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Friday, January 27, 2023

Two Wheeler Loan: How to Get Approved Instantly?

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If the two wheeler is a popular mode of travel in India, what is even more popular is the Bajaj Finance loan for Two Wheeler Loan owing to its convenience. By availing of a loan on two wheeler you will have successfully protected your savings in addition to steered clear of having to make last-minute financial arrangements.

Another advantage of a loan on two wheeler is instant approval, which can be granted if you follow certain guidelines.

Begin by identifying the type of loan that would suit your requirement, and follow up by picking a lender who is aware of your credit history. Alternatively you can also shop around and opt for a lender who offers flexible payment options and is willing to waive off additional charges.

It is mandatory for you to meet the eligibility requirements, and also submit all the relevant documents. Last but not the least, make sure that the information in the form is accurate, so that it can be swiftly verified by the lender for instant loan approval.

There are multiple reasons as to why seeking a loan on two wheeler is a popular option, primary among which is the zero down payment option. Not only does this protect your savings, but also eliminates the need to arrange for funds within a short notice.

While the verification process might take a few days, it is indeed possible to get instant approval for your loan on two wheeler.

Discussed as follows are some steps that can speed up the process for you :

Identifying the type of loan –

Since availing of a loan implies taking on a fresh financial obligation, exercising caution is a must while selecting the type. Factors that can help you select an appropriate offer pertain to the loan amount, festive discounts and rebates, duration of disbursal and terms of repayment.

To this effect, identify a loan on two wheeler which provides you with sufficient funding, is swiftly disbursed by the lender and can be repaid with ease.

Choosing a lender –

In this context, you can opt for either of the two options. Preferably, you must apply with the existing lender who is aware of your financial history and credit score, and accordingly guide you through the process. Alternatively, pick a lender who offers flexible repayment options, like waiving off the foreclosure charge without levying an extra fee, and so on.

Checking the eligibility requirements –

Every lender specifies certain criteria for the borrower to be eligible for availing of the loan. For example, to avail of the Bajaj Finance loan for two wheeler, the applicant needs to be eligible in terms of age, monthly income, past credit history and credit score, and any existing debts from past loans.

Sometimes lenders also ask for proof of citizenship and residence, wherein you can avail of the loan only if you hold the citizenship of a particular country, and reside within the designated area.

Preparing all the documents –

Gathering all the documents well in time saves you the hassle of last-minute rush, just in case a particular document is untraceable. Usually lenders require KYC documents, bank statements, salary slips, proof of address and the latest ITR in order to approve the loan. Keeping them ready beforehand also provides you with sufficient time to make alternate arrangements in case a particular document might be missing.

Filling in the application form –

Because this is the most important part of the loan approval process, you must be particularly vigilant while filling in the application form. Make sure that the information is accurate and matches with the documents that would accompany the form. Any discrepancy can cause a road-block in the loan approval, which is why it is imperative to be attentive while handling this form, and seek help as and when required.

Deciding on the EMI –

Use the EMI calculator on the lender’s website to determine the loan amount as also the monthly instalments. Accordingly, ascertain a figure that falls well within your budget and would not raise questions on the lender’s side.

Read More: Can You Claim HRA and Interest on Home Loan Deduction?

Final word

In addition to the above mentioned factors, the trick to getting the loan on two wheeler instantly approved calls for indulging in comparison shopping. Conduct research with due diligence and identify a lender which appears most compatible with your financial profile.

Also plan out the repayment schedule, since instant approval implies that the monthly instalments would begin at the same time.

Bajaj Fiserv is one of the several reputed lenders who grant instant approval to your loan on two-wheeler. Visit their website to check on the criteria and then proceed to apply.

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