Motorcycle loans are becoming a more popular and practical choice. If you want to buy a two-wheeler but don’t have the money, you can apply for a two-Wheeler Loan in Ludhiana. You would only need to make the required down payment, and the rest of the payments can be made in the form of an easy EMI option combined with an interest rate.
If you want to know more about bike finance options and the eligibility required to apply for it.
How do I apply for a two-wheeler loan in Ludhiana?
You can apply for a two-wheeler loan in Ludhiana online or in person.
Online mode
If you want to bring your dream bike home, you can apply for bike finance right away from the comfort of your own home. To apply for a two-wheeler loan in Ludhiana, follow the steps outlined below:
- Look for the best interest rate, repayment duration, and discount offers from a bank or lender. Compare multiple lenders using web tools to get the best match.
- Go to the website of the chosen bank or financial organisation. Check the lender’s qualification standards to reduce the chances of your loan application being denied.
- Complete the online application and upload the necessary documentation.
- Apply after deciding on an appropriate interest rate and repayment duration.
- All that remains is for your application to be processed and accepted. The bank or lender will verify all the information you submit. After verification, your application will be approved.
Offline mode
You can apply for bike finance by following the steps outlined below:
- Find a bank or lender that offers competitive interest rates and discounts.
- At the branch, fill out the application. Contact the loan manager or agent to discuss your loan alternatives and repayment strategy.
- Choose the repayment duration and loan amount you want to apply for. Also, submit all necessary papers and information.
- Following submission, the bank will verify all facts and documents. The bank will approve the application and begin the distribution process when the verification is complete.
Documents required for a loan on a two-wheeler
The following documents are required for a two-wheeler loan in Ludhiana:
Identity card: PAN card, Voter ID card, Aadhar card, Passport, or DL are all acceptable forms of identification (Driving licence).
Address proof: a utility bill, a phone bill, a ration card, a driver’s licence, a passport, a voter ID card, or a bank statement from the previous two months.
Income proof: Form 16, most recent salary slips, most recent three-month bank statement reflecting salary credits, Salary Certificate, or income tax return documents if self-employed.
Age proof: PAN card, Passport, Driving licence, Birth certificate, or School or college leaving certificate are all acceptable forms of proof of age.
You should always be prepared with documentation to avoid last-minute complications when applying for a loan.
Eligibility for a two-wheeler loan in Ludhiana
The eligibility required for a two-wheeler loan in Ludhiana:
- You must be at least 21 years old when you apply for the loan and no more aged than 65 when it matures.
- You must be an Indian resident who has lived at the same residence for at least one year.
- If you must be working or self-employed.
- Now, you must have a strong credit score, often known as CIBIL.
- Now, you must have all the required identification.
Individuals who want to avoid dealing with the additional stress of paying the total price for a two-wheeler can apply for one of these bike finance services. You can divide the cost of the two-wheeler into easy EMIs. Contact your lender to know more about the application process and interest rates for two-wheeler loans in Ludhiana to buy your dream bike.