A Step-by-Step Guide on How to Apply for a Two-Wheeler Loan
Disclaimer: The information mentioned herein is generic in nature. Ujjivan Small Finance Bank is not responsible for the accuracy of the information provided herein. Click 'Apply Now' to view our two-wheeler financing features & benefits.
August 02, 2024
Are you planning to own a bike but short on funds? With a two-wheeler loan, you can make that dream a reality. But if you're unsure about the loan application process, don't worry.
In this article, we have detailed out how to apply for a two-wheeler loan and have explained the steps involved so that you experience a seamless loan application journey. By the end of this article, you'll be ready to take the first step towards owning your dream bike!
How to Apply for a Two-Wheeler Loan with Ujjivan SFB
Two-wheeler loan application may vary across banks. For ease of understanding, we have considered Ujjivan SFB's Two-Wheeler Loan (Chakra Loan) application process.
Step 1: Visit the Ujjivan SFB website
Go to Ujjivan Bank's website and navigate to the top menu.
Step 2: Go to 'Loans' section
After navigating to the 'Loans' section, select 'Vehicle Loans'. Once done, click on 'Two-Wheeler Loan'.
Step 3: Check Two-Wheeler Loan Details
Go through the loan details, including interest rates, fees and charges, loan amount, tenure, documents required, eligibility criteria, etc.
Step 4: Click on 'Apply Now'
Once you have clicked on 'Apply Now', you will be redirected to a separate loan application form page. Fill out the form online along and click on the 'Submit' button. Once the form is submitted, Ujjivan SFB representatives shall contact you through call/email/WhatsApp and/or send a text through SMS to take your application further.
Things to Consider Before Applying for a Two-Wheeler Loan
1. Convenience
In this fast-paced world, convenience is the key. We are all pressed for time. Apply for a two-wheeler financing from a bank that offers maximum convenience in the form of customer service, easy application journey, minimal documentation, etc.
2. Check Your Credit Score
Your credit score reflects your creditworthiness. Having a good credit score may help in fetching better deals on two-wheeler loans. Conversely, a poor credit score may lead to rejection of your loan application.
Point to note: Any score above 750 is considered as an above average/good credit score and any score below 600 is considered below average credit score.
3. Evaluate Your Repayment Capacity
Take a stock of your financial health before applying for a loan. It will help you in managing your finances better. Missing EMIs or repayments can hurt your credit score, while defaulting on the loan may result in complete seizure of your vehicle by the bank.
4. Check Your EMI Obligations
Calculate your EMI beforehand so that you can plan your loan and finances better. You can use a two-wheeler loan EMI calculator to check your monthly EMI.
5. Loan Amount
Determine how much you need to borrow based on the cost of two-wheeler, including insurance and taxes. Ujjivan SFB offers up to 95% financing on the on-road price of the vehicle.
6. Be Aware of Fees and Charges
Take note of additional costs including, processing fees, loan pre-closure charges, CERSAI charges, late payment fees, etc.
7. Eligibility Criteria and Documents Required
Check the eligibility criteria including age and type of employment, among others. Keep all the necessary documents like PAN and Aadhar ready while applying for a two-wheeler loan.
Final Thoughts
Applying for a two-wheeler loan doesn't have to be complicated. By following the steps outlined above, you can make the process hassle-free and get closer to owning your dream bike. Apply for Ujjivan SFB Two-Wheeler Loan and enjoy hassle-free application process, minimal documentation, and more.
