When you take out a bike loan, you enter into a commitment often involving monthly payments known as EMIs (Equated Monthly Instalments). Keeping track of your bike EMI status is crucial for managing your finances effectively and getting all payments.
If you have recently bought a bike on EMI, it's important to keep track of your loan status and ensure timely repayment. Here are some simple ways to check your bike EMI status regularly:
Mobile Apps and Portals
Most financial institutions today offer mobile apps and portals for customised two-wheeler loan balance checks.
If you have an active bike loan, download the loan provider's app, register using your credentials, and log in anytime to conveniently check aspects like EMIs paid, total principal outstanding, interest paid to date, and payment receipts—for 24x7 transparency into repayment terms.
To check your two-wheeler loan EMI status on Shriram Finance, navigate to the Register/Login option on the top right corner of the screen and then:
- Click on ‘My Accounts’
- Click on ‘Loans’
- Click on ‘Two-wheeler Loan’
- Navigate to the ‘Documents Centre’ under the type of loan
- Download/access the required documents, like Loan Statement
- You can also share the statement/document if you want
SMS Notification
By providing your mobile number to your loan provider, you can receive SMS alerts regarding your bike loan directly from the loan provider.
These proactive SMS notifications ensure you don't miss crucial notifications, such as confirmations when your EMI amounts are deducted monthly, reminders before the upcoming due date for the next instalment, and any applicable interest rate changes.
So, if you are afraid to lose track given your busy life, activating SMS alerts helps you stay up-to-date effortlessly. This feature is especially useful for your two-wheeler loan balance enquiry.
Note: Checking your bike EMI status regularly is advisable. While some loan providers offer the convenience of balance enquiry through SMS, this facility may not be available with every financial institution.
Physical Account Statements
If you prefer paper-based records, you can get printed account statements from your two-wheeler loan provider periodically.
These statements are generally sent by post to your registered mailing address at monthly/quarterly intervals, depending on the loan provider’s policies. They summarise details like EMIs paid vs. pending, interest and principal components, outstanding balance, and payment credited on specific dates.
However, this method is not as timely as accessing details online since additional postal delays are involved.
Email Updates
Some financial institutions additionally send customers email updates with summarised information on the total principal paid last quarter, the next EMIs due, dates, changes in the interest rate, or other terms.
So check your registered inbox occasionally for such communications if your financial institution has enabled them. Email records also help resolve future disputes.
Offline Updates
Alternatively, you can directly visit the financial institution's branch nearby and meet an executive to get assistance with loan details and queries if you face any issues.
Please provide your account and registered mobile number so they can pull up your details. Going offline takes more time than online methods but offers one-on-one interaction.
Make sure to carry all documents for faster processing.
Customer Care
Alternatively, call the financial institution's toll-free helpline stated on your loan documents while keeping account details handy.
Executives retrieve your history with account credentials and address queries promptly over the phone regarding the last EMI deposited, upcoming due date, total balance, or any other concerns, saving branch visits.
Conclusion
Monitoring bike loan EMI status has become crucial yet convenient, with channels like financial institution apps, SMS alerts, emails and calls offering real-time access.
Choose a mode that matches your needs and make it a habit to check periodically. This will prevent repayment delays or defaults, which is essential for credit score stability and future financing needs.
Timely instalments signify financial discipline that underlies broader stability. So, embrace technology to simplify tracking your dues. Stay informed to responsibly enjoy the perks of your dream bike without compromising long-term financial health.
