When it comes to purchasing a two-wheeler, getting a loan is one of the best options to make your dream a reality. Applying for a two-wheeler loan is easy, but there are a few essential documents that you need to have in place before submitting your application. This article will guide you through the documents required for a two-wheeler loan application.
The mandatory documents required for a two-wheeler loan application are:
1. Identity proof: When it comes to applying for a two-wheeler loan, one of the essential documents you need to provide is proof of your identity. Your identity proof should be a government-issued document that contains your photograph, full name, age, and other relevant information. Some of the commonly accepted identity proof documents include your Voter ID card, driving license, or passport. You need to ensure that the document you provide is valid and will not expire before the loan gets approved. It’s essential to have your identity proof in place before submitting your two-wheeler loan application, as it will help establish your credibility and increase the chances of your loan being approved.
You might need to provide any one of the following documents as proof of your identity: PAN Card, Voter ID card, Passport, Driving License
2. Address proof: When applying for a two-wheeler loan, providing proof of your address is a prerequisite. The address proof document you provide should have your name, and complete address, and be issued by the government. Some commonly accepted address proof documents include a voter ID card, passport, driver’s license, Aadhaar card, or utility bills such as electricity, telephone, or gas bill. It’s essential to ensure that the document you provide is recent to demonstrate that you reside in the given address. Additionally, any mismatch between the name and address in your application and the document you provide may lead to your two-wheeler loan application being rejected. By providing accurate and valid proof of your address, you establish greater credibility with the lender and increase the likelihood of your loan being sanctioned.
3. Income proof: While applying for a two-wheeler loan, providing proof of your income is essential to the loan application process. Lenders require you to provide proof of your income to ensure that you can repay the loan amount. You can provide any one of the following documents as proof of your income: your salary slips for the last six months, bank statements for the same period, or your Income Tax Returns for the last two years. Your income proof establishes your ability to pay back the loan and helps the lender assess your capability to repay the amount. It’s best to ensure you provide accurate and valid income-proof documents while applying for a two-wheeler loan to increase the likelihood of your application’s approval. Putting forth your income proof accurately also enables the lender to set a realistic loan amount that you can repay with ease.
4. Two-wheeler quotation: A quotation of the two-wheeler, you intend to purchase, is a crucial document required while applying for a two-wheeler loan. It contains essential information such as the model, the on-road price, and the showroom from where you plan to purchase the two-wheeler. The lenders require a two-wheeler quotation as proof that you are purchasing a two-wheeler and need the loan amount. It gives them the assurance that the loan amount is being utilized for a genuine purpose. While submitting a quotation, ensure that the details mentioned are accurate, and every aspect is well-documented, to avoid any discrepancies in the approval process. The quotations you present have a direct bearing on the loan amount sanctioned, interest rate and tenure offered, and the processing fee charged. Therefore, it is essential to check the quotation, verify the pricing and specifications before submitting it during the loan application process.
Apart from these mandatory documents, some lenders may also require a few more documents such as a photograph, post-dated cheques, and proof of employment.
Now that you know the necessary documents, you need to decide where to apply for a two-wheeler loan. While there are several lenders in the market, Bajaj Finserv is an excellent option. Not only do they offer competitive interest rates, but the application process is quick, and there’s minimal documentation required. Plus, you can use the Bajaj Finserv app to apply for a two-wheeler loan and track your application status, making the process even more convenient. Buying a two-wheeler can be a significant financial investment. With Bajaj Mall on Bajaj Finserv app, you can now book a two-wheeler on EMI and reduce the financial burden on your savings. You can choose from a wide range of models from top brands according to your preferences, requirements and budget from the comfort of your home. Once you select the most suitable one, it can be conveniently booked online on Bajaj Mall within a few clicks. Therefore, if you’re looking for an affordable option to book a two-wheeler on EMI in India, Bajaj Mall is the ultimate shopping destination. Top brands such as Honda, Hero, Yamaha, Suzuki, and Royal Enfield offer a vast range of bikes and scooters available in various two-wheeler price ranges for you to choose from. Depending on your preferences, you can select an appropriate vehicle based on factors such as type, engine capacity, mileage, usage, style, and budget.
However, it’s always good to have a few options to compare and make an informed decision. Some other lenders you can consider are HDFC Bank, ICICI Bank, and Axis Bank. Compare their interest rates, processing fees, and repayment options to find the best deal for you.
In conclusion, applying for a two-wheeler loan is a straightforward process, provided you have all the necessary documents in place. Choose a lender that suits your requirements, and make sure you compare the different options available to make an informed decision. And if you prefer a hassle-free application process, download the Bajaj Finserv app and apply for a two-wheeler loan right away!