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As the world’s one of the largest two-wheeler markets, India has many people who depend on two-wheeler loans for buying their desired vehicle. A two-wheeler loan eases the financial burden of buying a two-wheeler and makes the whole process much easier by evenly spreading out the risk. For most people, especially in the urban towns and developed rural areas, paying an EMI is much easier than shelling out a massive amount at one go. However, getting a loan sanctioned also depends on whether you are submitting the right documents or not. This article talks about the entire documentation process concerning a two-wheeler loan. But, let us first look at what are the main features of a two-wheeler loan.
Before you check the list of documents required for a bike purchase on loan, you must know that your bike loan covers the cost of additional accessories that you purchase at the time of purchasing a new bike? If not, bear in mind that whether you are purchasing a trendy seat cover or adding a basket to the front of your scooter, the loan will cover the cost.
ALSO READ: 6 Benefits of Two-Wheeler Loans That Make Your Life Easy
You need to submit your recently-clicked photos as identity proof. The photos can be used as a reference in case of any future requirements.
ALSO READ: A Step-By-Step Guide to Getting Your Two-Wheeler Loan Application Approved
In India, the market size of two-wheelers is quite huge. New and advanced models of two-wheelers are entering the market every day and their demand is not dwindling by any measure. To make sure everyone can afford a bike, capital lenders keep offering attractive interest rates, among other benefits. To make the right choice, the customer should be well-informed about the terms and conditions so that they do not feel cheated at any point in time. Once approved, then paying the EMIs before the deadline will improve the credit score and make for a strong case for future loan applications.
Disclaimer: This post was first published on 11 January 2019 and has been updated for the latest information, freshness and accuracy.
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.
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