Bike funding has brought about significant changes in the way people used to purchase two wheelers. Today, even if you do not possess sufficient savings, you may not need to think twice before purchasing the vehicle as these loans provide instant financing. The only catch is that you need to meet a handful of eligibility and document requirements laid down by your financial institution. The introduction of online services has only further simplified financing in today’s integrated fabric of real-virtual world. Thus, when needing necessary funding, you can simply apply for bike loan from the comfort of your home without needing to step out.
A presence of digital application for bike loan has simplified various aspects of financing for those in need. For one too many reasons, it wouldn’t be wrong to say that online application has several benefits over the offline mode, which makes it better than the latter. Here’s a list of some reasons that favour the process to apply for bike loan online than its offline counterpart.
Top 6 Reasons Why You Should Choose Online Over Offline Bike Loan Application
1. Simplified application process
When applying for a bike loan online, you need to follow a few simple steps only, that too without any hassle. The details needed are minimal and all you need to ensure is that you fill up the information correctly, accurately, and to the best of your knowledge. Simply complete the following few steps to apply for bike loan online.
Step 1: Go to the official website of your chosen financial institution.
Step 2: On the site, look for the ‘Bike Loan’ or ‘Two Wheeler Loan’ product page and click on it. This will direct you to a new page displaying all bike loan details, from available features to repayment choices.
Step 3: Locate the ‘Apply Now’ or ‘Apply Online’ option on the page and click on it. This will redirect you to a new page displaying the application form.
Step 4: Fill out your persona, occupational, and financial details on the application form accurately and recheck for any errors.
Step 5: Next, fill out the loan details and attach soft copies of all required documents. If the option for document upload is not available, you can take it up later.
Once the application form is filled up, you can submit it to conclude the process. The lender will then assess your borrowing profile and approve or deny your application accordingly.
2. No need for branch visit
The online process of loan application eliminates any need to visit your lender’s branch for the processing. You can thus expect loan approval with the necessary eligibility while sitting in the comfort of your home itself.
3. Simple verification via eKYC
The introduction of eKYC has assisted with the entire loaning process, allowing individuals to access financing from anywhere. You thus need to complete your lender verification via eKYC and wait for the results to arrive.
4. Simplified paperwork
The documents required for two wheeler loan are minimal too, with elaborate requirements eliminated to simplify paperwork. This is not the case with offline applications though, where you still need to provide a stack of documents for loan processing to begin.
5. Doorstep document collection service
In case documentation is not completed during the application steps, some best lenders provide the facility of doorstep document collection. It thus eliminates the need to visit your financier’s branch entirely.
6. Quick and hassle-free loan processing
Minimal paperwork along with a simplified application and an elimination of redundant steps combine to make bike loan processing a hassle-free one. You may thus expect fast approval as well, almost instantly after application, if you have met all eligibility requirements adequately.
To top your online bike loan application with enhanced chances of quick approval, apply for the advance with a credit score of not less than 700.
Now that you know why it is good to apply for bike loan online than offline, you can proceed to check the eligibility and document requirements you should meet to be eligible for the advance. Accordingly, arrange for the necessary documents required for two wheeler loan and proceed to apply for the advance. Make sure to compare interest rates and charges among different lending institutions and make a borrowing decision accordingly.