No one likes going to the bank and standing in long queues to get their work done. The thought of cumbersome paperwork and running from counter to counter is extremely daunting. But today, a large chunk of banking processes have gone online making it easy and less tiring for consumers. Applying for any type of loan has also become easy because of the online facility available with most lenders.
Looking to get a bike loan? There is now no running around for weeks to get it sanctioned. Online application for bike loans in India is a fairly simple process and an option available with most vendors.
If applying online:
Keep ready the soft copies of all the required documents.
Browse different lenders and options for online loan application. Choose one which offers online application.
Check eligibility for the loan. Most lenders have a calculator on their website which will give your loan eligibility immediately.
Check online to get an idea about the various plans and interest rates. This helps you identify the installment deal best suited to you.
Select the suitable financier.
Upload the soft copies of the required documents and submit the application.
If you do not have the soft copies, request the bank to get the hard copies picked up.
Loan sanction will be subject to field verification.
You will have to submit KYC documents to the lender. Once submitted, the bank’s loan officer will contact you.
Benefits of online application
Paper free.
Speedy processing.
Anyone can apply for a two-wheeler loan online. Credit approval given instantly.
You can browse the different loan plans and details of the terms and conditions. You can compare loan interest rates and benefits offered by different lenders.
Since banks follow different ways of calculating rates, checking online will give you a good idea about which bank is offering what allowing you to choose the one which suits you best.
If you cannot understand certain terms and conditions, you can pick up the phone and call the bank for clarity.
Apply online for a loan with any financial institution and its processing will take the same amount of time as a bank.
