Thinking of taking a two- wheeler loan in Chennai to buy your brand new dream bike? This is a good time to opt for a loan since the demand for such financial assistance is high and that means there are a number of lenders competing in this arena. Thanks to the competition, the chances that you can find a lender to offer you very attractive terms goes up. But to take advantage of this situation, it is important for you to zip through the application process once you have done a careful study of loan products and finalized your loan and lender. The very first step you can take towards speeding up your application and sanction process is preparing for the documentation.
The importance of documentation
The role played by two- wheeler loan documents is a critical one in this whole process. These documents help the lender understand your profile and verify if you are a good match for his ideal customer profile. Documentation allows him to filter out ineligible individuals at an early stage, saving time and effort for him. For example, typically, loans are available only for individuals above age 21. If your documentation shows that you are younger than that, the lender can reject the application right away without wasting any more time validating the documents.
Keep in mind that when you send in two- wheeler loan documents, thelender thoroughly cross checks and verifies them. Any anomalies found or any indication that you have tried to misrepresent data by sending in falsified documents immediately sends a red signal to the lender and the application may be rejected summarily. Make sure you give only the right documents asked for.
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Typical documentation for two- wheeler loan in Chennai
The following are the two- wheeler loan documents usuallyrequired for a salaried or self- employed individual:
- Proof of identity: Photo ID is required here and you can use your Aadhar card, passport, driver’s license, PAN card or voter’s ID
- Proof of residence: Apart from the above documents that have address as well, for this you can also use utility bills (telephone/ EB), bank account statement, post office account statement. Tax receipts from municipality are also accepted. You may also be able to give address proof in your spouse or parents’ name for your place of residence.
- Photographs: Generally, two passport sized photos are needed
- Bank statements: The statements for the past three months usually suffice
Apart from these, salaried individuals must give their past three months’ salary slips/ Form 16 or latest income tax return. If you have not worked for that long yet, your employment offer letter will be needed.
Self- employed individuals cannot produce salary slips so they are required to produce the latest ITR. Apart from this, they must give their company’s details too along with TDS certificate.
How getting documentation ready can help
The loan comparison shopping is a long- winded process but one that you cannot skimp on. This is the groundwork you lay so that you get an attractive loan that has favourable terms and conditions. If you need the loan quickly, the step where you can cut down time is the application stage. Ensuring that you understand what all documents are needed and you get them all ready, you can quickly fill out the application online, attach the necessary documents and send in your application asap.
These are basic verification documents. Once the lender verifies your eligibility and deems your application acceptable for further processing, you may have to give in more documents to get the loan sanctioned. Having the documents ready, at hand, cuts down the time taken each time for you send in the documents and thus shortens the overall time taken to get your loan funds in your account. Getting a two- wheeler loan in Chennai is not a very challenging job at all thanks to the many lenders in the market. But knowing your loan documentation requirements does help you speed up the process here so that you can get your sanction letter quickly. Once this happens, it is not very far for you to get the funds credited into your account to purchase your dream bike.