Increased demand from rural and semi-urban areas has propelled the two-wheeler finance market in Asian countries that clocked a formidable thirty-second growth in 2017. The two-wheeler market is additionally witnessing a shift to vehicles within the higher bracket, which has after raised the average ticket size of loans to over Rs.48,000. While there are multiple lenders giving two-wheeler loans at competitive interest rates, your journey to shop for your favorite bike will hit a jarring road just in case your application is rejected. Given below area unit the assorted reasons thanks to that an investor will reject your two-wheeler application.
Serving too several debts
If you're already serving too several loans and paying their EMIs, an additional debt may build your loan provider cautious. It’s guaranteed to raise questions on your reimbursement ability, thereby creating your prospective investor unsure regarding enabling a recent loan. In such a situation, your recent 2-wheeler finance won't be approved by your loan provider. United Bank of India Two-wheeler Loan has easy paperwork.
Incomplete or incorrect documents
There are some documents you wish to submit together with your application to avail finance. the essential documents needed for a two-wheeler loan are:
Identity proof
PAN
Bank statement of a previous couple of months
IT returns of the previous fiscals
Salary slips
Your loan may be rejected if the investor finds any necessary document missing or inappropriate. nowadays most lenders specify the documents needed with the appliance kind on their website. Unable to fulfill eligibility criteria. Every loan has sure basic eligibility criteria that you wish to fulfill to avail funds. Generally, the two-wheeler loan eligibility criteria outlines:
Age
Income
City/place of residence
Your application may be rejected if you're unable to fulfill the eligibility norms such by your investor. a bit like the documents, most lenders specify the eligibility criteria for availing a two-wheeler loan. However, note that the two-wheeler loan eligibility varies across lenders.
Poor credit score
If you've got slipped on a couple of EMIs of your previous loans or are accumulating card dues over the months, that is well past the maturity, your credit score can take a success. When you apply for a 2-wheeler finance, the loan provider can examine your credit score and a poor record of repayments is robust enough a reason for rejection of your loan. before applying for a loan, check your credit score and report. just in case of an associate anomaly in your report, get corrected at the earliest.
No comments:
Post a Comment