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.