When you apply for a bike loan, your loan provider may allow various options to check your loan application status or your EMI status. Besides visiting your lender’s official application or website, you can also check your bike loan status by contacting your lender with their customer care number or visiting their nearest branch.
By checking your bike loan application or EMI status, you can quickly determine the value you need to pay to repay your loan. However, steps to reviewing your loan status may differ depending on the lender. This guide will help you to know how to check bike EMI status to make your loan installment effortless. But before heading toward the steps to check loan status, you must also understand a bike loan EMI and ways to calculate it.
What Do Bike Loan EMIs Mean?
Two-wheeler loans are as convenient as a bike. Bike loans are so affordable that other loans help ensure your savings remain the same. But before applying for your two-wheeler loan, you must know that you must pay specific EMIs and interest in return for every month of your loan. However, it would be best to calculate your EMI earlier to make a better plan and prepare for all eventualities.
The bike loan EMI is an amount an applicant agrees to pay monthly to repay their loan amount. Calculating EMI helps you determine the exact amount you must repay for a specific period. It will clearly reflect the monthly expenditure required to pay off the loan. It is a comfortable and effortless way of managing your finances without exhausting your savings.
How to Calculate Your Bike Loan EMI?
Once you decide to avail yourself of a bike loan, it is crucial to calculate the EMI you need to pay every month using an online two-wheeler loan calculator. Calculating the bike loan EMI is straightforward. You need to enter your desired amount, repayment period, and interest rate in the online EMI calculator, and you will get your EMI based on the reduced balance. Furthermore, additional charges and processing fees may be imposed on you but will not be included in your two-wheeler loan EMI.
How to Check Bike EMI Status Online?
After successfully borrowing your bike loan, you may need to track your loan EMI status. Amid various guidelines, you can quickly check your bike loan EMI status by checking your lender’s website, which is the most accessible way to track your status. However, the following are the steps you can easily follow for your bike loan EMI and application status online.
- Visit your loan provider’s online portal and log in with the details which you have mentioned in your application form.
- Then mention your registered mobile number, then the loan provider will send you an OTP to verify the details.
- After filling in your application details, you will get the application status right on your phone or computer screen.
- The provider also shows your pending EMI status, which you must pay to complete your loan.
In addition to your EMI and application status, you can update your contact information, customize offers, and more.
How to Check Bike Loan Status with Customer Care Number?
Another easy way to check your bike loan EMI status is by contacting your lender’s customer care department. Your customer care number or email address is on their online portal. However, if you choose to call the customer care representative, you must share your bike loan reference number and the registered mobile number. Once you tell them the details, they will quickly verify it, and you will be able to check your bike loan EMI status within a few seconds.
If you choose the email option of customer care service, you need to mention all your bike loan application details in your email and wait for a representative reply. However, you may receive your email answer from your loan provider within 24 hours of sending the email.
Conclusion
Online bike loan application tracking is a convenient and hassle-free way to check your loan process and EMIs. EMI is the most crucial element of a two-wheeler loan. However, you must know how to check bike EMI status to complete your repayment efficiently. Hopefully, the steps mentioned above to track your EMI status helped you track your loan.