Apply Two Wheeler Loan Online

Two wheeler loan is a specific purpose loan which is used to finance both the new and used two wheeler. This credit option is considered to be one of the simplest and quickest ways of fulfilling the desire of owning a motorbike. The two wheeler loan has become a saviour in the time when the motorbike has become a necessity and their prices are skyrocketing.

You can apply for the two wheeler loan either by visiting the bank or by applying online through the bank or online marketplace website. However, it is always advisable to apply for a bike loan online as it reduces the cost and saves time. The process for applying two wheeler online are as follow:

• Go to MyLoanCare website or download the app and fill in your personal and loan requirement details.
• Once you fill the complete form, you will get different bank options. You can choose the bank of your choice with low interest rate and charges.
• After that, the bank representative will get in touch with you to discuss your loan requirement and confirm your details. He will guide you about the complete loan process and documents required.
• If you are eligible and interested, the bank representative will fix your appointment with the bank for document pick-up and further loan process.
• The bank will decide to sanction or reject your loan after verifying all your documents. If sanctioned, you will receive a sanction letter from the bank mentioning the key loan terms like interest rate, processing fees, tenure, and prepayment charges.
• Finally, the loan amount will be disbursed to the registered bank account.

Apart from saving cost and time, applying for bike loan online has some other benefits as well. Here are some of the prominent reasons for applying online:

1. Helps in comparing interest rates and charges

Interest rates and other costs like processing charges are the cost incurred for taking a loan. Applying online for two wheeler loan helps one to compare the rates of the different banks and select the one with minimum cost.

2. Check two wheeler loan eligibility

Loan eligibility of an individual depends upon various factors like income and credit score. Two wheeler loan eligibility calculator helps one to determine the maximum amount which one can get in the form or loan. In addition to this, the two wheeler loan calculator helps one to compute the Equated monthly instalments and tenure.

3. No impact on credit score

Unlike the hard enquiries which impact the credit score of an individual, the enquiries online on the bank's website doesn't impact the credit score. So, an individual can check the credit score without the fear of dip in credit score.

4. Minimal documentation

Applying for a loan online is a very convenient process as it requires minimal documentation. There is less or no paperwork, and it also saves time and money.

5. Tracking the two wheeler account

Borrowers can anytime download the mobile application of the bank or visit the official website to track their two wheeler loan account. The application will provide all the relevant information like that of EMIs, loan tenure etc.

• The rate of interest on the two wheeler loan is comparatively lower than other loan options. The rate of interest hovers between 11.60% to 28.30%.
• Several banks and financial institutes even offer 100% finance of the cost of the vehicle. On taking a two wheeler loan, the entire amount is covered by the Bank. Individuals do not have to pay any money.
• Two wheeler loan has flexible tenure. The repayment tenure for the loan ranges from 3 years to 5 years.
• The two wheeler loan process is speedy, and an individual can get Instant loan approval at the time of vehicle purchase. They are simpler and hassle-free for the customers
• An individual can avail even avail the two wheeler loan with a low credit score.
• Taking a two wheeler loan is the quickest way to improve your financial history and credit score as well.

• Individuals can be self-employed or salaried
• Individuals who are a minimum of 21 years of age, and no older than 65 at the end of the loan repayment tenure.
• Minimum annual income must be more than ₹ 50,000.
• The individual should be working for a minimum of 1 year.

• Identity Proof: 2 passport size photographs, Photo credit card, Company’s ID card, Passport, Voter’s ID card, PAN card, Aadhaar card, Driving license etc.
• Address Proof: Passport, Voter’s ID card, Telephone or Gas bill, Rental agreement, Credit card statement, LIC policy, Driving license, Property purchase documents, etc.
• Income Proof: Last 3 months’ salary slips, proof of office address, ITR of last 2 years and other relevant documents.

✅What are the repayment tenure options for Two Wheeler Loan?

The repayment tenure of a two wheeler loan starts from 3 years to a maximum of 5 years.

✅ What are the documents required in applying for a Two Wheeler Loan?

The documents are Address Proof and Identity Proof documents, Bank Statements for the last three months and Salary Slips for the last three months.

✅ Do I have the option of pre-paying the entire loan amount?

You can prepay the loan any time after certain months of availing the loan. You have to pay a prepayment fee on the outstanding loan amount.