A two-wheeler is one of the fastest ways to commute in India. This is the reason why people prefer owning a bike over a car when they want to reach from point A to B in a hurry.
On that note, when you are finally done deciding which bike you want, you are probably planning to apply for a two wheeler loan.
Here are a few things that might come in handy –
Eligibility criteria that most lenders follow
- The applicant should be above 21 years old.
- The applicant should have a stable job or a stable income in case the same is a businessperson.
- To ensure that the bike loan interest rates are within your limits, you would need to make sure that you have a good CIBIL score (which should be in the range of 700-750).
- Apart from filling out the loan application form, you would need to bring with you a self-attested photocopy of your PAN card which the lender will be using as ID proof.
- The lender will also ask for proof of address. In this case, all you would need to do is bring a self-attested photocopy of your voter ID or passport.
- The lender will also ask for your bank statements for the last three months.
- Whether you are a salaried individual or a businessperson, your lender will also ask for the latest ITR details.
- You would also need to bring with you at least ten copies of your passport size photographs.