In India, Two wheeler is one of the most used modes of transport. Many people are opting for bike loan nowadays but one must have to meet certain criteria set by the lender to avail a bike loan. If you are a student and want to get a bike loan, so you have to match with following eligibility and criteria:
- Age- The minimum age to avail a two wheeler loan is 21 years. But there are some lenders which are ready to give loans to 18 years students as well.
- Credit Score History- A person with a good credit history has more chance of getting two wheeler approval.
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- Down Payment- Higher the down payment, the higher the chances of bike loan approval.
- Guarantor- It is easy to get a two wheeler if apply for a loan with a guarantor. But the guarantor has to be in a good and stable job. A guarantor is a person who will be responsible if you couldn’t afford to pay the loan amount.
- Part-Time Job- Mostly lenders wants income proof to check borrowers repayment capabilities. Students can show their part time job pay slips.
Students should be wise with Bike Loan Interest Rate because different lenders offers different interest rates. Select lowest from all. There are certain documents that almost every lender needs like ID proof (PAN card), Address proof (Driving license, voter card, passport, utility bill), Income proof (Salary slips for the last 3 months).
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