Do you need to access your Shriram bike loan statement online? Accessing your statement digitally saves time and lets you monitor your loan anywhere using your computer, phone or tablet, making it quick and convenient.
This step-by-step guide will explain how to download a Shriram bike loan statement online on the website or mobile app. Read on to know more about what a bike loan statement is and how to download it seamlessly.
What is a Bike Loan Statement?
A two wheeler loan statement is a document provided by a financial institution that details the status of a borrower's loan account for the purchase of a two-wheeler, such as a motorcycle or scooter. The statement typically includes key information such as the loan amount, interest rate, tenure, EMI (Equated Monthly Instalment) details, and the balance outstanding. It may also show the payment history, including the dates and amounts of each instalment paid and any overdue payments.
How Do You Check Your Two Wheeler Loan Statement?
Here are the steps to check your two-wheeler loan statement on Shriram Finance's website or app:
- Enter Credentials: Go to Shriram Finance's website or open the app. On the main page, provide your login ID and password to access your account.
- Locate Loan Section: Navigate to the 'Loans' section on the website or the app.
- Choose Loan Type: Select the 'Two-Wheeler' loan type listed under your name to open your specific two-wheeler loan account.
- Access Documents Centre: Find the 'Documents Centre' within your two-wheeler loan account and click to access statements.
- View/Download Statement: Locate the latest loan account statement and view it. You can also download the bike loan statement on your device.
- Share Statement: On Shriram's app, you can tap the option to share a statement via message or email if needed. The website does not allow sharing.
Advantages of a Bike Loan Statement
With the rise of digital lending platforms, securing a bike loan online has never been easier, offering convenience, speed, and flexibility to potential borrowers. Here are the key advantages of opting for a bike loan statement online and how it can benefit you in the long run:
1. Keeps You Updated
A bike loan statement online gives you real-time information on loan details like pending principal, next EMI, interest paid, etc. This helps you track repayment progress.
2. Supports Financial Planning
Bike loan online statements provide payment schedules so you can plan future income and expenses to pay EMIs on time. This maintains good credit.
3. Accessible 24x7
Online statements can be accessed anytime, anywhere, using your credentials through the bank or NBFC’s website or app, saving visits to the branch.
4. Monitors Interest & Charges
Statements allow you to tally interest levied each month/year with loan terms to ensure transparency and avoid hidden charges.
5. Downloadable & Shareable
Most NBFCs and banks allow you to download or print e-statements for your records or to share with tax consultants, which is helpful during IT returns.
By leveraging digital statements, you can monitor your two-wheeler loan better and make informed decisions.
What Is Included in A Two Wheeler Loan Statement?
Managing a two-wheeler loan requires regularly reviewing your loan statements. These statements provide in-depth visibility into the financing and repayment terms over the loan tenure. The key components generally included in a standard two-wheeler loan account statement are:
- Loan Account Number: This is a unique identification number assigned to your specific two-wheeler loan account, which helps identify and access the account details.
- Outstanding Principal Amount: This shows the total pending loan amount still to be paid back to the financial institution as per the original repayment schedule. It indicates how much loan money is still owed.
- Interest Paid So Far: This provides information on the total interest amount you have paid on the loan during the statement period, usually the current financial year.
- EMI Details: This section displays a breakup of the EMI amounts paid, the number of pending EMIs left, and clearly highlights the due dates for your upcoming EMIs so you can plan future payments on time.
- Additional Applicable Charges: These refer to any extra fees levied, if any, like late EMI payment penalties, loan foreclosure charges, prepayment fines, etc., along with the amounts.
- Taxes Applied: Taxes such as GST levied on the interest portion, or additional charges are shown here.
- Payment Record: The statement also furnishes a detailed history of repayments made during that period, showing all credit and debit to your loan account.
- Next EMI Due Date: The exact date of your next EMI due is prominently displayed for payment schedule planning.
Conclusion
Managing bike loans can be simplified by leveraging Shriram Finance's digital services. Our user-friendly website and app make accessing up-to-date loan statements, current balance, upcoming EMIs, and application status convenient 24/7. This enables better tracking, planning, and informed decisions. Embracing digital platforms for your two-wheeler financing needs saves time and effort.
FAQs
1. How can I check my bike loan details?
You can check bike loan details like status, the amount disbursed, etc., by logging into your Shriram Finance account and going to the 'Loan Status' section to view real-time updates.
2. How can I download my Shriram bike loan statement online?
To download your Shriram bike loan statement online, log in to your account on the Shriram Finance website or mobile app using your registered user ID and password. Navigate to the ‘Loans’ section, select your two-wheeler loan account, and click on the 'Download Statement' option. This digital statement can be saved, printed, or shared as needed.
3. Can I check my bike loan statement without logging into the Shriram app?
No, to check bike loan statement, you must log in to the Shriram app or website using your registered credentials to access your loan details securely.
4. What should I do if I can't download my bike loan statement online?
If you're unable to download your bike loan statement online, try clearing your browser cache or switching to a different browser. You can also contact Shriram Finance customer support for further assistance.
5. How often should I check my bike loan statement?
It's a good idea to check your bike loan statement at least once a month to stay updated on your repayment status, EMI schedule, and any additional charges or fees.
