February 16, 2021
TCP : ADVERTORIAL
The feeling of getting started on your own two-wheeler is undeniable as it brings the ultimate sense of freedom and transport reliability. Needless to mention, almost everyone dreams of buying two-wheelers as soon as they start earning. Besides the fact that a bike is a liberating transport option, it is a very cost-effective commute too. While it seems easy for a few people to buy, some face financial obstacles provided getting a two-wheeler requires a considerable amount of money. But shelving away your dream is not an option, especially with the availability of a feasible solution such as instant two wheeler loans.
What is Two Wheeler Loan and How to Apply For it?
A two wheeler loan is a financial solution for anyone who is looking to purchase a bike or a scooter but lacks funds. Besides, a personal loan can also be used to purchase your dream bike.
There is no denying that a personal loan is a blissful solution to most of the financial needs of the present time. Plus with the advent of personal loan apps provided by a few NBFCs, the process of application is made more trouble-free.
Nothing is more exciting than owning your own two-wheelers.
There is no denying that despite the COVID-19 impact, the growth of the personal loan market was not affected much. In fact, personal loan sectors continued their growth at a robust pace. According to the personal loan statistic for 2019-2020-
●Personal loans now account for 28% of total banks credit as per RBI.
●There was clear growth in the unsecured loan lending that included both durable and personal loans. This segment propelled by over 100% in 2019 over 2018 with Fintech lenders providing in partnership with banks, existing NBFCs, etc.
●According to one of the reports, there was a dramatic growth of 133.9% in the third quarter, 2019 since the consumer demand for credit products surged.
Since financial status is meant to fluctuate, applying for an instant personal loan is a stable solution. There are many reasons why you can apply for two wheeler loans:
-a bike loan is the most suitable option if you want to purchase the vehicle but lack the required amount.
-an instant bike loan can be availed by those who don’t want to spend cash all at once but break it into small EMIs instead.
To apply for a bike loan or personal loan online, you will first have to look for the lender who fulfils your need. In case of an urgent loan, NBFCs are a better option over private banks. To apply-
●Visit the website.
●Register by entering your mobile number.
●You will receive an OTP via app to fulfil verification.
●On the home page, you can check for the loan application and click on “apply”.
●Provide all the details as requested on the app.
●Upload the necessary documents such as your identity proof, address proof, etc.
●Enter your PAN card and Aadhar card number.
●Finally, complete the KYC process and get your loan credited instantly.
The advancement of technology and NBFC utilising them to gain prominence by offering instant bike loan or personal loan has propelled the demand for loan market in India. On the other hand, India’s loan market is further anticipating a growth of 10% to 2025 as per the Market Forecast.
Benefits of Instant Two Wheeler Loans
There are many banks as well as NBFCs that offer two wheeler loans. The benefits and eligibility criteria for both may vary to some extent. While it takes a little longer for the private banks to sanction the loan citing paperwork and verification, NBFCs are a more appropriate choice for availing instant two wheeler loans. Here are the benefits an NBFC offers its borrowers with-
1.Minimum documentation: Minimum paperwork is one of the demanding things that borrowers look forward to. With this in mind, many NBFCs follow precise documentation based on the occupation, age and income level of the borrower.
2.Higher loan amount: With the help of NBFC, one can expect a higher loan amount of 5,00,000 and even more.
3.Instant online approval: Some NBFCs offer the users app-based online processing, which further ensures instant approval and sanctioning.
4.Convenient repayment: You can decide how you want to repay the amount by choosing from the host of flexible EMIs.
Factors to Consider Before Applying for Two Wheeler Loans
Now that you are aware of the requirement of the two wheeler loans as well as an instant personal loan that can be opted for instead here are a few prerequisites of the application.
1.Age: To be eligible for the application for a bike loan, you must be at least 18 years. In some scenarios, the lower age limit can also be increased to 21, 23 or 25 while the upper age limit is 65 years.
2.Employment: You must be either salaried or self-employed to be eligible for the approval. In some cases, many NBFCs also consider the applications for the ones who are working on a freelance basis.
3.Income level: There is a minimum monthly earning required for the approval of two wheeler loan.
4.Credit score: The minimum credit limit for applying for a 2 wheeler loan is 650. However, some of the NBFC consider Cibil score below that.
It is important to note that the above-listed factors may differ for some varied lenders.
What are the Documents Required?
Finally, to complete the process of the application for the two wheeler loans, you will have to provide a few important documents to be verified by the lender. The list of documents is similar for most of the lenders. Here, you will need to submit-
In the present times, many lenders offer online documentation and verification, which save both time and effort to process the loan.
●Identity proof: This can be either Aadhar card, PAN card or simply a Voter’s ID card.
●Address proof: The proof of your permanent address is necessary. Here you can provide Adhaar card, or voter’s ID card, utility bills, passport and so on.
●Age proof: As an age proof, you can submit Adhaar card, PAN card or Voter’s ID card, passport, etc.
In addition to the above-listed documents, you will also be required to submit the bank statements of 3 – 6 months (depending on as requested) along with your recent photocopies.
To conclude, it can be said that personal loans are the better option if you are looking for instant credit. Moreover, these types of loans are sanctioned within a day while some NBFCs provide them in a few hours. Also, remember to check all the terms and conditions before applying for a loan to avoid any issue in the future.