What Documents Are Required for a Two Wheeler Loan

Bajaj has made it possible for everyone to own their dream bike. With their low-interest loans, anyone can have a bike they want or need. With the rise of the motorcycling culture in India, the lenders should also keep pace as the price of an average bike has now gone up. With foreign brands investing heavily in India, finance companies have got a great future to look ahead to. Nowadays, finance companies offer Two wheeler loan at the lowest interest rates to buy a vehicle.

Here is what you need for applying for a two-wheeler loan –

Eligibility

  • Should be at least 21 years of age

Or 

  • Less than or equal to 65 years at the maturity of the loan
  • Have had a residential address in the city for at least 1 year
  • Salary slips for 1 year must be there
  • Must have a postpaid connection

The documents required for a two-wheeler loan are-

For a Salaried Person

ID Proof – This can be 

  • Passport
  • Pan Card
  • Credit Card with photo
  • Driver’s License
  • Voter ID
  • Aadhaar Card

Address proof – 

  • Passport
  • Driver’s License
  • Voter ID card
  • Utility Bill
  • Aadhaar Card
  • Bank Account
  • Last 3 months salary slips 
  • Form 16
  • Last 3 months bank Statement

For Self Employed People

ID Proof – This can be

Two Recent Passport size photos

Address Proof – This can be 

  • Passport
  • Driver’s License
  • Utility Bill
  • Voter ID card
  • Bank Account Statement
  • Aadhaar Card

Latest Income Tax Return

Last 3 months bank statement

Always use a bike loan calculator to tally your calculation against that of the lender and choose a tenure and EMI that would suit you.

For an online EMI calculator you can use simple steps like select your Loan Amount, Interest Rates and Loan Tenure and get the results in the form of payable EMI’s with interest rates.

What is a Zero Downpayment Bike Loan?

Getting a zero down payment loan can be quite a hassle-free process. Financial institutions want to offer their customers the best possible experience; hence, the application process is streamlined. Some of the most common documents required for Bike Loan that you will be asked to produce can include your voter’s ID card, passport, PAN card, driver’s license, proof of employment, and credit card details and valid address proof.

There are several reasons why a customer might opt for a zero down payment bike loan. They are listed below:-

  • Easy Approval
  • Zero down payment loans to salaried and self-employed people
  • Lowest Interest Rates
  • Simple Documentation Process

Once all this is done, the representative will get in touch with you and help you assess your financing requirements. A Zero downpayment bike loan is the best way to finance your two-wheeler. Being able to make flexible EMI payments and creating flexible repayment schedules is one of the essential features of these bike loans.

Major Advantages of buying a Bike on EMI

These days (Loan) EMI system is the best and fastest process of purchasing a dream bike. Due to some reasons, many people can’t afford a bike on a single payment, Two Wheeler loan is the best option for those persons. There are many Banks and NBFS companies offer a loan with lower interest rates.

Advantages of buying a bike on EMI –

  • Reduce the Burden on Your Budget – It reduces the burden on your budget. It the best process to take a loan and you can pay the pending amount in easy instalments.
  • Offers & Flexibility – There are many benefits of availing a 2 wheeler loan like instant loan approval, fast processing, flexible EMI system and also have online documentation process. This saves your time and money.
  • Fast Process – These days loan approval is the fastest and simple process, no need to waste your time and money. You can check your eligibility criteria and document verification process online. Also, know about documents required for Bike Loan.
  • Low-Interest rates – Banks and NBFC firms provide Two wheeler loans on the lowest interest rates. Rate of interest based on your income, price of 2 wheeler and market variations.
  • Best for CIBIL Score – CIBIL Score or credit score details summary of your previous loan credits. It is the best option to improve your credit score. Many loans like home loans, car loans require a good CIBIL score.