There are various factors to enhance your eligibility of availing a two-wheeler loan. Documents are important to assess your loan request. The best way to increase these chances is by arranging your documents before you apply for a loan.
Buddy Loan, known for its loan approval rate in the industry. With a 80% approval rate of personal loan requests, Buddy Loan stands with a reputation in the industry. Download Buddy Loan app and earn exclusive rewards to earn points for shopping. You can apply for a personal loan at the comfort of your home and upload your e-documents through Buddy Loan app.
At Buddy Loan, you can apply for a personal loan from a bank or NBFC. They disburse loans with low-interest rates starting at 11.99% p.a. The loan repayment is easy with a comfortable loan tenure of 3 months to 5 years.
Documents required for a personal loan
Banks and any NBFCs require documents to process your loan requests. Submitting the right set of documents and on time can save you a ton of time and increase your loan eligibility. You do not have to waste your time looking around for your documents in the last minute.
Documents to get a personal loan, listed below:
Identity proof is a must evaluation document your primary details and proof of it. The supporting documents are Aadhaar Card, Passport, or voters ID card or PAN card.
Address proof is a must required document to assess your identity and area of residence. If there are any discrepancies, doubts and verifications, and address proof document serves well. The supporting documents are voter’s ID card, Aadhaar Card, electricity bill, utility bill, rental agreements, property purchase documents, water bill, telephone bill, etc.
Income proof is most relevant to assess your eligibility for loan repayment. Self-employed individuals can provide tax documents. The salaried individuals submit their salary slips or bank statements to serve as income proof documents.
Online loan documents:
Today, loan approvals are online and quick. It only takes a few minutes for evaluating your profile and tick the loan eligibility criteria for you.
Download the Buddy Loan app, fill in the primary details. As the dashboard and then to “upload document” section. On submitting your e-application, in 15 minutes you will receive your acknowledgement.
Importance of documents:
By now, we already know that RTO registered belongs to the individual under his/her name. The individual who purchases the bike will have the respective bikes registered under them.
The law states. ” if you purchase the vehicle, the vehicle is subject to registration to address the legality and the ownership concerns”. The RTO (Regional Transport Office) register your vehicle by issuing it with a new number under the state with documents. There are people who have come up with fake licenses and this is the very reason you must register with the RTO to avoid fake records of registration.
There are many e-bike businesses on the rise in busy cities like Mumbai, Bangalore, Delhi, etc. This is enough to protect your vehicle from theft, or in case the two-wheeler goes missing. The reasons are many. By holding your proper set of documents, you could retrieve your bike in the above situations.
Seizing your bikes for violating the traffic rules and regulations is by law. Even in this case, you will need your documents to release your bike from the clutches of the traffic police.
Documents For Motor Vehicle Act:
In 1988, the Motor Vehicle Act came into existence. The Motor Vehicle Act is important as it regulates and governs the traffic, motor vehicles, no-fault liability provisions and insurance for motor vehicles. The revised act in 2019 and passed the parliament upon the request from the Group of Transport minister of states.
Cases registered were under the jurisdiction of the state and the central for violating traffic rules, drunken driving, driving without a license, over-speeding, dangerous driving.
The new MV act states, the penalisation charges Rs. 2000/- and above for an individual and imprisonment charges with fees Rs. 3000/-, if the punishment exceeds. This is the case if the individual rides a non-licensed vehicle. Do not be carelessness and misuse of the motor vehicle against the motor vehicle act.
The Validity of Motor Vehicle documents:
In recent times, the Ministry of Road Transport and Highways, the Act in favour of permits, licenses, registrations and related documents under the act, by extending the validity till 31st December 2020.
The pandemic is increasing in several states; the documents are subject to validation during and after the lockdown. Therefore, the documents that have expired after February 1st, 2020, the validity extends till December 31st, 2020.
The nationwide lockdown has hit us hard, there is no way people can travel and renew for fresh documents. This led to the ministry of road transport and highways to issue the gazette notification. It includes the relaxation of the additional fees under Rule 32 of Central Motor Vehicles Rules.
Banks and NBFCs provide 100% finance support if you only help them process your loan request with the right set of documents. Buddy Loan app is one of the most commendable apps to apply for a personal loan.