If you have selected your dream bike you must have also planned how to finance it. In case you want to opt for a bike loan, and are confused about how to check the status of your loan, read ahead.
Having a bike makes commuting easier as you don’t have to depend on public transport. But bikes are often not cheap and getting one on cash or using your savings might be difficult.
In such a scenario, you might decide to get your bike financed using a bike finance or a bike loan. For bike finance, you are required to give a lump sum downpayment, and the remaining amount can be paid in easy EMIs. Both the downpayment and the EMIs will be based on your eligibility and requirements.
You can apply for bike finance from major banks or any non-banking finance companies, depending on your choice.
How to check bike loan status will depend on your loan provider, but the process will be more or less the same throughout lenders. Here is the major information you will need to complete a bike finance check -
Loan application number or reference ID
Your full name
Registered mobile number
Registered email ID
You can follow these steps to check your bike loan status online -
STEP-1: Visit the official website of your lender or financier.
STEP-2: Login using your credentials, which may be your username and password. The login ID can also be your mobile number or email ID.
STEP-3: You might need to verify yourself by entering your full name and your loan application number.
STEP-4: You will be able to view the status of your loan application on your dashboard or your profile.
The online way of completing your bike finance check is easy and can be done from the comfort of your home. But in case you want to know ‘how to check bike finance status’ using the offline method, all you need is -
A valid ID proof
Loan application number or reference ID
All you need to do is visit the lender’s office with these documents and enquire about your loan status. Once your identity is verified, a representative will be able to tell you about the bike loan status.
Apart from the online and offline ways to check your bike finance status, there are other ways to do it with ease. Here are some ways to complete your bike finance check -
Your loan provider must have a customer care number that will be able to help you know your loan status. You can call the number and verify yourself by giving your full name and loan application number or reference number. The customer care executive will be able to easily guide you further.
Most loan providers, banks, or NBFCs send periodic messages or emails about the loan procedure. If you are confused about the status of your loan approval, you can check the inboxes of your registered email ID and mobile number. You will find some sort of communication regarding the processing of your loan.
Nowadays most banks and NBFCs have their mobile apps so that customers can easily manage their accounts. If your provider has an app, download it and register on it using your credentials. Once you log in, you will be able to see the status of your bike loan application clearly on the dashboard.
Spending your savings or purchasing an asset on cash might not always be feasible. That doesn’t mean you have to stifle your dreams. You can opt for loans to finance any big purchase.
If you happen to live in a city where public transport is not great, purchasing a bike is a good investment. Having a bike can give you the freedom to travel on your own time without the hassle of waiting.
Various banks and NBFCs give bike loans at attractive interest rates. But make sure to calculate your interest and EMIs before taking a loan, so you can plan your finances accordingly.
You can also opt for personal loans to purchase the bike of your dreams. And if you are considering a personal loan, what is better than instant personal loans from moneyview? You can get urgent loans of up to Rs.10 Lakh with minimum documentation. To know more, please visit our website or download the moneyview app.
No, you cannot sell a financed bike till the loan is paid in full.
To check the total outstanding balance of your bike loan, you can get in touch with your loan provider. You can either visit their branch physically or log in to their website to know the same. Most lenders also have customer care services that can assist you with such information.
To find your loan details, you can log into the loan provider’s official website using your credentials. You can also get in touch with them via phone or email.
Once your loan is approved, most loan providers will communicate that to you via SMS or email. You might also receive a phone call from them. If you are still unsure, or the communication has not reached you, you can contact them from your end.
When you purchase a vehicle through finance, you are supposed to pledge the vehicle to the bank or the loan provider. This is known as vehicle hypothecation. The loan provider holds the vehicle as a security till the loan is paid in full, even though you have physical possession of it.
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