If you want to buy two wheeler or four wheeler and have some financial issues then applying for vehicle loan is the best option that will help you to buy your favorite vehicle. In these days almost every bank avails the facility of loan for two wheeler as well as four wheeler in affordable interest rate. To get easy approval of loan applicant need to follow the terms and condition of respective bank and following guideline is quite mandatory to avoid any condition of loan disapproval.
1. Bank will approve the loan when someone applies to purchase new two wheeler vehicles. 2. Loan will be approved in case if some apply for loan to buy bus, car, truck, jeep, autos or any heavy or light vehicle.
1. Offline: This is traditional approach to apply for loan. As per policy, regarding this type of loan, candidate needs to visit their nearest bank branch and then ask for application form, he/she need to submit their all legal and required documents to complete the process and in case of any further need bank will inform to respective candidates.
2. Online: In modern days online facility is one of the main reasons behind the quick processing of multiple tasks. If someone want to apply for personal loan online then firstly he need to open the official portal of bank where he want to apply for loan, then he just need to fill the application form and at the same time he need to submit the scanned copy of all mandatory documents. After the review process bank will approve loan as per eligibility of respective candidate. Applicant can easily pay their EMI online in just few minutes in comparison of traditional way of EMI payment.
1. Processing Fees: Every bank charge this to process the loan approval request of candidate. Generally amount depends upon the loan amount.
2. Administrative fees: This is completely different from processing fees that bank charge for administrative cost.
3. Prepayment Fees: This fee specify the amount that bank charge for paying the EMI before the last date of payment.
4. Copy of an Account Statement: Not mandatory but some bank may levy this fees as per their policy.
5. Late Payment Fees: This is conditional that customer need to pay if will not pay the EMI on time.
6. Conversion Charges: If someone apply for loan on floating interest rate then this fees will be applicable.
Every bank that offers this facility has their rules and regulation regarding distribution of loan, to ensure that customer fulfills all the eligibility as per policy of their bank. So as per their condition candidate need to fulfill all the below specified conditions
Minimum Income Criteria: Applicant must be salaried or self employed so that they can easily pay the EMI installments. It is necessary to ensure that income is a per eligibility standard.
2. Age: As per policy candidate minimum age must be 18 years as per policy of government, some bank also put the condition of minimum age bar of 21 years. Maximum age of applying loan is 65 years.
3. Employment Condition of Candidate: As per the policy applicant must be employed somewhere, on the basis of employment bank approve the loan amount. Income source must be regular so that process can be completed without any complication.
4. Permanent Mobile Number: Bank always asks for regular contact number to make connection with customer easily to share information with him as per bank need.
5. Documentation: Submission of all mandatory data is one of the most important steps that everyone must follow. If someone applies for loan of bike then they will get flexibility in documentation.
6. Credit Score of Applicant: Candidate CIBIL score must be great otherwise bank will never approve the loan. So always check your credit score before applying for loan.
7. Employment Tenure: This is also one of the vital factors that pay important role in approval of loan. Some bank also provide the facility for student to apply for bike loan even if they are not employed yet, student just need to follow the same process that do for education loan.
8. Residential Proof: If you relocate frequently then you may face problem in loan approval at the same time if are living in same address then it will be easier for bank to approve the request of candidate as per their eligibility.
1. Margin of Finance: Maximum numbers of bank avails this facility to attract customer and allow them to buy bike or other vehicle on 10% down payment. Remaining amount can be paid through EMI.
2. Annual Income Leverage: As per income of applicant bank set the tenure of loan payment. If income is low below to income tax criteria then repayment tenure can be extend by the bank.
3. Partnership with Dealer Regarding Loan: Some reputed and capable agency offers this facility to customers to easy their problem regarding loan approval and formalities.
4. Credit Score: If you are going to buy vehicle for the first time and then paying the EMI premium on time then it will help you to make your credit score stronger.
5. Flexibility in Repayment Tenure: As per customer request tenure can be set by the respective bank and agency. Common criteria of tenure are between 1 to 4 years.
6. Foreclosure Charges or No payment: This policy or this type of charges depends on respective bank policy to impose these charges. In some cases it is good to apply this amount that makes amount debit easier and quicker.
7. Other Covered Costs: These costs include the products, registration, accessories and some other vital segment of vehicle. It is nice concept to protect the vehicle without wasting extra amount.
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