Last Updated on 2 years by AlexJames
If you have been looking for a two- wheeler loan in Chennai, one of the first things you may be asked by the lender is documentation. You will find the documents required listed on the lender’s website or the executive may hand a list to you during initial discussion. This may seem like a complex and confusing affair with so many different proofs and forms asked for. However, understanding why these are needed, how they are used and what purpose they serve helps you make sense of this part of the loan process.
Why is documentation important?
When you approach a lender for the first time, they do not know anything about you. Who you are, where you are from, what you do- these are just the basic questions they need answered. Since they are giving you a lump sum of money, they have to verify that you are indeed who you claim to be before they make the transfer to your account. In addition, other details like how much you earn, tell them much needed information about whether you have a regular income that allows you to repay the loan. Some two- wheeler loan documents they ask for may help them verify the purchase of a vehicle too. In short, the documentation process lets the lender verify details given by you and assure themselves that the loan is being sought for towards a legitimate purpose as you have claimed in the application form.
What are the two- wheeler loan documents required?
Taking a two- wheeler loan in Chennai is a simple affair because this kind of loan typically requires very little documentation. However, you must make sure to present all the documents asked for so that you can make the loan verification and approval smooth and quick. This speeds up the loan sanction and you can have the cash necessary to buy your dream bike at the earliest. The documents that lenders generally ask for may differ if you are a salaried professional and if you are self- employed.
For salaried professionals:
- ID proof with photo: Documents usually accepted are passport, Pan card, driver’s license, Aadhar card, Voter’s ID. Most lenders also accept ID with photo issued by a central or state government institution. In addition, passport size photographs are also needed.
- Proof of address: Your passport, driver’s licence, Aadhar card, Pan card have your address as well and will be accepted but you can also give a utility bill (such as EB bill or phone bill) to verify your address. Attested savings bank account or post office account statement showing your address are also usually allowed. If you own the property you live in, then property tax receipts are also accepted. These can be in the name of parent or spouse who owns the house too.
- Proof of income: Salary slips for the last three months, Form 16, the income tax return filed for the last financial year will also do. Along with this, bank statements for past three years are also needed. Your office ID card may also be required or your offer/ employment letter.
For self- employed individuals:
Since you may not have salary slips owing to the nature of your work. You may give your latest income tax return plus last three months’ bank statements to show your financial status. Apart from this, you have to furnish all of the above along with passport size photographs.
If you own a business, the lender may ask for your TDS certificate. As well as company details along with proof of your ownership of the firm.
The completed application form is accompanied by all of these documents. Double check to ensure that all the details you mention in the application are accurate. And backed up by the documentation you provide. Accurately filling in the application and sending along all the necessary documentation helps. The lender verify the two- wheeler loan documents quickly and sanction the loan in the shortest possible time.
Put together all the documents needed before you apply for the two- wheeler loan in Chennai so that you can fill in the application and send it all across in minimum possible time. A complete application is scanned quickly and processed quickly too without queries being raised time after time.