Buying a two-wheeler is a very smart move in nearly every major city in India. The growing traffic makes it near impossible for you to rely on public transport to get places for work. You cannot afford to be late to the office or to client meetings frequently. Instead of allowing traffic woes to affect your reputation and credibility at work, it is best to get yourself a two-wheeler so that you can keep your time commitment without fail. A two-wheeler loan in Bangalore helps you fund this purchase even if you are falling short of the cash required to buy your brand-new dream bike. Find the lowest two-wheeler finance interest rate, make your application online and get access to your bike in a matter of a few day’s time.
Knowing your loan application status
You can apply for the two-wheeler loan in Bangalore online or via the lender’s app, making it very simple and quick for you and also eliminating the need to physically visit lenders. After you have made your application, you must know whether or not it is approved and you are getting the loan. The lender sends you a sanction letter to tell you when the loan has been cleared. This letter is very important as it contains all the relevant details including the all-important two-wheeler finance interest rate that decides the total cost of the loan for you.
However, even before you get to this stage, it is helpful if you can track your application status and find out if you should be applying to other lenders or wait for this one. Usually, the lenders have a ‘Track status’ option on the portal through which you apply. The same goes for the app through which you apply as well. You may have been asked to subscribe to notifications about the loan when you applied. If you have checked this box, you will be kept informed via email or SMS as per your preference as the loan travels through various stages at the lender’s.
If you are not getting any notifications and about a week has passed since you made the application, you can call the lender and check what is happening. All lenders give their customer care numbers prominently on the portals or you will have a chat option with a customer service representative on the app.
Keep the details of the date on which you applied, what kind of loan you applied for and what you gave as ID proof and also the reference number that the site or app generated for your application at hand when you chat or call. These will help the customer service representative trace your application and find out quickly where it stands. Saving a copy of your loan application with the two-wheeler finance interest rate clearly mentioned is a good idea for easy reference.
Post-disbursal tracking
Tracking your loan is even more important after its disbursal but in this case, tracking refers to keeping yourself informed of when you must repay the monthly installments and how much they are. Usually, you can opt for reminders for monthly EMIs. This is a great idea because then the chances that you will miss payments are reduced considerably. Always opt for email and SMS reminders/ alerts that automatically come to your devices as your EMI payment date nears so that you can ensure adequate cash is available in your account.
You can also check your loan account status periodically to see how much you have paid off and how much of the loan is still outstanding. Checking this also tells you if your repayments are being recorded correctly. If you find any mistakes here, you must intimate your lender immediately and ensure that it is corrected.
Getting and managing a two-wheeler loan in Bangalore is a simple task these days with almost all critical tasks enabled online or via a user-friendly app. All you need is a laptop or smartphone to do your entire loan application and loan tracking process within minutes from anywhere in the world. With such convenience at hand, there is no excuse for you to miss an EMI payment or stay in the dark about how far you have come in repaying the loan you have taken. Take advantage of the conveniences and make it an anxiety-free, hassle-free process to buy your bike with a loan.
