Need Your Two-wheeler Loan Statement? Here’s How to Get It Easily

This statement is more than just a repayment tracker; it plays a crucial role in tax filing and financial planning. By providing a clear breakdown of interest paid and outstanding dues, it helps you accurately report liabilities, claim eligible tax deductions, and plan your finances more effectively. 

You can get your two-wheeler loan statement through various online and offline channels easily.

Benefits of a Two-wheeler Loan Statement 

This document helps you plan better and maintain transparency throughout your loan tenure. Here are some additional advantages of a bike loan statement:

• Keeps You Updated

It provides real-time details on the pending principal amount, EMIs, and interest. It helps you track progress and ensures that you do not miss payments.

• Supports Financial Planning

It offers a clear payment schedule, helping you manage your budget and expenses. Timely EMI payments also help improve your credit score.

• Accessible 24/7

You can access your statement anytime via the lender’s website or app. This saves you time and effort compared to visiting a branch.

• Helps Monitor Interest and Charges

It allows you to review the interest amount and any applicable fees. This promotes transparency and enables you to identify unnecessary or hidden costs.

Details Included in your Two-wheeler Loan Statement 

The two-wheeler loan statement provides a detailed overview of your loan account. It displays information regarding your loan status, dues, and applicable charges. Here are the details you can expect to see in your bike loan statement:

• Loan Account Number: A unique identification number assigned to your loan for reference purposes

• Personal Details: Your name, contact information, and registered details associated with the loan

• Loan Amount and Tenure: The principal amount sanctioned as a loan and the agreed repayment tenure

• Outstanding Principal: The remaining principal amount payable to the lender, excluding your minimum down payment for bike

• Interest Rate and Interest Paid: The applicable interest rate and the interest paid up to the current month

• EMI Schedule and Details: Your EMI amount, due dates, paid EMIs, and upcoming payment deadlines

• Next EMI Due Date: The upcoming EMI due date is stated clearly to help you plan your payments

• Payment History: A detailed timeline of all past repayments, debit transactions, and credit transactions

• Outstanding Balance: The total remaining payable amount, including both the interest and the principal

• Fees and Charges: All applicable charges, such as processing fees, late payment charges, and foreclosure fees

• Taxes Applied: The applicable GST on your EMIs and interest payable 

Ways to Get a Two-wheeler Loan Statement Online 

You can get your two-wheeler loan statement online through your lender’s website. You can also download your bike loan statement through the official mobile app or by sending an email to your bike loan lender. Here are some steps you can follow for a quick and hassle-free process. 

• Official Website 

By logging in to your lender’s official net banking portal or official website, you can access your loan statement. Here are the steps to follow:  

1. Visit your lender’s official website

2. Log in to your net banking account using your credentials, such as your mobile number or user ID

3. After logging in, navigate to the section related to your account

4. Select your two-wheeler loan account

5. Click on the related section to preview or download the statement in PDF format 

• Mobile App 

You can also get your two-wheeler loan statement by downloading the lender’s official mobile app. This method is efficient and provides access to your statements at any time. Here are the general steps:

1. Download your bank or NBFC's official mobile app on your device

2. Log in using your account credentials, such as your registered mobile number or OTP

3. Click on your loan account

4. View or download your latest loan statement

• Email

You can also request your bike loan statement via email. This method is suitable when you need an official copy sent directly to your inbox. Here are the steps to request your statement:

1. Draft an email using your registered email ID

2. Write a clear request for your two-wheeler loan statement

3. Send the email to your lender’s official email ID

4. Once processed, receive the loan statement in your inbox

Some financial institutions also send periodic email updates summarising your loan details. These emails may include information such as EMIs due, interest rate changes, and payments made. Regularly checking your email for these updates helps you track your loan and resolve queries faster.

Steps to Get a Two-wheeler Loan Statement Offline 

If you prefer offline methods, getting your bike loan statement is simple. Many banks and NBFCs provide loan statements when you visit a branch or contact customer service. This method is helpful when you require physical documents or personal assistance.

• SMS

To obtain a bike loan statement offline through SMS, you need to use your registered mobile number. You have to send a pre-defined SMS in a specific format with your loan details or request a balance enquiry, as per your lender's procedure.

Upon request, the lender delivers the loan statement or balance information to your registered phone number. This system enables instant access to information without the need for internet connectivity. However, this offline feature is not available with all lending institutions. 

You need to enquire about its availability from your loan provider in advance.

• Customer Care

To obtain your statement from customer care, you have to dial your lender's helpline number. This number is provided on your loan documents, official website, or mobile app. Keep your account details ready so that the executive can authenticate your identity and assist you.

The executive retrieves your loan details and responds to your requests regarding the loan. The statement is either mailed to your registered email address or posted to you, as per your request. This facility eliminates the need to visit your lender’s branch.

• Branch Visit

You may also approach your lender's nearest branch to obtain your statement. Speak with a bank executive and provide your loan account number along with other required details. These details enable the executive to retrieve your statement.

This process allows you to clarify any loan queries on the spot. Though it requires more time compared to online methods, it guarantees personal contact. Bring all relevant documents with you to expedite the process and obtain a printed loan statement.

Reviewing your statement helps track repayments and supports tax filing and budgeting. Most lenders provide easy access to your bike loan statement through online portals, mobile apps, or customer support. This flexibility ensures that you can retrieve your statement when required. 

Providing your two-wheeler loan statements during tax filing allows you to claim tax deductions and benefit from exemptions on your EMI repayments.