Bike finances are a great way to ease the financial pressure. It makes the whole process much more hassle-free. India has become a home for many potential bike enthusiasts who are relying on two-wheeler loans to buy their dream two-wheeler.
Most popular places to avail of used-bike loans
You can get financing to purchase a used motorcycle from the following -
You can get direct loans from dealers who specialize in second-hand bikes where repayment depends on your credit profiles and reports.
Certain known manufacturers offer exclusive financing options on their vehicles. You can avail of these offers and repayments will be determined according to your repayment ability
Here we discussed the documents required to apply for both new and used-two-wheeler loans in India
KYC documents for proof of identity and residence
When you are applying for a two-wheeler loan, identity and address proof records are a non-negotiable aspect of the paperwork process. The lender ensures that you are a legitimate individual who requests a two-wheeler loan for purchasing a vehicle. Only a government document should be produced as evidence, such as your driving license, Aadhaar card, passport, voting card, ration card, pan card, or another card. These documents should show your name, address, and photo for cross-verification with the passport photo.
Most acceptable address proofs
If you are a salaried employee, you are required to submit salary slips from the present company. In the case of a self-employed person or an individual business owner, your income proof can be a bank statement and other relevant documents. The evidence of your steady revenue would provide the lender with the guarantee that you will repay the loan without any hassles.
Here is the list of most acceptable income proofs
As proof of identity, you need to upload your recently clicked passport-sized photograph. These are the documents you will need to apply for a two-wheeler loan.
New and advanced two-wheeler models enter the market every day, and their demand is not declining by any measure. The borrower should be well-informed about the terms and conditions to make the correct decision not to feel misled at any point in time.