For many young people, owning a two-wheeler is a dream. Besides being a viable option to travel in a country with a poor public transportation system, riding a bike is something boys have dreamed about since childhood. So why wait when you can get your hands on the bike of your dreams with an EMI loan?
Getting a two-wheeler has never been so simple, thanks to an insta loan online. Both salaried and self-employed individuals are eligible to avail the loans. If you want to learn more about the two-wheeler loan, keep reading.
What is a Two-Wheeler Loan?
Two-wheeler loans are intended for persons who do not have the finances to purchase a new vehicle. This is beneficial because borrowers do not have to dip into their savings and can still buy the vehicle in flexible instalments. These low-interest loans are made available to qualified applicants depending on their ability to repay.
Most lenders approve approximately 90% of the vehicle amount to qualifying applicants, which is repaid (principal and interest) in equal monthly payments within a predetermined time frame. You can select among the different EMI options available using an EMI calculator. Select the one that is affordable.
How to Get a Two-Wheeler Loan Quickly?
To get a two-wheeler loan, an applicant should follow the following process.
- Check your eligibility
- Must be an Indian citizen
- Age above 21 years
- For applicants between 18-21 years, co-applicant is mandatory
- Monthly income above Rs.10,000 (it usually depends on the lender)
- Documents to submit
- Fully and correctly filled loan application form.
- Identity proof including Aadhar card, PAN card, Voter ID, Passport, etc
- Passport size photograph
- Income proof (bank statement)
How to Apply?
The loan can be accessed in real-time via a mobile loan app on a smartphone. These urgent personal loans are unsecured in nature and can be obtained swiftly by following the procedure outlined below.
Step 1: Fill out the required information to receive an authorised loan offer within minutes.
Step 2: Select a flexible EMI repayment schedule.
Step 3: Along with the application form, upload all your documents online.
Step 4: Once your documents are verified, you get the sanctioned loan amount in your bank account.
How Can I Get Loans Approved Quickly?
To get your urgent personal loans approved quickly, an applicant must confirm his eligibility and have all of the necessary documentation on hand. Moreover, having a high credit score is vital since lenders look at your credit history before issuing loans. Some other steps to take are:
- High Credit Score
Take steps to improve your credit score. Lenders favour applicants with a high score.
- Mention All Additional Sources of Income
Before applying for a loan, you should list all of your sources of income. This boosts your trustworthiness and offers lenders confidence in your repayment capacity.
- Arrange Higher Payment
If you are unsure about loan approval, make a larger down payment. This boosts your reliability and increases your chances of obtaining an EMI loan approved swiftly.
The desire to own a two-wheeler and ride around at will is exceptionally high among young people. Two-wheeler loans allow you to fulfil your goal without breaking the bank.