It is easy to get same-day approvals for a two-wheeler loan. All one would need to do is follow a few simple steps. Read on to learn more.
A motorcycle is typically the first vehicle a person buys in India. Hence, it is no news that the popularity of bikes surpasses other vehicle categories. In this context, it would be unwise to ignore that the prices of bikes in India are increasing. The price hikes were consistent since 2019. This led to a situation where even 100 – 125 CC motorcycles are getting out of reach from the common person.
Back in the day, most average Janes and Joes bought their commuter bikes with cash. That is not the case anymore. Now, everyone with plans for owning a bike does so through bike loans.
Well, when one applies for a two wheeler loan, they can enjoy a myriad of benefits. Some of those benefits are –
- One would not need to scramble for funds in case they are running low on cash. Most lenders approve a two wheeler loan instantly. Hence, one can walk into a bike dealership and walk out with a bike they like!
- Back in the day, people bought commuter bikes with cash. Most of the time, they used up their savings or emergency funds to do that. With a bike loan, one would not need to dip their hands into their emergency cash reserves. In simple words, a bike loan acts like a financial cushion. It is as simple as that!
- Applying for a bike loan also allows the borrower to boost their credit score. How? Well, with every EMI paid to the lender, the borrower’s credit score gets boosted. Furthermore, the credit history of the borrower also develops. A high credit score and a spotless credit history can help the borrower in future to borrow money from lenders.
How can a person get their Two wheeler loan approved instantly?
Often, bike loans are approved instantly or at least within the same working day. But there could be instances where the loan application gets rejected or delayed. To keep such instances at bay, the borrower would need to follow the tips mentioned below –
One should apply for a bike loan only after using a bike loan EMI calculator tool
It is of utmost importance that the borrower uses the bike EMI calculator available on the website of the lender.
Well, using the tools will reveal the tentative EMIs the borrower would need to bear for the loan’s tenure period.
Why is that important?
By learning the tentative EMI amount, the borrower will be able to prepare for the additional monthly expense. This will ensure that the borrower never defaults on an EMI. Defaulting on an EMI comes with penalties. Furthermore, the borrower’s credit score and credit history will also suffer.
Any other reasons for using a motorcycle loan EMI calculator?
Using the tool will also allow the borrower to choose a loan amount and tenure combination that suits their needs. Furthermore, by adjusting the loan amount and the tenure, the borrower will also be able to keep interest rates low.
One must fill us the loan application form with the correct details
The borrower would need to remain calm while filling up the bike loan form. This will ensure that all details provided are correct and complete. If the borrower is having issues while filling up the form, they should ask the experts for help.
It is essential that the borrower meets the eligibility criteria of the lender
It is no news that the eligibility criteria for a bike loan will differ from one lender to the other. The borrower should proceed only after meeting all eligibility requirements.
The borrower should have a high credit score
It is essential that the borrower has a spotless credit history. A spotless credit history means that the borrower has never defaulted on a loan. Furthermore, the borrower should have a credit score of more than 750. This will help process the loan application quickly. Furthermore, the lender will offer the borrower a relatively low-interest rate.
By following the information shared above, one can get their bike loan application approved within the same working day. For more details, one should consult with a financial expert today!
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