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Two Wheeler Loan – Eligibility Criteria & Documents Required

Two wheeler loan allows middle class borrowers to pay monthly EMIs comfortably as most of them cannot afford to make the lump sum payment due to financial constraints.

Once you decide to apply for a two wheeler loan, it is essential to check your two-wheeler loan eligibility as banks, and private lenders don’t give loans based on the face value of the customer. Lenders are extremely cautious and sanction the loan only after checking the repayment capacity of the borrower. Thorough background checks are conducted before the loan is disbursed as there has been a sudden rise in number of defaulters over a period of time.

Knowing the Two-Wheeler Loan Eligibility

To make sure your application for the loan is not declined; you must possess necessary documents and declare your exact source of income to the bank for speedy approval.

Below are the general two-wheeler loan eligibility criteria for two-wheeler loans:

  • Minimum age of the loan applicant should be at least 18 years at the time of applying for the loan, and the maximum age limit should be 65 years.
  • Applicant should be residing in the same house for at least one year to show residential stability.
  • Applicant should be in a stable job for at one year or self-employed with IT returns of two years.
  • Applicant should have a good credit score with credit bureaus
  • Applicant should have a permanent telephone number and possess KYC and other related documents.

Documents Required for Two-Wheeler Loans

Here is a list of documents required for a bike loan:

Identity Proof: Aadhaar Card, PAN card, Passport, Driving License, Electoral Voter Identity Card.

Address Proof:  Aadhar Card, PAN card, Passport, Driving License, Latest Electricity Bill, Latest Phone Bill, Latest Bank Passbook reflecting the current address (Remove), Property Documents, Water bill.

Additional Documents for Salaried Persons

Salaried persons: Employment or offer letter, Last salary slips <45 Days, last six months bank statements and latest form 16.

Self-Employed: Last three years income tax returns, last six months bank statements, sales tax returns, TDS Certificate, company details.

Make sure to keep both originals and photocopies of the required documents for loan processing. Based on the above documents, the bank will process your two-wheeler loan application, and you can expect a positive outcome on your loan approval.

Contact us if you have any queries related to document requirements for quick and easy loan approval.