Are you planning to take a two-wheeler loan? If so, you must be in a dilemma between two possible application methods: online versus offline. In this digital era, where technology surpasses traditional methods, what truly sets these two paths apart? In this blog, we will learn how these loans work and, more importantly, whether you should apply for a two-wheeler loan online or offline.
If you are considering purchasing a two-wheeler, check out Shriram Two-Wheeler loan online. It comes with competitive interest rates starting at 11.5%* p.a., gets disbursed within 24 hours and requires minimal documentation formalities.
Key Takeaways
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Getting a two-wheeler loan online or offline is an easy process. However, let’s look at the eligibility criteria to avail of a two-wheeler loan:
- Age: 21-59 years
- Employment Proof: Salaried professionals working in the current company for at least one year. Self-employed professionals having an active, successful business for 2 years.
- Residence Proof: Residing at current address for at least one year
Steps to Avail a Two-Wheeler Loan Online
Following are the steps to obtain a two-wheeler loan online:
- Select a reputable lending institution.
- Visit their website to access information about interest rates offered and additional charges related to prepayment and foreclosure. Also, don’t forget to check out the best bike loan EMI calculator.
- Adjust the loan amount and tenure based on your requirements and repayment capacity.
- Provide personal information like name, address and income details. Upload the necessary documents required.
- Upon approval, you will receive the loan amount in your bank account.
Steps to Avail a Two-Wheeler Loan Offline
Following are the steps to obtain an offline two-wheeler loan:
- Identify a suitable lending institution.
- Enquire a customer relationship executive about your budget for the bike and desired repayment tenure.
- Complete the necessary details on the application form provided by the bank.
- Submit all the required documents.
- Following the approval of your loan application, the funds will be deposited into your bank account as soon as possible.
Difference Between Online and Offline Two-Wheeler Loan
| Particulars | Online Two-Wheeler Loan | Offline Two-Wheeler Loan |
| 1. Application Process | Convenient online application process through the bank/NBFC’s website. | Requires visiting the lender's branch in person to apply. |
| 2. Documentation | Documents can be uploaded online, reducing the need for physical paperwork. | Physical submission of documents at the branch office is necessary. |
| 3. Processing Time | Faster processing time due to automated online systems. | Processing time may be longer due to manual verification processes. |
| 4. Convenience | Offers the convenience of applying for a loan at any time, including outside regular business hours. | Limited to the lender's working hours and availability of branch locations. |
Whether you apply for a two-wheeler loan online or offline, one thing that should not be compromised is the ease of the application process. Shriram Two-Wheeler Loan not only offers up to 100%* financing on the on-road vehicle price, but it is also hassle-free and disburses the loan amount within 24 hours of approval. Apply now to take a step ahead toward purchasing that dream bike.
