If you are looking for a two-wheeler loan, it is important to gather all the documents before applying. To speed up the loan application process, ensure you have all the relevant documents ready. It is always a good idea to verify with the lender for any updated criteria or changes in the paperwork procedure.
The documents are essential in determining the applicant’s eligibility, loan amount, and terms. By submitting the documents, borrowers prove their income, identity, and residential status – important elements in determining eligibility. This article discusses the list of documents required in detail.
List of Documents Required
These are the bike loan documents required to get a two-wheeler loan in India:
- KYC documents: Aadhaar card, passport, driving license, PAN card, or voter’s ID card.
- Address proof: Aadhaar card, PAN card, driver’s license, voter’s ID card, passport, utility bills, telephone bill, electricity bill, water tax, property tax receipt, or post-paid mobile bill.
- Income proof: For salaried individuals, recent salary slips, and the last six months of bank statements.
- For self-employed individuals: The last three years of income tax returns, the past six months of bank statements, sales tax returns, TDS certificate, and company details.
- Other accepted documents: Job Card issued by NREGA. Letter issued by the National Population Register.
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Why are Documents Required in Two-Wheeler Loans?
Having these documents ready helps simplify the loan application process and ensures transparency between the borrower and the lender.
- Identity verification: Identity verification is a crucial step for lenders, ensuring the borrower’s identity aligns with their claims. This process reduces risks associated with identity theft and fraudulent activities.
- Resident verification. Address proof documents are required to verify the borrower’s residence address. It is vital for both communication and legal documentation.
- Creditworthiness. Lenders analyse the creditworthiness of the borrower before authorising a loan. Documents such as income verification and bank records assist in analysing the borrower’s financial stability and repayment capabilities.
- Rules & regulations. Financial institutions must comply with rules & regulations, which involve getting and confirming specific documents from loan applicants. It helps promote accountability with compliance in the loan process.
- Quick loan processing. Having all of the relevant documentation reduces the loan processing time. It enables lenders to check the borrower’s information and make more efficient loan decisions.
Bajaj Auto Credit is a premium choice for various individuals. They offer competitive interest rates and beneficial ROI of the vehicles. As the application process is online, the documentation process is minimal and quick. Many users get a flexible option and avail a loan amount of up to 20 lakhs.
Research the lenders and carefully read the terms & conditions before signing the loan agreement. Carefully scan the documents and upload them in the asked format. Also, duly fill out the forms to get the loan disbursed at the earliest. Get your dream bike today and conveniently glide through the busy streets of India.
