Everything You Should Know About Two Wheeler Loan ( 2021 )

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).

Documents needed

  • 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.

Must Read:

How To Get The Best Two Wheeler Loan Interest Rates?

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