Two-Wheeler Loan & it’s Features!

Two-Wheeler Loan and its’ Features
Two-Wheeler Loan and its’ Features

Not everyone in the country affords a suave vehicle or an SUV. Buddy Loan is the most opted aggregator for two-wheeler loans at lower interest rates. The majority of the population, even today, depends on commuting using a two-wheeler.

The features of a two-wheeler loan!

Despite the necessity of using two-wheeler, we cannot ignore the financial and environmental benefits derived from its usage. Still, buying a new two-wheeler can make a hole in the pocket for much middle class and those underprivileged people. 

Looking at the relevance in the cost-effective nature and the multi-utility of two-wheelers in the current arena of our country, many people bank upon a two-wheeler buddy loan. This instant two-wheeler loan provides the accessibility to commute smoothly, upgrade their standard of living from a scooter to a bike, assistance in professional associations and even helps many for gifting purposes.

The key features of an instant two-wheeler loan are:

  • Two-wheeler loan instant approval: It is not rocket science to get a buddy loan for a two-wheeler, and the entire process comprises of simple procedure which provides instant approval for the application. Any person with a decent income and employment has a good credit rating and shows a relevant reason to use the product can be approved a two-wheeler loan in no time.
  • Bike loan applied online: It is a completely hassle-free process which does not require you to go to any lender. The loan can be applied for online, and the entire application and document submission takes place in just a click. Instant approval is given, and the borrower can be a proud owner of a bike in no time.
  • Second-hand bike finance: The buddy loan is not only for new two-wheelers but also for second-hand drives. Again, as per the pocket allowance of each individual, many would find applying for second-hand two-wheelers a more appealing option. Today, we avoid the trauma of the hues of long queues and traffic jams caused by four-wheelers. Our narrow roads cannot adjust big and mid-segment vehicles, so this loan helps in saving time and money by applying for a two-wheeler, also saving on money, fuel, and maintaining a pollution-free regime.
  • Low-interest rates: Low-interest rates and a good credit rating are offered on the application of the loan for having a two-wheeler. A bike or a scooter within the affordability range depending on the latest models available can fetch high-interest rates and low EMIs.
  • Smooth documentation, approval, and disbursal: The online process of the two-wheeler buddy loan application is inconvenient and straightforward steps. You need to be ready with accurate documentation. Once the form is duly filled, the approval is instant, and after a quick, subtle verification, the disbursal of the loan takes place.
  • Availability of loan – lenders: Banks, NBFC, Local lenders welcome the buddy loan applicants offering them a low rate of interests and low EMIs on the required loan. The value, interest and other monetary calculations depend on the credit history of the borrower and his goodwill. his ability to repay, employment and past experiences of buddy loans undertaken are all taken into consideration.
  • Low down payments and EMI schemes: Many buddy loans come fully covered and as times for newbies, minimal down payment is required to be made. the rest of the amount is conveniently converted into fixed low EMIs which need to pay off on the prescribed date in the prescribed time range offered by the lender after appropriate documentation.
  • Registration and Insurance coverage: While applying for a buddy loan and on its disbursal, key factors like Insurance of the vehicle and legal registration is undertaken by the lender to avoid legal issues.

Documents required:

  • Identity Proof
  • Address Proof
  • Salary Proof
  • Form 16
  • Bank Statement
  • PAN card
  • IT Return

To apply for an instant bike loan online or get a two-wheeler loan to suffice your necessity of using the most convenient vehicle that is used by millions.

A two-wheeler loan to increase your credit score!

Borrowing a two-wheeler loan Vs Credit score!

Borrowing is not easy, but at times it becomes a mandate to tale a Buddy Loan  to secure convenience in commuting, financial stability, social stature, and exuberant life. An instant two-wheeler is not considered a debt or stress these days; in fact, it is one of the necessities of middle-class families that make a social survival and smooth transportation quite accessible.

The basic requirement to avail the Buddy Loan on two-wheelers is, first of all, to have a good credit rating, identity, address and salary proof, taxation documents. A good credit history reveals you’re paying capacity and creditworthiness. A higher rating signifies a lower risk of any kind of default, and similarly, a low rating hints at a high risk of repayment of the instant two-wheeler loans. A credit score of any individual affects the financial life of every person.

But while applying and retrieving an online bike loan can be quite simple and easy, it is mandatory to adhere to the legal norms to keep up the credit rating and not default on it. Here are a few things to be taken into consideration while using the Buddy Loan so that it does not affect your credit score negatively.

• Payment of dues on time:

The loan against two-wheelers is already on a low rate of interest, divided into feasible EMIs not burdening the borrower and fixing monthly due dates. Any chance of missing the payment of a single EMI or missing the due date will impact the credit score and negatively affect your financial stability.

• Not to over apply for the loan and misuse the funds:

Borrowers need to use the loan amount effectively and diligently. They should not apply for a higher amount than required of the Buddy Loan. The easy availability of the Buddy Loan can create a misuse of the funds, but easier taken than paid. Repayment can be quite difficult as the daily expenditure and lack of savings can constraint your financial flexibility.

• To close all old loans and settle them first to make way for the new Buddy Loan:

It is advisable to get rid of debt, and if applied for a Buddy Loan for two-wheelers, it would be better to get rid of any previous credit or loan undertaken. Too many instalments and a tremendous amount of debt can be stressful. If the earning is low and the demands are high, it will only make a simple life miserable and decrease your credit rating.

• Keep the credit report error-free

It is imperative to clear the credit ratings, goodwill, and credibility without any wrong information and errors in the report. This will cause a sharp decrease in the current rating and can be maleficent in the future application of any other Buddy Loan.

• Maintain a healthy credit utilization rate:

Again, to maintain a CUR is important so that funds are optimally used, and it is secured and utilized correctly. Misuse of funds or not maintaining a balance between procuring a Buddy Loan and diligently using it can cause a drop in the credit rating, thus impacting your financial status.

Two-wheeler loan functioning!

Longing for that particular bike or scooter and afraid that by the time you save the money for it, the model will go out of fashion? Finance the two-wheeler vehicle you have wanted to ride by a two-wheeler loan with the help of Buddy Loan.

You can avail of a two-wheeler loan from banks or NBFCs, or we can help you with it- At Buddy Loan, we act as the loan aggregators. We help you understand the documents commonly asked by lenders to grasp the borrower’s financial capability. A quick and burden-free process to obtain instant bike loans.

The application for the loan is made online, without the need to stand in long queues. The best part is the loan is instant approval of the loan. Buddy Loan makes you understand the eligibility and helps you get all documents in place for getting an immediate bike loan online in a paperless process. The two-wheeler loan is given at low-interest rates.

The general eligibility is that the applicant should be at least 21 years of age with a minimum income of Rs. 50,000/- per year. The CIBIL credit score should be at least 750, with the maximum repayment period of the loan being six years. Buddy Loan ensures that all details and documents shared of the borrower remains confidential.

The necessary documents required for obtaining two-wheeler loans approved instantly online are:
  • Proof Of Identity (Any one of the following): Passport/ Driving License/ Voters ID/PAN
  • Proof Of Residence (Any one of the following): A utility bill (not older than three months), passport
  • Proof Of Income: Latest 3 months bank statement (having salary or income credit)

Buddy Loan provides flexible loan tenures and easy repayment options. You do not need to pledge any security for financing that two-wheelers you want! The minimum loan amount is Rs. 1000 while the maximum goes up to Rs.15 lakhs.

Applying for the two-wheeler loan online for instant approval!

Fill in all the required details- personal, financial, and employment and submit the necessary documents. You can then select the amount of loan and the loan tenure. The money will be credited to your account in 48 hours.

Buddy Loan provides instant two-wheeler loans for the purchase of second-hand bikes, showroom bikes, and so on.

Purchasing the two-wheeler vehicle for your luxury or necessity is made easy by the bike loans provided by Buddy Loan with instant approval and minimal documentation. The higher the credit score, the quicker the approval.

Importance of Form 16 in a two-wheeler loan!

Form 16 is produced by the employer to confirm they have remitted the tax to the tax department. During loan applications, the form is used by the bank to process loans and is attached during the sanctioning of the loan. Buddy Loan offers two-wheeler loans at lower interest rates.

Part A of the form contains employer’s TAN, PAN of employer and employee, the address, assessment year, employee employment period, and summary of TDS deposited with the government. This may be used to confirm some applicant identification details by the bank. However, this isn’t the primary identification document. 

Part B of Form 16 consists of the salary break down; the details of deductions claimed, total taxable income, and tax deducted from the salary. The details in part B can also be used to countercheck the salary proof. Form 16 is required when you procure a two-wheeler loan from the bank. You may eventually file for tax exemptions if you use your bike for your business.

 It is essential for you to cross-check the available providers for a two-wheeler loan instant approval. Compare their interest rates and your eligibility criteria. You can also get a second-hand bike financing; in which case the requirements are different. You can get a bike loan approval online as long as your documentation is right, and you fit the criteria. 

For quick bike loan approval, it’s advisable to declare your source of income. To aid you in doing this, your previous year form 16 should be provided. You will get this from your employer, and if you filed as a self-employed individual, you would get it from the tax department. Correct and precise documentation reduces the turnaround time for your instant two-wheeler loan.

A good CIBIL score is also essential in your bike loan approval. The following are the requirements needed for you to qualify for an instant bike loan online.

  • Minimum age of 18 years
  • Reside in the same house for t at least two years
  • Stability in their job
  • A good CIBIL score
  • Permanent telephone numbers

Here is a list of documents required for a bike loan:

Identity Proof:
  • Aadhaar Card
  • PAN card
Address Proof:
  • Aadhaar Card
  • PAN card
Salaried persons:
  • Employment or offer letter
  • Last salary slips <45 Days
  • Last six months bank statements and latest form 16
Self-Employed:
  • Last three years income tax returns
  • Last six months bank statements
  • Sales tax returns
  • TDS Certificate
  • Company details

on a two-wheeler loan application, and you can expect a positive outcome on your loan approval.

Benefits of a two-wheeler loan!

Short of funds to purchase the two-wheeler vehicle you have wanted to ease your travel to and forth work? A bike loan via Buddy Loan is here to help.

The money that you have saved or are still saving for purchasing a bike can be used for some other more important purposes.

An instant bike loan can be used to cover the cost of the two-wheeler, while your savings help in fulfilling other priority needs.

An even better way to capitalize is by using the savings for making fruitful investments that would have otherwise not been made due to the two-wheeler purchase.

The Two-Wheeler Is Yours

The borrower can avail of a two-wheeler loan easily by making an online paperless application via Buddy Loan. After scrutiny, the loan is provided as soon as possible without pledging of any security. 

You own the two-wheeler from day one, and you don’t need to worry about providing security for the loan taken.

Full Coverage

The best part of a two-wheeler loan is that the entire cost of the vehicle is covered by the loan granted. The lender is responsible for paying the whole amount, and the documentation is minimal. Plus, the entire process is online and paper-free.

Flexible Loan Tenure

The loan tenure is flexible, ranging from 3 to 60 months, thus making it easy for the borrower to obtain a bike loan online.

Good Interest Rates

The interest rates at which the instant bike loans are provided by lenders via Buddy Loan are competitive and, as such lower as compared to other lenders.

Build Your Credit Score

The loan tenure for repayment is flexible, and the EMIs are calculated accordingly. The EMIs also depends on the amount of loan taken. 

Regular and efficient payment of EMIs helps to build the credit score of the borrower, thus helping the borrower avail loans in the future.

Instant Approval

Obtaining a two-wheeler loan for buying the bike of your choice via Buddy Loan is a hassle-free process as the loan is approved almost instantly and credit it to your bank account within 48 hours.

All you have to do is provide necessary personal, financial, and employment details, submit a few documents, and select the loan amount and tenure. 

Depending upon the lender and your credit score, the loan is approved and granted as quickly possible.