Two Wheeler Loan

What is a two-wheeler loan?

Banks offer two-wheeler loans to salaried and self-employed individuals to finance the purchase of motorcycles or scooters and luxury bikes. These loans are easily disbursed and require minimal documentation. The banks sanction up to 100% of the cost of the vehicle. 

Two-wheeler loan eligibility:

Here are certain guidelines that must be fulfilled by the applicant to get a two-wheeler loan approved:

  • Age group: 21 to 65 years
  • monthly income: Minimum Rs. 10,000 
  • credit score: 750 and above is preferable
  • Work experience:  Minimum 1 year
  • The applicant should be residing at the current address for more than a year.

Documents required to apply for a two-wheeler loan:

  • Proof of identity: PAN card, voter ID card, driving license
  • Proof of address: utility bills, passport, Aadhaar card
  • Income proof: salary slip, IT returns, bank statement in case of salaried individuals, and bank
  • The statement, IT returns, and audited financial statement in the case of self-employed people.

Advantages of two-wheeler loan:

  • It is a customized plan for securing funds to buy a two-wheeler. 
  • It can be availed to buy a bike in the higher price segment.
  • Facility to apply with a co-applicant.
  • Gives access to immediate funds at affordable interest rates.
  • Repay the loan in affordable monthly EMIs and create a good credit history by paying your EMIs on time.

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