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To effectively manage your bike loan, you should always keep track of your bike loan statement. Reviewing your loan statement periodically helps you stay updated. The two-wheeler loan statement provides the paid and payable EMI details, and the balance due. It also enables you to keep a check on the applied charges, if there are any.

Benefits of Bike Loan Statement

A bike loan statement can be very useful to keep track of the EMI payments of your bike loan and manage your finances. It includes some notable benefits like:

  • Finance planning and management

Monthly EMI payment is an important responsibility.  Staying in line with your loan obligation will help you formulate a systematic plan to manage finances.

  • Inapplicable fee check

Reviewing your two-wheeler loan statement helps you check whether any unfair fees are charged on the loan. You can rectify the error in case of any.

  • Future EMI preparation

If you have spending habits that go above your monthly earnings, it can badly impact your financial prospects. A periodic check of  your loan balance is important as it will help you prepare for future EMIs.

  • Tracking your payments

You will have to pay penalties if you miss out on regular EMI payments. A bike loan statement helps you keep a track of the pending payments and paid EMIs so that you stay updated.

What Does a Two-wheeler Loan Statement Include?

The two-wheeler loan statement reflects important details of your bike loan, including:

  • Interest Rate:

The two-wheeler loan statement has the current interest rate that you pay against your bike loan. It also reflects any changes in the interest rate, if applicable.

  • Loan Balance:

With every EMI paid, the loan balance you have to pay reduces. This balance will be reflected in the bike loan statement from the day you start making repayments.

  • EMI payments:

The bike loan statement gives you an overview of all the EMIs that you must pay in future and the balance dues. As missing a payment can lead to a penalty, this information is very important.

  • Statement Number:

The statement number will help you keep track of the number of statements you have received till date. With each monthly statement generation, the statement number keeps changing.

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How to Download Your Bike Loan Statement?

You can access your bike loan statement using these simple methods:

  • Account sign-in: You can log in to your online bank account and download the statement in PDF format

  • Email ID: Use your registered email ID to submit your query to the bank/financial institution from where you have taken the bike loan

  • Contact number: You can use the toll-free number or phone number of your lender to request a bike loan statement

  • Chatbot: Most of the banks offer the services of chatbots. You can log on to your bank’s official website and choose to chat with the chatbot. The chatbot works effectively to resolve all your queries.

  • Branch visit: You may visit the nearest branch of your bank and submit your request for a physical statement

Bike Loan Statement FAQs

How can I check my bike loan details?

Login to your net banking portal and go to the loans section. You can check the details of the bike loan here. You can also request a monthly bike loan statement from which you will get all the necessary bike loan details you need.

What is meant by a loan statement?

If you have taken a loan from a lender, they will provide you with a monthly or annual loan statement in which all the details like interest rate, EMI payments, and the loan balance will be included.

How do I check my loan balance?

The loan balance will be reflected in your monthly loan statement. You can also connect with your lender using their toll-free number, your email ID, or the chatbot service provided by your lender to check your loan balance.

Is it possible to get the bike loan statement by visiting the bank’s branch?

Yes, you can visit the nearest branch and make an official request to get your bike loan statement.

Will the statement number be mentioned on the two-wheeler loan statement?

Yes, the statement number is usually mentioned on your two-wheeler loan statement.

Can I get the bike loan statement via e-mail?

Yes, many banks and financial institutions provide the option to receive your bike loan statement via e-mail for added convenience.

Can I get the bike loan statement via net banking?

Yes, accessing your bike loan statement through net banking is a common and convenient option offered by many lenders.

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