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

Gone are the days you had to approach family members or a local moneylender for a large sum or dip into your precious savings to bring home that dream bike. With many modern and inclusive financial institutions offering easy bike loans, all you have to do is check your eligibility, apply in the correct manner and follow up on your application till the loan amount gets disbursed to your account. So, here is what you need to know about getting a two-wheeler loan fast.

Understand Two Wheeler Loan Status

Checking the status of a two-wheeler loan means looking at different steps of the loan process. These steps usually include submitting the application, getting approval, receiving the funds, and making repayments.

By keeping track of the status, borrowers can know how their loan is progressing and take any needed actions.

Check the Two Wheeler Loan Status - Online

The easiest way to check your two-wheeler loan status is online through the lender's website. If you're unsure how to do this, follow these steps:

• Visit the lender’s website.
• Enter details like your name, date of birth, application number/proposal number, and mobile number.
• Once the details are verified, your two-wheeler loan application status will be shown on the screen.

Check the Two Wheeler Loan Status - Offline

To check the status of your two-wheeler loan application, visit the nearest branch of your lender. You will need to provide some important information to verify the status of your loan.

Also Read: How to Choose the Best Bike Loan in India

Check the Two Wheeler Loan Status - Customer Care

To check your loan status, you can easily call or email the lender’s customer care center. Calling is often faster, as they will ask for basic details like your name, application number, and mobile number before providing the application status. Additionally, the customer care centre can assist with any questions or doubts about the loan terms.

Things to Keep in Mind Before Applying for a Bike Loan

• Research and Compare: Before you start the bike loan online application process, study different financial institutions, loan terms they offer, check customer reviews and compare them. If a friend or relative has taken a two-wheeler loan earlier from a particular lender, find out their experience. Remember, a low interest rateshould not be your only criterion for choosing a lender. Read their terms and conditions carefully too.
• Make sure you are eligible: The two-wheeler loan eligibility criteria may differ across financial institutions and they may have specific requirements in terms of the borrower’s age, employment status and credit score. So, make sure you satisfy all the criteria. Also, the better your credit score and income are, the greater is the chance of your loan getting approved. Plus, you will get to negotiate on the interest rate as well.
• 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