5 Tips to Get Instant Approval on Two-Wheeler Loan Application
Two-wheelers are a must in every household owing to the convenience it offers. It helps you get to the office quickly or stroll around the city, avoiding the traffic. A two-wheeler comes with numerous advantages like easy parking, fuel economy, style on a budget, etc.
If you aspire to buy a dream bike for yourself but do not have enough cash liquidity for a lump sum, then avail of two wheeler loans is a timely and wise decision. Many lenders offer zero down payment bike loans to help you buy the bike you want and pay off the debts in flexible EMI’s in the tenure of your choice.
Picking a bike loan is not as difficult as buying one for sure. You can get instant approval on your two-wheeler application by following these five tips.
Let’s check it out:
Tips to Get Instant Approval on Two-Wheeler Loan Application
Check Your Eligibility Criteria in Advance
Research your lender and check the eligibility criteria online on their website. If you do not fit in their eligibility criteria, then you can quickly skip to the next. The eligibility criteria are not the same for all lenders. Hence doing research will help you easily select one. However, three conditions remain the same for all lenders, which are as follows:
- The age of the applicant should be between 21 to 60 years
- The applicant should have stable employment and income for at least a year
- The applicant should be a citizen of India
- If you apply for loans online with the lenders you meet the requirements, you will receive instant approval for your loan. KTM 125 Duke – All you need to know
Keep a checklist of basic documents ready beforehand to furnish them easily. Ensure care in documentation right from filling the application to preparing and uploading documents. Check the documents required beforehand to verify your eligibility status and keep them ready for upload. Take note that all the information is not erroneous, and avoid any document that hinders your credibility.
If your application and documents are perfect, then nothing will stop you from bringing that dream bike home.
The basic documents required to avail of a two-wheeler loan are as follows:
- KYC Documents Like ID Proof
- Address Proof
- Latest Income Tax Returns
- Bank Statements
Use a Two-wheeler EMI Calculator
Before selecting the loan sum, calculate your monthly EMI using the lender’s EMI calculator. The EMI rates change based on the loan amount, tenure, and interest. You can choose your suitable monthly installments after calculating the loan amount using the bike loan EMI calculator.
Check and Improve Your CIBIL Scores
Credit scores determine the credibility of a borrower as it indicates delayed or missing payments. If you have been paying your credit card bills on time, your credit scores will be above 760. Credit scores play an important role in speedy loan approval. Maintaining a good credit score by timely payment of previous loans or not having multiple loans improve the chances of loan sanctions.
Apply Online Using the Lender’s App
Most instant loan apps have a quicker digital verification process leading to quicker sanction of loans. Additionally, they offer app-based offers too. Once you zero down on a lender, you can install their loan app and apply for the two-wheeler loan online.
If you are looking to apply for a zero down payment two-wheeler loan, choose a dedicated instant loan app for two-wheeler loans. Instant loan app offers easy documentation, quicker loan sanctions, and hassle-free loan application tracking without even having to step out of the house.