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How to Get Instant Approvals for Bike Loans?

Two-wheelers are an extremely popular mode of commute for a large number of people in India. According to Statista, 8.98 million motorcycles, 4.01 million scooters, and 0.62 million mopeds were sold in India during 2022, with the total sales of two-wheelers for the year standing at 13.61 million. Two-wheelers are also the first vehicle for most people.

There are some apparent advantages to choosing a bike as your vehicle. It can be purchased at zero down payment and helps build your credit score as you pay your EMI on time. Purchasing a bike doesn’t require huge investments. Most importantly, your lender will be willing to offer two wheeler loan instant approval.

While an instant bike loan is available, it helps to know what makes your loan application pass all the hurdles and get approved quickly. The good news is that the Bank of Baroda offers instant two wheeler loans .

How is that possible? Well, there is a set of eligibility criteria for the borrowers. It includes the minimum Cibil score for bike loan . Once you meet the eligibility criteria, which primarily ascertain the borrower’s income status and repayment capacity, you can get an instant two wheeler loan. However, you must be able to submit the required documents to prove your eligibility.

In this post, we will discuss how you can secure an instant two wheeler loan.

Follow These Simple Rules for Instant Bike Loan Approvals

If you’re planning to buy your latest two-wheeler with an instant bike loan, you should begin by visiting the relevant page on your lender’s site. There, you’ll come across two wheeler loan EMI calculator which will help you with quick calculations of EMIs based on the amount of money you plan to borrow and the repayment period you choose. That should bring a lot of clarity even before you apply for two wheeler loan. Filling up the form online and submitting all required documents online can expedite the processing of your instant bike loan. However, you can also submit your application offline by visiting the branch of your lender.

Fill in Your Bike Loan Application Form Carefully

When you’re looking for a two wheeler loan instant approval, you would not want your lender to return your application for insufficient and incomplete information. The same goes for the bike loan documents , too. You must provide 100% accurate and complete information, with the quality of documents in terms of legibility in top order.

How can you accomplish this? Your two wheeler loan instant approval depends on how carefully you fill out the instant bike loan application form. Do not make any haste in filling up the application form or its submission. It’s better to spend a little more time with your application at this stage than face a rejection for incomplete, inconsistent, or wrong documents.

Similarly, it makes sense to cross-check and verify bike loan documents when you apply for two wheeler loans.

Meet the Two Wheeler Loan Eligibility Criteria

Meeting the eligibility criteria is an important part of two wheeler loan process . A bike loan is available to salaried people, self-employed people, professionals, and farmers. An applicant should belong to one of these groups for instant two wheeler loan experience.

A key eligibility criterion in two wheeler loan process is to provide sufficient proof of income. Salaried people’s income will be assessed based on the average gross monthly income (GMI) of the last 3 months. For applicants in other categories, the GMI of the last 2 years will be considered. For an instant bike loan, you must submit the documents accordingly.

Another important factor to remember is the total deductions from your monthly income. They should not exceed 50%, 60%, and 70% for those whose GMI is less than Rs. 20,000 per month, between Rs 20,000 and Rs 1 lakh per month, and above Rs 1 lakh per month, respectively.

Besides, a two wheeler loan is meant for purchasing a new vehicle for personal use only. The applicant should be a minimum of 21 years old, while the maximum age should not be more than 70 years by the time the repayment period is over.

Maintain a Good Credit Score

A good credit score is always a big asset when you seek an instant two wheeler loan. So maintaining a high CIBIL score increases your chances of getting approved for an instant two wheeler loan.

One of the benefits of two wheeler loans is that they can help improve your credit score.

Usually, a borrower can easily pay the EMIs of a two-wheeler loan. These payments on time can repair your credit history.

Apply for the Right Loan Amount

In most cases, your lender will be ready to finance up to 80% to 90% of the price of the two-wheeler. You will have to pay a down payment for the remaining 10% to 20% of the price. Some lenders offer two-wheeler loans that meet 100% of the price. There could be some more costs associated with your bike purchase, such as taxes and the cost of the accessories.

Considering all these factors, you should make appropriate inquiries with the lender and apply for the right loan amount.

Submit All Required Documents on Time

For two wheeler loan instant approval, you should submit all relevant documents on time. Usually, the documents must be submitted along with the duly-filled two wheeler loan application. It will help in securing instant bike loan approval.

Apply with Existing Financier

When seeking an instant two wheeler loan, it helps to work with your existing lender. It is because it already has some of your credentials including your KYC, which helps them take a quick and confident decision on your application.

Online Bike Loan Application

These days, most services in banks and financial institutions have become digitized. So, it’s possible to make an online bike loan application and submit the documents in the same manner – online. While the option of making an offline application, which may suit many of the borrowers, is available, it’s seen that online applications are granted instant two wheeler loans.

Why should you opt for a Bank of Baroda Two-Wheeler Loan?

Bank of Baroda (BoB) is the second-largest Indian public sector bank with over 132 million customers and $218 billion of total business. It offers a wide range of transactional and commercial services, including two-wheeler loans.

Its two-wheeler loans are popular because of their attractive interest rate and minimum processing charges. BoB offers two-wheeler loans up to Rs 10 lakh and doesn’t charge any foreclosure fees.