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How to Check Your Two Wheeler Loan Eligibility?

The latest trend in the two-wheeler industry is the ease of availing a two-wheeler loan to obtain a bike. This mechanism has been put into place to help the citizens lying in the middle-class strata of the society to pay monthly EMIs comfortably rather than pay a huge lump sum amount which can be difficult for the particular individual due to financial constraints.

To apply for a two-wheeler loan, the first order of business should be checking the two-wheeler loan eligibility criteria for obtaining the loan. The money lenders these days are very cautious and only approve the loan after reviewing the paying capacity of the borrower. There are several thorough background checks which are done before the loan is sanctioned.

This is done because of the sudden rise in the number of frauds occurring in the lending-borrowing business. In order to ensure the approval of the loan request, you must gather some necessary documents along with your credibility by a fixed standard for approval of the loan.

 

The General Eligibility Criteria for a Two-Wheeler Loan Eligibility are Written Below:

 
  • The age criteria for the loan's approval are the minimum age of 18 years to 65 years, being the maximum age limit.
  • The particular applicant has to declare residential stability by showing that he/she has been residing in the same house for at least one year.
  • The applicant shall also display career stability by showing that he/she has been employed for at least one year and is also currently employed at the respective place. If the applicant is self-employed, he/she shall show IT returns for a period of 2 years.
  • The applicant should have a decent CIBIL score (Credit Information Bureau of India Limited). This is a score published by the credit bureau, which is a cumulation of your credit history throughout your life, including your credit card payments.
  • The applicant is required to possess a permanent telephone number and KYC and other documents needed.
  • A CIBIL score is essential for a two-wheeler loan, apply online with that in mind. The score varies from the range of 300-900, which is decided by reviewing your credit history. The optimum CIBIL score for a bike loan is 750, which provides you with a bike loan at a low-interest rate. Having a lower CIBIL score, however, does not mean you cannot obtain the loan, it just means that the loan will be offered at a higher interest rate.
Additional Read: How To Choose The Best Two Wheeler Loan?

Along With These Standards for a Two-Wheeler Loan, Apply Online With These Documents Listed Below for the Purpose of Identity Proof:

 
  • PAN Card
  • Aadhar Card
  • Passport
  • Driver's License
  • Electoral Voter ID Card

For Address proof, all of the above documents can be used, along with the latest electricity bill, phone bill, property documents and any other bill stating the address.

For applicants who are earning a fixed amount of salary from doing a job, they must provide the offer letter and the latest salary slips and bank statements of last months and the newest form 16.

For self-employed applicants, they are required to provide the last three years IT return slips, previous six-monthly bank statements, TDS certificate, along with any company details present.

It is recommended to keep a batch of photocopies of these documents and the original copies handy during the process of two wheeler loan online approval. Based on all of these documents, your lender will process the application and provide an outcome on your loan request.

To apply for the two-wheeler loan online, you can visit www.bajajautofinance.com, where it is easier to obtain the two wheeler loan online approval based on your CIBIL score, the rate of interest will be determined.

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