Two- Wheeler Loan Eligibility Criteria & Verification of Documents

Two-Wheeler Loan Eligibility

One who wants to fulfill their dream of having their own bike can fulfill their wish by taking a two-wheeler loan. Many banks are offering these two-wheeler loans if they reach the minimum eligibility criteria required to take bike loans.

Every bank has its criteria but some common criteria are there from all the banks. The one who is interested in staking two-wheeler loans can know the eligibility details here.

Bike Loan Eligibility criteria

Two-Wheeler Loan Eligibility Criteria Details-

  • The customers who are both salaried and self-employed must have a minimum of 21 years at the time of loan application and a maximum of 65-70 years of age at the time of tenure of the loan.
  • The minimum salary of the salaried employees must be Rs.7000/- and for the self-employed candidates, the salary should be Rs.6000/- to take a two-wheeler loan.
  • 750 or above should be the credit score for both the non-employed and salaried individuals.
  • The bank will provide a complete 100% of the value for both the individuals.
  • The individuals who are applying for the bike loan must be the resident of the same area or the locality for one year.
  • Should have one-year work experience.
  • As these terms and conditions are dependent on the lenders, the applicants have to check with their lenders about the eligibility criteria details before applying for the loan.

Documents required for Two-wheeler loan-

There is some documentation procedure to be followed for availing the two-wheeler loan. The documents which are required to apply for the bike loan are as follows.

  • Proof of Income for self-employed individuals – This includes IT returns, financial statements, and bank statements.
  • Proof of income for Salaried employees – This includes Bank statements, IT returns, and payslips.
  • Address Proof- Utility bills, passport, electricity bills, etc. can be submitted under this.
  • Identity proof- Voter ID’s, Passport, PAN Card, Driving license can be submitted under this ID proofs.
  • Even after knowing all these basic details once every applicant has to confirm with their lenders about the necessary documents which have to be submitted for taking a bike loan.

Comparison of the Bike Loan Interest Rates

With the competition, many banks are providing bike loans to customers. Each bank is providing its interest rates. Here we are providing you the details about the interest rates if the different banks and also the lowest EMI for maximum tenure for the amount of Rs.10000/-.

What is EMI for Two-wheeler Loan-?

EMI (Every Month Installment) for the two-wheeler, is the amount which the applicant has to pay to the bank every month. This is the repayment of the loan to the lender. Both on the interest component and Principal amount EMI is composed. EMI is higher in the starting months in the interest component and month by month the EMI will be reduced. For your better understanding, you can use the bike loan EMI Calculator.

Some of the checklist for two-wheeler Loan-

  • Latest ITR
  • Passport-sized photograph – 1
  • Bike quotation
  • ID (Identity) Proof
  • Bank statement
  • Photo Identity proof
  • Identity proof
  • Residence address and ownership proof
  • Bank continuity proof.

Do’s and Don’ts at the Time of Taking Two-Wheeler Loan-

Don’ts while taking bike loan

  • Do not apply for the bike loan with a higher amount than your eligibility. This may lead to the rejection of the application of the loan.
  • Applying for the loan with many banks simultaneously will lead to the CIBIL report and chances of getting the bank loan will become less.
  • Salary banks will not be the best option for choosing for availing the loan.

Do’s while taking the two-wheeler loan-

  • Check with the offers and interest rates which will be offered by the many reputed companies for taking the two-wheeler loans.
  • Lowest interest rates will be offered for the largest loan amounts by some banks; the applicants can compare the rates and choose the best fits for them.
  • For certain tenure, lower rates for the bike loans may be offered by the banks.

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