When commuting to and from work becomes a major hassle for you, the perfect solution is to purchase your own vehicle. The reason for high demand for two- wheeler loans, Pune, is that in this fast expanding city, with work going on in many parts for Metro rail, the roads are too narrow and congested to manoeuvre a car. Even the slightest damage to a car results in massive expenses in terms of repair whereas with a two- wheeler, it is easy to avoid such damage by zipping in between bigger vehicles and taking less crowded shortcuts through side streets.
For Pune folk thinking to get a two- wheeler, knowing whether or not you are eligible to get a loan to finance the buy is the first step.
Before you can get two- wheeler loans Pune, you have to make an application and send in several pieces of documentation to the lender. But you will be allowed to make the application only if you pass the eligibility test.
The two- wheeler loan eligibility criteria are not too complex but they are in place to ensure that only those matching certain basic guidelines are allowed to proceed to the application process. Filtering applicants out at this stage cuts down the lender’s work in sorting through hundreds of applications that may include those who cannot own a vehicle.
General two- wheeler loan eligibility criteria
Typically, you will see the following criteria laid out by lenders across the board. Only if you fulfil these can you even send in your application.
The first and most important criteria is your age. You cannot apply for a loan if you are underage, that is, below 18. For most vehicles, 18 years is the minimum age to cross before you can drive. For some specific vehicles, the minimum age criteria for drivers is 16, but you have to check with your lender for such requirements. Your loan tenure must not extend beyond your 65th
You should be able to show proof of having lived at your current place of residence for at least one year continuously. This shows residential stability. The lender may conduct a personal verification of your place of stay by sending an executive over.
You should have been employed for at least one year when you are applying for the loan. This can be a salaried employment or a self- employment. You will be asked to show income tax returns so make sure you have been filing them for at least two years before applying for a loan.
Any kind of application requires a good credit standing and a two- wheeler loan is no exception. Make sure you have not defaulted on payments and loans before, and have a good credit report to show. A very low credit may render you ineligible. A fairly low credit score may let you apply for a loan but the interest rates could be very high.
Most lenders also insist on you having a permanent mobile phone number in your name. This is because the lender needs to be able to contact you. About repayments or other aspects of your loan, if necessary. When you give your Know-Your-Customer or KYC forms. You give in all of these details too and they are verified duly before the application is processed further.
One important thing to keep in mind is that you should not try to present inaccurate. Data about any of the eligibility criteria just so you can make the application. All of your data is verified via documentation and other processes. If any such anomaly is seen. Your application will be rejected summarily and you lose your chance of getting the loan. Instead, if you are a justifiable exception to the two- wheeler loan eligibility criteria, you can approach the lender directly and present your situation to them to check if they can give you some other kind of loan to help you fund your purchase.
There may be some flexibility with eligibility criteria if you are applying for two- wheeler loans Pune with a co-applicant. If this is true for you, check with your lender about how the criteria changes in your case.