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Two Wheeler Loan Eligibility & List of Required Documents

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. 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.

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

apply for a two wheeler loan

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 CIBIL score with credit bureaus
  • Applicant should have a permanent telephone number and possess KYC and other related documents.

Documents Required for Two Wheeler Loan

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:

  • Aadhaar Card
  • PAN card
  • Passport
  • Driving License
  • Latest Electricity Bill
  • Latest Phone Bill
  • Latest Bank Passbook reflecting the current address
  • 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 lender will process your two wheeler loan application, and you can expect a positive outcome on your loan approval.

FAQs

A:

Yes, a CIBIL score is necessary for a bike loan; CIBIL stands for Credit Information Bureau of India Limited, which is a credit bureau. A CIBIL score can vary from 300 to 900 and is decided by reviewing and accounting your credit history, including your credit card payments.

The required CIBIL score for bike loan is 750 - it enables you to avail a bike loan at a low-interest rate.

A low CIBIL score does not mean that you cannot apply for a bike loan. It simply raises the rate of interest on the loan.

Contact us for more information to know your credit score and its effect on your eligibility.

A: There are four simple steps to avail a two-wheeler loan online:
  • Step 1: Fill the form for a two-wheeler loan on our portal, and our representative will get in touch with you.
  • Step 2: Visit the showroom of your chosen two-wheeler's dealership. Our representative will guide you through the loan formalities when you arrive.
  • Step 3: Submit the required documents, as stated by our representative, for verification.
  • Step 4: Pick up the two-wheeler after the loan gets approved. Make the initial down payment. Once all the formalities are completed, you can take the two-wheeler home with you.
A: The bike loan’s maximum tenure is 36 months, making it easy for you to divide it into EMI’s and repay the loan amount.
A: When buying a bike, the lender will require a certain amount as a down payment, and the rest can be converted to monthly installments. This bike loan down payment is calculated based on the following factors.
  • Cost of the Bike: The down payment will depend on your bike's price, whether it is high or low.
  • Repayment Capacity: The down payment for the bike loan is also calculated depending on your repayment capacity.
  • Credit Score: The higher your credit score, the higher is the amount of loan you can avail. The down payment will also ensure lower EMI's and fewer chances of defaulting while maintaining a high credit score.
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