Two-wheelers are incredibly popular among the student demographic in India. However, most of these youngsters lack ample funds to make a purchase. So, to make their buy more affordable, many NBFCs now provide a specialised two-wheeler loan for them.
What’s more, certain lending institutions offer these loans at incredibly competitive two-wheeler loan interest rates.
If you wish to purchase a two-wheeler to travel to college on finance, here are some of the salient features of bike loans for students:
- Document verification typically takes up to three days.
- On average, the loan tenure will only extend up to three years for the student applicants.
- The loan does not come with any restrictions on the type of two-wheelers a student can buy. From contemporary superbikes to electrical mopeds, the loan can finance any purchase.
- Most two-wheeler loan for studentsis a type of unsecured credit. So, no collateral or security is required.
However, one necessary condition to apply for this loan is that students must provide a co-applicant/guarantor with healthy creditworthiness and employment stability. Only then, they can avail this loan with ease.
So, the best way forward? Use a free bike EMI calculatoronline to determine the loan terms most reasonable for your financial commitments and select a lender accordingly. But before you do, ensure you meet the conditions mentioned below.
- Only students can apply to avail of this loan.
- Applicant’s minimum age should be at least 18 years.
- The student should have a permanent residence at the time of applying.
Not only students but their co-borrowers must also fulfil the following conditions to avail the loan –
- They should have excellent credit scores, ideally of 700 or above. This also helps the borrower to secure a lower 2-wheeler loan interest rate.
- The co-borrower must furnish appropriate documents to support their income stability.
- KYC documents (Passport, Aadhaar card, Voter ID, Driver’s licence, etc.)
- Address proof (Bank passbook, Passport, Utility bills, etc.)
If the co-borrower is self-employed –
- Income Tax Returns of the last two years
- Last one years’ bank statements
- Business proof
If the co-borrower is a salaried employee –
- Payslips of last six months
- Bank statements of the previous six months
Additional Read: Getting Home a Two Wheeler? 4 Tips to Follow
How to apply?
To apply for a bike loan, you only need to follow three simple steps. But before you apply, make sure you have settled on a make and model with a dealer you prefer.
Step I: Your chosen lender will check your two-wheeler loan eligibilityonline while you are at the dealership.
Step II: Once you are proved eligible for the loan, you must submit a duly filled application form and furnish the necessary documents asked by the lender.
Step III: Post successful document verification and loan approval, the desired loan amount will be sanctioned directly to your dealer, and you can take the vehicle home.
Additional Read: How to calculate two wheeler loan EMI?
So, if you have your heart set on a vehicle, let Tata Capital finance your dream purchase. With top-notch features like spot approvals, competitive bike loan interest rate, flexible EMIs, and simple documentation, we can provide you with necessary funds lucratively. If you are unsure how much funds you can secure, use our two-wheeler loan EMI calculator to compute the credit costs, and choose an EMI option suitable for your needs today!