Planning to Take a Two-Wheeler Loan in Bangalore? Here is What You Should Know

Being the nation’s leading city in the field of information and technology, Bangalore provides ample employment opportunities for everyone. As a result, every year, many individuals shift to this city to seek career growth. However, travelling in a new city daily from home to work through a public mode of transport can be quite challenging. But you no longer have to worry as today, you can bring home a brand-new bike or a scooter by taking a loan for two-wheeler. When it comes to availing a two-wheeler loan in Bangalore, you have a number of lending institutions that offer this loan at an attractive rate of interest and with flexible terms and conditions. In fact, various lending institutions provide you the freedom to take the time of almost 48 months to pay for all the instalments.

Do you meet the eligibility criteria of two-wheeler loans?

• According to most of the lenders, the applicant must be at least 18 years of age at the time of loan application and 65 years during the closure of the loan.

• The applicant must be an Indian citizen, residing in the same address for minimum 1 year.

• The salaried individual must be employed at the same organization for minimum 1 year.

• For self-employed applicants, IT returns for 1 consecutive year should be submitted.

• The applicant must have a good credit score and a flawless credit history to get a low rate of interest and to get approval for the loan.

How to apply for online two-wheeler loans in Bangalore?

• The first step is to compare top three or four accredited lenders, check their ratings and reviews, and browse through their different loan offerings. Doing the needful research will help you in choosing the most suitable lender.

• Once you are done selecting a lender, visit his official website and read every piece of information about the terms associated with the two-wheeler loans.

• Next, you have to use the eligibility checker to see whether or not you meet the eligibility criteria for taking a two-wheeler loan in Bangalore, and if not, then check what all do you require to qualify for the loan. At this stage, in case of any query, you can also contact their customer care professionals and clear your doubts. The lending institution may even send one of its executives to your home to help you out.

• After checking the eligibility criteria, you have to fill the application form and submit the softs copies of your KYC documents such as identity proof, address proof, and income proof.

• Then, you have to simply sit back and wait for the approval to come. The lender may take a day or two to review your application and to conduct the verification process.

Conclusion

Taking a two-wheeler loan undoubtedly makes it easier for you to become the owner of a brand-new bike or a scooter and enjoy maximum convenience while travelling. For taking a two-wheeler loan in Bangalore, you have to meet the eligibility criteria and follow the simple steps mentioned above. Also, make sure to do a thorough research before settling down for a lender in order to avoid any regrets later on.