Apply Two Wheeler Loan Online

Apply for a two-wheeler loan is possible either by visiting the bank or by visiting the online portal of the lender 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 a two-wheeler loan apply online is 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.

Following are the reasons for applying through MyLoanCare:-

• Applying for a two-wheeler loan online saves both time and efforts.
• Compare the two-wheeler loan rates of leading lenders and get a loan at the best rates based on your eligibility.
• Free on-call assistance for the process of a two wheeler loan application, eligibility, documents required etc.
• Bank neutral advice and excellent pre and post-sales service.
• Applying through MyLoanCare gives you the option of choosing the best deal offered by different lenders without making multiple applications. You also avoid a hard inquiry on your credit report that can negatively impact your credit score.

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:

• 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.
• 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 of loan. In addition to this, the two wheeler loan calculator helps one to compute the EMI and tenure.
• 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.
• 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.
• 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 28.35%.
• 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 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.

• 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.

Below mentioned are the steps to apply for two wheeler loan online:-

• Check Eligibility and Calculate EMI : Before applying for two-wheeler loan online a borrower must check eligibility criteria and calculate the EMI. Check if you fulfill the eligibility for the application and calculating EMI will help understand if you will be able to pay the EMI or not.
• Keep your documents ready : Keep your KYC documents and income proofs (bank statements and salary slips) ready. If any document is missing you can arrange it.
• Decide on Two Wheeler Loan Interest Rate Type : There are two main types of interest rates applicable. Choose between the two,
  • Fixed interest rates : The interest rates and the home loan EMI remains the same throughout the tenure.
  • Floating interest rates : The interest rates and EMI do not remain the same as the rates are not fixed. They may rise or fall as per the market fluctuations. The rates are linked to external benchmarks of banks, such as the RBI repo rate.
• Compare the Banks : Compare interest rates, processing face and other charges of two wheeler loans by various lenders. Comparison can be done easily on the online marketplace MyLoanCare.
• Choose the bank or NBFC based on their service : After comparing the rates and charges select a lender which is according to your needs. Also, read the customer reviews before selecting a lender to make a wise choice.
• Apply Online : Simply visit the bank's website to apply for a loan. Submit the required documents and the loan approval status will be known in a day or two and the amount will be disbursed.

✅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.

✅What is the process of bike loan?

Bike loan can be availed in two ways, one is by visiting a bank and the other is applying through a website. Alternately, you can apply for a two-wheeler at MyLoanCare at the lowest interest rate of 11.60% per annum. To apply for 2 wheeler loan at MyLoanCare, fill in the application form, select the bank based on your eligibility and get a call from the bank and proceed with the application. Bank will evaluate your eligibility, check two-wheeler documents and approve your application if eligible.

✅How can I check my bike loan account?

Bike loan status can be checked by calling a customer care number of a lender, writing an email, or logging in to the website.