Hero FinCorp
What if a student applies for a two-wheeler loan in New Delhi?
Two-wheelers in India are incredibly on-demand, not only among adults or office goers but also among the student demographics. Shockingly, the count of the popularity of two-wheelers among pupils is comparing high to mediocre adults, especially in Delhi. But, due to a lack of sufficient funds, mostly youngsters fail to purchase a two-wheeler of their dream. Hence, to make their purchase easy and available plus affordable, several banks and NBFCs now offer a specialized two-wheeler loan in New Delhi for them.
What's more interesting in this plot? A few financial institutions also provide the loan at astonishingly competing interest rates for two-wheelers. So, if you wish to avail yourself of a two-wheeler to fulfill your dream in finance, here are some striking points that you won't want to miss out on to get the two-wheeler loan for you.
Eligibility
- The applicant should be a student to apply for the loan.
- The minimum age of the applicant should be 18years (at least).
- The applicant should have permanent residential proof during the time of loan application.
Apart from the student, the co-borrower is also obliged to match the following conditions to get approved for the loan:
- Should possess outstanding credit score, ideally of 700 or above will be best, which will benefit the borrower assured of a much lower interest rate.
- Should furnish proper yet apparent documents to confirm their income stability.
Documents
The requirement for documents of two-wheeler loan in New Delhi is apparently the same as other loans like following:
- KYC documents, such as Voter ID, Adhaar card, Passport, Driving license, etc.
- Address proof, such as passport, electricity bill or utility bill.
- Bank statement/ passbook.
Besides, if the co-borrower is a salaried individual:
- Last 6months of payslips
- Last 6months of bank statement
In the case of a self-employed co-borrower:
- Business continuation proof
- Least 2years of Income Tax Return
- Last 1year of bank statement
How can you apply for a two-wheeler loan?
The borrower expects to follow 3-simple steps to apply for a two-wheeler loan, and before that, he needs to settle with the two-wheeler model with a dealer of his own preference.
#1. While you are at the preferable dealership, your lender will verify your eligibility for the two-wheeler loan. So, make sure you match their eligibility criteria.
#2. Once you prove your eligibility, you need to submit the loan application filled with the necessary details asked by the lender.
#3. If the documents are verified, the lender will disburse the loan. The expected loan amount will be reflected directly to your dealer and allow you to take your dream wheels home.
Last few words:
If you already have your heart set on any specific two-wheeler model, let your dream furnish into reality with a flexible two-wheeler loan in New Delhi. The two-wheeler loan will let you experience lucrative interest rates, flexible EMIs, on-spot approval, nominal documentation and more. And if you're unsure of how much finance you should avail for the two-wheeler, get help from the EMI calculator and design your EMI today!
by Hero FinCorp on 2021-07-13 05:21:49