It is also the home to a number of potential two-wheeler enthusiasts who utterly rely on two-wheeler loan schemes to obtain their desired vehicle. Two wheels finances also make the financial pressure of getting a bike or scooter ease. However, it makes the entire process more straightforward by lessening the overall prospect of tangible investment for the borrowers with average incomes.

For most customers, especially in progressive rural areas and urban townships, paying off the whole amount through EMI or monthly installment is utterly better than shelling out a hefty price volume at once. However, to get your loan approved successfully, there are some mandatory two wheeler loan documents required for every reputed lender as they will verify each paper carefully.

Concerning your bank's financial support, this article will discuss in-depth the documents that you will require to submit for further process.

Required two-wheeler loan documents:

The following is the list of documents that a borrower needs to submit to apply for two-wheeler finance.

• Application form

Firstly, you have to apply for the loan to get it approved. Once you submit the loan application filled up with necessary information, the documentation process will begin as the lender will verify your credentials thoroughly. The lender is able to see the borrower's credit history. However, the loan eligibility highly relies on the documentation that you will present. Therefore, it is extremely vital to provide accurate and credible details in the application form.

• KYC documents (ID and residential proof)

Residential and identity proof records are a non-negotiable aspect of the process of loan approval. The lender will verify whether you are a legitimate individual and as per your authenticity, they will sanction your request for two wheels loan for the vehicle's purchase only. You must present any government ensured document like Voter Card, Aadhar Card, Driving license, Passport, Electricity bill, Utility bills, etc. The document must have your name, address, photo for additional cross verification with the passport photo.

• Passport size photograph

The lender demands the applicant to submit a recently clicked passport-sized photograph as the identity proof with other documents.

• Income proof and Bank statement

In the case of salaried individuals, they need to submit payslips for the last 6months from the current company. If you are a self-employed individual or business person, the lender will consider your bank statement proof and last 3years of Income Tax file as earning proof. Your income proof is the evidence of your steady earning that will ensure the lender that you will pay off the loan without any hassle.

Conclusion:

In India's two-wheeler market, new and advanced models enter daily as their demand increases in every measure. So, several authorized, trustworthy banks and financing institutions are there to lend you money to afford your desired two wheels. But for the processing and approval of this loan, you highly require to submit the necessary two wheeler loan documents to prove your legitimacy. Hence, your request for two wheels finance will get approved in no time.