Bike Loan statement: Step-by-step guide to download & check

A Bike Loan statement is essential for effectively managing your Two-Wheeler Loan. It provides a detailed summary of your loan, including information on payments made, outstanding dues, interest rates, and other key financial metrics. With Bike Loans being a popular financing option for purchasing two-wheelers in India, accessing and reviewing your loan statement regularly ensures that you stay on top of your repayments and maintain financial discipline.

What is a Bike Loan statement?

A Bike Loan statement, also referred to as a Two-Wheeler Loan statement, is an official document provided by your lender. It contains vital information about your loan, including the total loan amount, interest rate, tenure, EMIs (equated monthly instalments), payment history, outstanding balance, and additional fees, if applicable. This statement allows you to keep track of your repayments and gain insights into your financial obligations.

Axis Bank offers Two-Wheeler Loans to individuals aged 21 to 65, with tenures ranging from 12 to 72 months. You can easily view and download your Bike Loan statement via the bank's net banking portal or mobile app.

Ways to check or download your Two-Wheeler Loan statement

1. Online portals/net banking: Log in to your lender's official website using your credentials to view, download, or print your Bike Loan statement.
2. Mobile banking apps: Use your lender's mobile banking app for on-the-go access to your loan details. Log in and navigate to the loan section to retrieve your statement.
3. Email/SMS requests: You can request your statement via email or SMS. The lender will send it to your registered email ID or phone number.
4. Customer service: Call your lender’s customer care helpline to request a copy of your loan statement. They will usually send it via email or post.
5. Branch visits: Visit your lender's nearest branch, provide your loan details, and request a physical copy of the statement.

Steps for checking your Bike Loan statements online

1. Visit your lender's official website or app.
2. Log in using your customer ID, loan account number, or registered mobile number.
3. Navigate to the 'Loans' or 'My Accounts' section.
4. Select your Two-Wheeler Loan account.
5. Click 'Loan Statement' to view or download the document in PDF format.

Details of a Two-Wheeler Loan statement

1. Personal details: Includes your name, contact information, and loan account number.
2. Loan amount and tenure: Displays the total loan amount and the repayment period.
3. Interest rate: Shows the current rate of interest and any applicable changes.
4. EMI schedule: Lists EMI amounts, due dates, and the breakdown between principal and interest.
5. Outstanding balance: Indicates the amount yet to be paid.
6. Payment history: Details previous payments made, including dates and amounts.
7. Fees and charges: Highlights late payment fees, processing charges, or prepayment penalties.

How to read and understand your Bike Loan statement?

• Financial planning: Helps you plan your budget by clearly showing outstanding dues and upcoming EMIs.
• Transparency: Ensures all charges, payments, and balances are detailed, leaving no room for hidden costs.
• Payment tracking: Records all your transactions, making it easier to keep up with repayments and avoid penalties.
• Loan management: Provides insights into your repayment schedule and helps you plan prepayments or restructuring if needed.
• Proof of payment: Serves as official documentation of your repayment history, which is useful for credit score evaluations.

Also Read: A brief guide on how to buy a bike on EMI

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.