advantages of a Two-wheeler Loan App
Here are the advantages of a two wheeler loan app.
- Convenience: You can apply anywhere, anytime, no need to visit any bank or any other financial institution.
- Speed: Many apps have the advantage of instant approvals so that you get your loan as soon as possible.
- User-friendly: Most of the apps are designed in such a way that they become easy to use. The application process can, therefore, be pretty straightforward.
- Paperless process: Upload documents digitally and save time as there will be less paperwork.
Steps to Apply for a Two-Wheeler Loan Using an App
Now that you know the advantages of a loan app, let us get down to understanding the steps involved in applying for a two-wheeler loan using an app.
Step 1: Choose a Reputable Lender
Your first step towards applying for a loan for your two-wheeler is to choose a reputable lender that offers two-wheeler loans through a mobile phone app. Tata Capital is a well-known lender of two-wheeler loans. To choose the right lender, consider the interest rates and loan tenure, processing fees, and customer reviews. A good lender will give all clear information, and be quick and efficient with their customer service.
Step 2: Download the App
After selecting a lender for yourself, download their application from the Google Play Store or the Apple App Store. Most lenders have their mobile application designed to make the process of borrowing credit easy and fast. Things to keep in mind while downloading an app:
- Ensure to download the official application to avoid scams.
- Check the ratings and the reviews to determine how well the app fares with users.
- Ensure that your device meets the minimum requirements set by the app for seamless functionality.
Step 3: Sign Up and Account Creation
Download the app and sign up by creating an account, mostly done by inputting your mobile number and email address. Sometimes, you may be sent an SMS or email verification code for identity verification.
Step 4: Choose Your Bike Model
Once you have registered yourself on the mobile application, click on the two-wheeler loan option. You will see an excess of preferred bike models on the list along with on-road prices. Thus, when you choose your chosen bike model, then it will give you information such as how much amount you can apply for, what is the approximate EMI, and what offers are running.
Step 5: Fill out the Loan Application Form
Once you have selected your bike, you will need to start with an application form. This typically includes your personal details, employment information, and contact details.
Step 6: Upload the Required Documents
Once you have filled out the application form, the application will ask for uploading all necessary documents. The documents required for a two-wheeler loan include the following:
- Identity Proof – PAN card, Aadhaar card or Passport
- Address proof: Utility bill, rental agreement, or Aadhaar card.
- Income proof: Salary slips, bank statements, or income tax returns.
Step 7: Choose Your Loan Tenure and EMI
After uploading the documents, you will be asked to choose your required loan tenure and EMI ( Equated Monthly Installment). Most lenders provide flexibility in repayments, starting from a period of 12 months to 48 months.
Things to Remember:
- Loan tenure: The greater the tenure, the lesser the monthly EMI, but that increases the total interest paid.
- EMI affordability: Make sure that the EMI amount falls within your monthly budget comfortably.
Step 8: Wait for Approval and Disbursal
After submitting your application with all the required documents, the lender will sanction your details. If everything checks out, you will get an instant in-app approval notification. Eventually, the loan amount will get directly disbursed to your preferred two-wheeler dealer.
Conclusion
A loan application for a two wheeler finance through a mobile application will be quite an easy and efficient way to turn your dream of riding a bike into reality. With its user-friendly interface, the best interest rate, and flexible options for repayment, the feasibility of finance with convenience and speed can be availed.
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