A vehicle is an essential tool for an individual who travels a lot and in today’s world almost every working-class citizen will need a vehicle for commuting from one place to another. A mode of transportation that the citizens generally depend on is public transportation which is generally hectic and stressful, and hailing a cab can be expensive for the customer availing the loan. Buying a car is a luxury not everyone can afford and maintaining a car also requires a lot of expenses. Thus, the most optimal solution for a vehicle is purchasing a bike. A bike is the most efficient solution for travelling short distances. The customer who wishes to buy a bike can go for a bike loan. A bike loan is one of the most efficient ways of generating funds for the purchase of a bike. By opting for a bike loan, the customer can purchase a new or a secondhand bike without any hassles. Through the bike loan, the customer will be provided with the financial assistance for the purchase of the loan which will make the process of buying the bike simple and hassle free for the customer and they will not be forced to dip in to their savings account for the purchase of the bike. Some financial institutions also have tie-ups with some lenders so if a customer visits the lender, they can opt for the loan and leave with the bike on the same day. This will save a lot of time and effort for the customer.
In a bike loan the financial institution will provide the loan amount to the customer for the purchase of the bike. The bike loan will be provided at a certain interest rate. Generally, the interest rate on a bike loan is usually low. The repayment of the bike loan will be done through equated monthly instalments (EMIs) which will help the customer pay off their loan gradually without any financial pressure. A bike loan is provided at a fixed interest rate, which means the customer would have to pay a fixed amount every month for the tenure period.
List of documents that will be required for the bike loan application:
It is essential to remember that with all the eligibility criteria’s that the customer covers, the customer who has opted for the two wheeler loan will need to prove their eligibility to the financial institution with some specific documentation. Below listed are the documents that will be required for availing a bike loan.
1. Photo identity proof:
- Passport-size photographs (at least 4 to 6 are recommended to be kept for the loan application)
2. Identity proof:
- Passport
- Electoral voter identity card
- Driving license
- PAN card
- Aadhar card
3. Permanent address proof:
- PAN card
- Driving license
- Utility bills
4. Employment proof:
For salaried individuals –
- Employment or offer letter
- Bank statements
- Salary slips
For self-employed individuals –
- Application form
- Bank statements
- Proof of source of income