Two Wheeler Loan: How to get fast loan for two wheeler? Find out

Two Wheeler Loan: NBFCs and lenders have now fully digitized the loan process

A large section of the population buys two wheelers on loan. It is now much easier to get a loan than in the past. But still there are many adversities to be faced. If you know some important information about this then you can easily take a loan for a motorcycle or any two wheeler. According to the credit score, loans can be obtained up to 75% of the price of the bike. Some companies offer loans up to 90-95 percent. Now banks as well as NBFCs are lending heavily. NBFCs and lenders have now fully digitized the loan process.

Don’t be careless when applying for a loan. Offline or online, be careful when applying, even the smallest details. Otherwise, these small mistakes may result in rejection of the loan application or delay in getting the loan. Before applying for a loan, one should know the eligibility of the loan from a bank or LBFC. This makes the loan process easier. Without proper information, you will not be able to get a loan even if you run for it. Different lenders set different criteria for the purpose of verifying the eligibility of the applicant. The criteria are different for each organization but some issues remain the same.

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These conditions usually need to be met when applying for a loan. Must have a permanent residence address. Must be an Indian citizen for at least 12 months. If there is a rent then there must be a rental agreement. In addition, the age of the applicant should be at least 18 years at the time of applying for the loan and the maximum at the time of maturity of the loan should be 65 years. CIBIL score is an important issue. 750+ is considered a good CIBIL score. In addition, there is a need to have stable employment status or if there is self-employment, then the company’s IT return has to be submitted to the lender. Notable among the documents that should be kept to complete the KYC process are proof of ID and address for verification of identity, salary slip, IT return and bank statement for regular income verification.

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