Pre-approved loans are a privilege, offered to selected customers. They are subject to the fulfilment of a few lending criteria like clean credit history or substantial savings. The processing is quicker than a regular loan with minimal paperwork and zero collateral. The fund is sent to your bank account instantly and is ready for immediate use. You can now purchase your favourite two-wheelers models of bikes and scooters without having to use your credit cards or break your investments.
The top Indian bank offers pre-approved loans up to ₹6 lakhs based on your eligibility. The bike loan interest rate will depend on the different amount segments. No fresh KYC or repayment mandate is required. The entire process is smooth and simple and the bank executives ensure a speedy application and disbursal. Before you ride home in your new joy wheels, here’s how to get a pre-approved bike loan.
Good Credit Rating
A bureau score of 720 and above is considered to be good. Try to keep it within the range of 670 to 739 to be able to improve your creditworthiness and qualify for better terms and two-wheeler loan interest rates for pre-approved loans. These tips can boost your credit profile:
- Use your credit card regularly and in an authorised manner.
- Avoid multiple cards so you do not come across as credit-hungry.
- Check for errors on reports and rectify them.
- Keep the credit utilisation ratio within 30-40%
- Pay all the EMIs fully and timely.
Credit health matters to fulfil the desire for a pre-approved bike loan. Keep working towards the above-mentioned tips with perseverance to be able to build your credit score within the next 6 months to 1 year.
Using Bank Accounts
Customers with a long-standing bond with their respective banks may qualify for a pre-approved two-wheeler loan. This is because all their details are previously verified and they have ticked off all the legalities. Hence, they come across as a safe, reliable and loyal borrower. Make sure to use the savings and current accounts for deposits, withdrawals and transfers regularly. Keep it well-funded too. All these can help you get a pre-approved loan for bike finance and save some valuable time.
Good Repayment Record
Clearing EMIs and bills on time every month without fail has a positive impact on your payment history. Try to avoid delayed payments more than 30 days past due dates. This can ensure an excellent track record. It is also an essential element of building your credit profile since payment history makes up for 35% of the score. In fact, a good repayment history may often outweigh one or two instances of late card payments. Now you can easily seal a zero-down payment bike loan that is pre-approved for you.
Putting these doable tips into action can help finance your bike with a pre-approved loan. Do enquire about the fees involved in prepayment or pre-closure of the loan. Payback the EMIs timely so you can get the hypothecation removed on your vehicle and gain complete ownership of it.
