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:
  • For salaried individuals: salary slip, IT returns, bank statement
  • For self-employed individuals: bank statement, IT returns, audited financial statement

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.