Gone are the days you had to approach family members or a local moneylender for a large sum or dip into your precious savings to bring home that dream bike. With many modern and inclusive financial institutions offering easy bike loans, all you have to do is check your eligibility, apply in the correct manner and follow up on your application till the loan amount gets disbursed to your account. So, here is what you need to know about getting a two-wheeler loan fast.
Understand Two Wheeler Loan Status
Checking the status of a two-wheeler loan means looking at different steps of the loan process. These steps usually include submitting the application, getting approval, receiving the funds, and making repayments.
By keeping track of the status, borrowers can know how their loan is progressing and take any needed actions.
Check the Two Wheeler Loan Status - Online
The easiest way to check your two-wheeler loan status is online through the lender's website. If you're unsure how to do this, follow these steps:
- Visit the lender’s website.
- Enter details like your name, date of birth, application number/proposal number, and mobile number.
- Once the details are verified, your two-wheeler loan application status will be shown on the screen.
Check the Two Wheeler Loan Status - Offline
To check the status of your two-wheeler loan application, visit the nearest branch of your lender. You will need to provide some important information to verify the status of your loan.
Also Read: How to Choose the Best Bike Loan in India
Check the Two Wheeler Loan Status - Customer Care
To check your loan status, you can easily call or email the lender’s customer care center. Calling is often faster, as they will ask for basic details like your name, application number, and mobile number before providing the application status. Additionally, the customer care centre can assist with any questions or doubts about the loan terms.
Things to Keep in Mind Before Applying for a Bike Loan
- Research and Compare: Before you start the bike loan online application process, study different financial institutions, loan terms they offer, check customer reviews and compare them. If a friend or relative has taken a two-wheeler loan earlier from a particular lender, find out their experience. Remember, a low interest rateshould not be your only criterion for choosing a lender. Read their terms and conditions carefully too.
- Make sure you are eligible: The two-wheeler loan eligibility criteria may differ across financial institutions and they may have specific requirements in terms of the borrower’s age, employment status and credit score. So, make sure you satisfy all the criteria. Also, the better your credit score and income are, the greater is the chance of your loan getting approved. Plus, you will get to negotiate on the interest rate as well.
- Use an EMI Calculator – Most lenders feature an EMI calculator on their websites so you can calculate yours by simply entering details such as the loan amount, interest rate and tenure. Use these calculators to arrive at a figure that is convenient for you to pay on a monthly basis. Also, the larger your down payment is the greater is the possibility of your loan getting approved. In any case, you should avoid borrowing more money than you really need to, as a small loan amount indicates low risk to the lender.
- Be careful about the application form and documents – Make sure you fill up the bike loan application form correctly and honestly. Apart from that, keep documents such as your identity proofs, bank statements, salary slips, address proofs and passport size photographs handy. Always double check with the financial institution about the documents needed as requirements might vary.
Also Read: Tips to Make Your Loan Application a Hassle Free Process
Also Read: Tips to Follow if Your Loan Application Gets Rejected
Conclusion
Availing of a bike loan is not only easy but is also a wise move if you do not wish to shell out a large chunk of money all at once. Moreover, these days, competitive interest rates and flexible tenures make it simple and affordable to take a loan and pay it back on time. Just remember to follow the standard rules while applying for a loan and use the above tips to check its status every now and then. Given that most leading financial institutions believe in quick approval, you will not need to check your two-wheeler loan status for too long before it is approved and cleared.
Frequently Asked Questions
1. How can I check the status of my two-wheeler loan application?
You can check the status of your two-wheeler loan application online through the lender's website or mobile app by logging into your account. Alternatively, you can contact the customer service of the lender directly.
2. What information do I need to check my two-wheeler loan status online?
You typically need your application reference number, registered mobile number, or loan account number to check your two-wheeler loan status online.
3. Can I check my two-wheeler loan status via SMS?
Some lenders offer the facility to check loan status via SMS. You can send a specific keyword along with your application or loan number to the lender's designated SMS number.
4. How long does it take for my two-wheeler loan status to be updated?
The loan status is usually updated within a few days of submitting your application. However, the exact time may vary depending on the lender’s processing time.
5. What should I do if my two-wheeler loan status shows 'Pending'?
If your loan status shows 'Pending,' it means your application is still under review. You may contact the lender’s customer service for more information or wait for further updates.
Disclaimer: Hero FinCorp provides this information as a general guide. While we strive to ensure accuracy, individual circumstances may vary. Please consult with a financial advisor or representative for personalized advice. Hero FinCorp is not liable for any losses or damages arising from reliance on this information.
