Bike Loan Application – Tips to Check the Status and Get Approved Fast

Use an EMI calculator – Most lenders feature an EMI calculator on their websites so you can calculate yours by simply entering details such as the loan amount, interest rate and tenure. Use these calculators to arrive at a figure that is convenient for you to pay on a monthly basis. Also, the larger your down payment is the greater is the possibility of your loan getting approved. In any case, you should avoid borrowing more money than you really need to, as a small loan amount indicates low risk to the lender.

Be careful about the application form and documents – Make sure you fill up the bike loan application form correctly and honestly. Apart from that, keep documents such as your identity proofs, bank statements, salary slips, address proofs and passport size photographs handy. Always double check with the financial institution about the documents needed as requirements might vary.

      Also Read: Tips to Make Your Loan Application a Hassle Free Process

Ways to check bike loan application status

No one wants to wait for ages to find out whether their loan application has got approved or not. Whether you are investing in a bike for pleasure or as an urgent need, tracking your application status is important. For that, you can use any of these methods:

• Lender website – Most financial institutions allow you to check loan application status on their websites. You may have to enter your date of birth, mobile number, email ID, loan application number and some other details to get the information. You might receive an OTP on your registered mobile number as well for confirmation before the loan status is shared with you. In case your mobile number or email address has changed, make sure you call the lender’s customer care to intimate them or visit their nearest branch.
   
• SMS – Wondering how to know bike loan status fast? Most lenders allow you to call a certain number or send a text after which you receive an SMS that provides the details on your loan status. Remember to send the text or call from the mobile number registered with the financial institution.
   
• Customer care – Another easy way to find out about your loan’s status is to call or email the lender’s customer care centre. The process is especially faster if you call them as they will ask you for a few basic details such as your name, application number and mobile number before sharing the status of the application. You can also get in touch with the customer care centre if you have any doubt about the loan terms and such

     Also Read: Tips to Follow if Your Loan Application Gets Rejected

To conclude

Availing a bike loan is not only easy but is also a wise move if you do not wish to shell out a large chunk of money all at once. Moreover, these days, competitive interest rates and flexible tenures make it simple and affordable to take a loan and pay it back on time. Just remember to follow the standard rules while applying for a loan and use the above tips to check its status every now and then. Given that most leading financial institutions believe in quick approval, you will not need to check your two-wheeler loan status for too long before it is approved and cleared.