Considering a new two-wheeler but short on funds? Don’t worry—affordable two-wheeler loans can make your dream a reality. Here are two-wheeler loans available in the market that can prove to help fulfil your wish. Getting a two-wheeler loan or bike loan is not a very difficult task. Banks or other financial institutions have certain eligibility criteria that they expect you to meet before processing your application. These may vary from one bank to another. Here’s everything you need to know about two-wheeler loan eligibility and how to easily apply.
What are the criteria for getting a loan?
According to BankBazaar (the world’s first neutral online marketplace that helps people compare and choose financial products such as loans, insurance, and credit cards), if somebody are salaried person, then your age should be at least 21 years at the time of applying. Apart from this, the monthly income should be at least Rs 7000. Apart from this, your CIBIL score or credit score should be at least 750. The bank can also offer you a loan of up to 100% of the total cost of the two-wheeler.
One thing to keep in mind is that you must have lived at the address you are giving for at least one year. Your work experience should be at least one year. If you have your self-employment, then most of the rules for you are also the same as above. Yes, your monthly income should be at least Rs 6000.
Required Documents for a Two-Wheeler Loan
To apply for a two-wheeler loan, you’ll need to provide certain documents to verify your identity, address, and income. Here’s a quick rundown of what to keep handy:
- ID Proof: PAN card, Voter ID card, Passport, or Driving License.
- Address Proof: Utility bills (like electricity or water), or Passport.
- Income Proof: Salary slip, IT returns, bank statements, or audited financial statements.
In addition to standard two-wheeler loans, banks also offer loans for superbikes. The eligibility criteria and interest rates may vary slightly for these high-end models. Be sure to check specific requirements if you’re looking to finance a superbike.
How to Apply for a Two-Wheeler Loan Online: Step-by-Step Guide
- Visit Bank’s Website: Go to the lender’s site and select the “Two-Wheeler Loan” option.
- Check Eligibility: Confirm you meet the criteria for the loan.
- Fill Out the Form: Enter personal, contact, and employment details accurately.
- Upload Documents: Provide ID, address, and income proofs.
- Choose Loan Details: Select loan amount and tenure, then calculate EMI.
- Submit Application: Submit the form and track the status with a reference number.
- Approval & Disbursement: Once approved, sign the agreement, and the funds will be disbursed
This online process saves time and can be completed from the comfort of your home. Make sure to read the terms and conditions carefully before submitting your application.
Disclaimer: For any financial investment anywhere on your responsibility, Times Bull will not be responsible for it.