Bike Loan Statement - Know Complete Information

Nowadays, lending institutions like Hero FinCorp have made Two-Wheeler Loans more easily accessible than earlier, and aspiring borrowers can obtain the required funding without any office visits or paperwork. After receiving a bike loan, checking the Two-Wheeler Loans statement is important to manage the repayment effectively. The document contains several details, like the number and amount of due and completed payments. 

This article will explain what a bike loan statement is and how to check Two-Wheeler Loan statements.

What is a Bike Loan Statement?

A borrower can access their bike loan statement to find details about their annual loan statement, including the Two-Wheeler Loan interest rate, loan payments, EMI payments, etc. This helps track the loan payments due and assists in repayment planning and future financial management. Any additional charges also appear in the loan statement.

Methods to Check Your Two-Wheeler Loan Statement

A borrower can check their bike loan statement online and offline. Here are a few methods to check the Two-Wheeler Loan statement:

Website: Login to the lender's official website, open an account summary, and check the loan statement. 

App: Log in to the app, visit the Two-Wheeler Loan section, and access the statement. 

SMS/E-mail: Request a loan statement via SMS or email.

Customer Care Centre: Talk to a customer representative to request a copy of the loan statement. 

Branch Office: Visit the lender’s office to request a hard copy of the Two-Wheeler Loan statement. 

Also Read: What is the CIBIL Score Required for a Two Wheeler Loan?

Step-by-Step Guide to Checking Two-Wheeler Loan Statements Online

Here is a step-by-step guide to checking the loan statement of two-wheeler finance online:

Step 1: Visit the lender’s website.

Step 2: Log in using the username and password. 

Step 3: Open the loan account section.

Step 4: Enter your loan account number and other necessary details.

Step 5: Click on ‘Loan Statement’ to view or download it online.

Also Read: Zero Down Payment on Bike Loan: Eligibility & Process

Tips for Understanding Your Two-Wheeler Loan Statement

Understanding the Two-Wheeler Loan statement helps interpret the loan health and track payments. Here are a few tips to understand the statement effectively: 

Review Information: Verify the borrower’s personal information, including the name, loan account number, contact details, etc.

Examine the Loan Details: Review key details, such as the loan amount, interest rate, interest type, and repayment term.

Analyse the Breakdown: Analyse the payment breakdown, including the principal amount, interest rate, additional charges, etc.

Review Repayment History: Examine the records of financial activities, including the payment dates, amount, allocation, etc.

Understand the Interest Rate: Analyse the Two Wheeler Loan interest rate, type, and calculation method to understand the impact of interest on the loan balance. 

Review the statement Regularly: Monitor changes in the interest paid and loan balance. Contact the lender immediately to resolve any issues, errors, changes, or discrepancies.

Also Read: 10 Reasons Why a Two-Wheeler Loan is a Smart Investment

Steps to Apply for a Two-Wheeler Loan Online

Follow these steps to apply for a bike loan online for Hero MotoCorp two-wheelers:

Step 1: Visit the Hero FinCorp website and reach the Two Wheeler Loan section. 

Step 2: Click on the ‘Apply Now’ button.

Step 3: Enter the required details. 

Step 4: Select the ‘Hero MotoCorp Two-Wheeler dealership’ to purchase the vehicle.

Step 5: Agree to the ‘terms and conditions’ and click ‘Apply Now’.

Step 6: After receiving the loan application, a representative will contact you for further details and procedures. 

Hero FinCorp offers loans of up to Rs 2.5 Lakh for two-wheelers at an attractive interest rate, starting at 14%, and flexible repayment tenures of up to 5 years.

Also Read: All You Need to Know About Getting a Bike Loan with 100% Financing

Conclusion

A Two-Wheeler Loan statement provides 100% transparency about the loan, including its terms, amount, EMIs, payment breakdown, loan balance, transaction history, etc. Knowing how to check the Two-Wheeler Loan statement makes it easier to understand what the borrower is paying and how the lender has allocated their principal and interest components. Furthermore, regularly checking the loan statement verifies information accuracy and eliminates any chances of errors. Overall, it helps manage the bike loan responsibly without any financial surprises and enables achieving goals without financial strain.  

Frequently Asked Questions

1. How can I obtain my Bike Loan Statement?

Obtaining a bike loan statement is easy. You can visit the lender office, call the customer care centre, send an email request, or download it online.

2. What information is included in a Bike Loan Statement?

A Two-Wheeler Loan statement contains complete details about the bike loan interest rate, EMIs, loan balance, transaction history, principal and interest allocation, etc.

3. How often is a Bike Loan Statement issued?

Your bike loan statement can be issued every month. However, the periodicity may vary from lender to lender.

4. Can I request a physical copy of my Bike Loan Statement?

Yes, a physical copy of the bike loan statement is available at the lender office. The borrower must provide their loan account number and request a copy at an executive's desk. 

5. What should I do if I find an error on my Bike Loan Statement?

If the Two Wheeler Loan statement contains an error, the borrower must call the lender’s customer service centre and bring the error to their attention. They will investigate the issue and resolve it efficiently.

6. How can I check my bike loan status online?

You can usually check your bike loan status online by logging into the lender's official website or through their mobile app.