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Step-By-Step Guide for a Non-Salaried Individual to Apply for a TWL

Having a two-wheeler offers you the freedom to move around quickly and carry out various tasks without waiting for public transport. If you can’t afford to buy a bike or a two-wheeler in one go, you have the option of taking a bike loan on easy terms from a bank or a financial institution. The process of getting a two-wheeler loan is simple and quick subject to you fulfilling the eligibility requirements set out by the bank.  You can even use a bike loan calculator to check your eligibility for the same.

The loan for your bike or two-wheeler is repayable in equated monthly instalments or EMIs that are pre-decided by the lender based on the duration and the interest cost of the loans. This type of funding is available to both salaried and non-salaried individuals subject to the fulfilment of certain age and income-related requirements. The minimum age for applying for a two-wheeler varies between 18 and 21 years depending on the lender. Another important criterion for getting a two-wheeler loan is to have a stable income whether in the form of salary or from self-employment reflecting your ability to repay the loan amount. Other factors considered by lending agencies while processing your loan application include the number of loans already sanctioned in your name and your track record of repaying them. You can always use a two-wheeler loan calculator to check your eligibility.

Steps for Applying for Bike Finance

  • The first step in your search for a loan for buying a two-wheeler is to check your eligibility. Most two-wheeler agencies have tie-ups with lending agencies for arranging the funding for their customers. The bank representatives can easily check your eligibility and inform you about the same.
  • The next step is to compare the eligibility conditions and identify lenders whose conditions you meet. You should also compare the interest charges that are applicable on the amount of loan that you wish to apply for besides using a bike loan calculator to check how much loan you are eligible to get.
  • Once you are sure that you are eligible for a loan to fund your two-wheeler purchase, you have to fill the loan application form either by visiting the bank personally and filling out a form on the bank’s mobile app or doing so online. You can even use the bike EMI calculator that is available online to check the payable EMI on the amount and duration selected by you.
  • Once you have submitted the application form for a two-wheeler loan, the concerned officials will check your eligibility and ask you to furnish certain documents relating to age, income, and other personal details. Non-salaried people are required to submit copies of their income tax returns, bank statements and sales tax submission details.
  • The bank officials will verify the documents submitted by you and convey their decision about the approval of the loan to you.
  • You can visit the vehicle showroom with the papers, make the down payment, and take your vehicle home.

Once your two-wheeler loan is approved, you need to ensure that you make the EMI payments on time. And once you have completed the loan repayment, you can apply for the removal of the hypothecation on your vehicle and you get complete ownership.

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