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                              Bike Loan Statement

A lot of people dream of buying a two wheeler of their own. A bike loan through Finserv MARKETS helps you make that dream a reality. 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 you with the bike EMI statement, including the paid and payable EMIs, and the balance due. It also enables you to keep a check on the applied charges, if there are any.

How to Check Your Two Wheeler Loan Statement?

The financial institution from where you have taken the bike loan, issues the bike loan statement through a simple process. Upon request, they deliver a monthly bike loan statement to every customer. To have a monthly two wheeler loan statement, you should submit a request along with your contact details. After a simple official check, the bike loan statement will be sent to your registered e-mail ID. If you want a physical copy of the loan statement, it will be sent to the postal address you have provided.

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 with 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 on 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.

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 bank account. Once logged in, go to the loans section and click on ‘Download Statement’ to get it 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.

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