Things to Keep in Mind While Applying for a Two-Wheeler Loan

two-wheeler loan

Navigating through crowded and congested Indian streets is tough even for the most resilient. This is why a bike or a scooter lets you commute to and from work, go on long drives, and pass rocky roads with ease.

Due to a high-demand for two-wheelers across the country, automobile manufacturers have come up with a host of models making most of us spoilt for choice. However, buying a durable bike or scooter can be financially challenging for many. If such is the case for you, opt for a two-wheeler loan and ride away in your dream bike.

When Can You Take a Two-Wheeler Loan?

Two wheeler loan can be taken for both bikes and scooters. And, most lenders will readily finance your purchase regardless of the brand and model you choose. Some lending institutions also offer zero down payment bike loans for electric bikes and scooters.

Do You Qualify for a Two-Wheeler Loan?

While applying for a bike loan is extremely easy, you have to fulfill the eligibility standards set by different lenders. These requirements vary from one lender to another, but some of the most common criteria include the following.

  • The minimum age of the borrower at the time of application should be at least 21 years. By the time the loan tenure ends, the age of the borrower should not be more than 65 years.
  • The borrower must be residing in the same city for at least one year before the date of application.
  • Some lenders ask the borrower to have a postpaid mobile connection or landline connection either at their home or office.
  • The loan applicant or co-applicants should be employed for at least one year before the application date of an online bike loan or an offline one.

Documents You Need for a Two-Wheeler Loan

Here is a list of all the primary documents required for a two-wheeler loan.

  • A universal document required for a two-wheeler loan is ID and residence proof. Both of these are also needed for co-applicants if any. You can attest any one from the following list.

– Passport

Aadhaar Card

– Driver’s License

– Other Photo Identity Cards

  • Coloured passport-sized photographs of the applicant and co-applicants (if any) are also a part of the loan application.
  • A duly filled two-wheeler loan application form is a must-have.
  • Some financial documents for a bike loan include salary slips, income tax documents, bank account statements, and other revenue records.

Apart from these, check whether your lender requires other paperwork before applying. If you want to reduce the hassle of getting so many documents photocopied, while seeking a two-wheeler loan, apply online. Online two-wheeler loans are significantly more convenient than their offline counterparts. Most banks and financial institutions now offer a two-wheeler loan “apply online” feature on their websites.

Remember to choose a bike or scooter that you can comfortably afford only after comparing the two wheeler loan interest rate that different lenders offer at the time of filing your application.

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