Documents Required to Avail A Two Wheeler Loan


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Last updated on April 22nd, 2022 at 07:30 am

India, being one of the world’s largest two-wheeler marketplaces, is home to a large number of potential bike enthusiasts who rely on two-wheeler financing to buy their dream ride. Bike financing relieves the financial strain of purchasing a two-wheeler. It simplifies the entire procedure by lowering the total risk of a significant investment for persons with moderate incomes. You can also choose the Bajaj Finance Two Wheeler loan to avail a bike loan

For most people, especially in urban regions and developed rural areas, paying an EMI is preferable to paying a large sum of money all at once. However, producing relevant documents for obligatory verification is critical for successful loan acceptance from reputable lenders.

You need to research the requirements for a two wheeler loan from a particular lender on an advance basis. This is beneficial as it lets you know all the relevant information. As a result, you will be prepared with all the necessary documents and be prepared with the lender’s eligibility criteria. You can also check your eligibility using the two wheeler loan eligibility calculator. This tool will help you to know the bike loan amount you are eligible for according to your monthly income, age, expenses and monthly obligations. 

Hence, this page discusses the two-wheeler loan paperwork process in detail, as it relates to the lenders’ financial support.

Documents Required for a Two-Wheeler Loan Application: 

The application form – 

To be accepted for a loan, you must first apply for one. Following the submission of your loan application, the documentation procedure will commence in order to thoroughly verify your qualifications.  Additionally, your credit history will be reviewed by the lender, but your loan eligibility will also be determined by the documentation you submit. As a result, it is critical to offer correct and credible information in the application form. 

KYC documents – 

KYC documents are used to verify an individual’s identity and place of residence. A non-negotiable part of the documentation process is identity and address proof records. The lender must verify that you are a genuine individual who is seeking a two-wheeler loan only for the purpose of purchasing a car. Any government document, such as your driver’s license, Aadhaar card, passport, voting card, ration card, pan card, or another card, should be shown as evidence. For cross-verification with the passport photo, these documents should include your name, address, and photo.

Bank Statement and Income Proof – 

If you are a salaried employee, you must present pay stubs from your previous employer. Also, you can use a bank statement and other necessary documents as income proof for a self-employed person or an individual business owner. The lender will get sure of the fact that you will return the loan without difficulty if you can show proof of consistent income.

Passport Size Picture – 

You must provide a passport-sized image taken recently as confirmation of identity. You’ll need these documents to apply for a two-wheeler loan.

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Documents Required to avail Bajaj Finance Two Wheeler Loan

For salaried applicants-

  • Identity Proof: Driving License, Electoral Voter Identity Card, Aadhaar Card, PAN card, Passport
  • Address Proof: Aadhaar Card, PAN card, Passport, Driving License, Latest Electricity Bill, Latest Phone Bill, Bank Passbook reflecting the current address, Property Documents, Water bill
  • Additional Documents – Employment letter, Last salary slips, Last six months bank statements and latest form 16

For self employed applicants-

  • Identity Proof: Passport, Driving License, Aadhaar Card, PAN card, Electoral Voter Identity Card
  • Address Proof: Aadhaar Card, PAN card, Passport, Driving License, Latest Electricity Bill, Latest Phone Bill, Bank Passbook reflecting the current address, Property Documents, Water bill
  • Additional Documents – Income tax returns from the previous three years, bank statements from last six months, sales tax returns, TDS certificates, and company information

The Bottom Line

Your credit score, monthly income, and any existing loans are all factors that influence your bike loan eligibility. You must consider these variables and you should prepare all the documents listed above on a prior basis. This is to ensure a smooth financing process. You may also calculate your bike loan EMIs using the Bajaj Finance Two Wheeler Loan EMI Calculator. This will assist you in creating a more accurate financial plan for your loan EMIs. 

 


Ashish jha

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