Riding a two-wheeler is a joyful experience with the wind gushing past your face and the landscape unfolding as you ride on. This close-to-nature experience is why bike riding is as popular as it is. However, the utility of a two-wheeler is not limited to long bike rides to exotic locations. A two-wheeler is very useful in any location, urban or rural. Be it a quick trip to the grocery shop or bringing home a visiting relative from the train station, two-wheeler bikes are functional and convenient. Owning one is not difficult too. Bikes and scooters are available across a wide range of prices.
Also, a two wheeler loan is a popular financial product fulfilling the aspirations of riders across India. The documents you need to apply for a bike loan can broadly be classified into three categories:
1. Identity proof
To prove your identity, one of the generally accepted identity proofs needs to be submitted. You have the option to furnish one of the following:
- Passport
- PAN
- Driver’s license
- Voter ID
- Aadhaar card
- Ration card
- Identity cards issued by employers may also be accepted
2. Address proof
Some of the documents accepted as identity proof also serve as address proof. The address proof documents required to buy a bike on EMI include the following:
- Passport
- Voter ID
- Driver’s license
- Rental agreement
- Telephone bill
- Electricity bill
- Gas connection bill
- Ration card
- Sale deed
- Recent credit card bill statement
- Property purchase agreement
- LIC policy
Additional Read: Getting Home a Two Wheeler? 4 Tips to Follow
3. Income proof
While approving a bike loan, lenders have to be assured that the loan applicant can repay the loan in due course. They ascertain this by looking at the income proof of the applicant. These documents allow the lenders to get a fair idea about the income of the applicant, using which they can decide the loan eligibility. Some of the common documents accepted as income proof include:
- Latest salary slip
- Latest Form 16
- Latest Income tax return
- Bank statement for the last three months
- Salary certificate
These, in a nutshell, are the documents required for two wheeler loan that the applicant must furnish.
Additional Read: Different stages involved in availing a Two-wheeler loan
4. Availing the two wheeler loan
You must note that the above list of documents required for bike loan is not exhaustive and may vary from one lender to another. Once you finalize on your lender, you have to prepare the aforementioned documents to avail the loan. Apart from furnishing the documents, you will also have to qualify the various two-wheeler loan eligibility criteria. Often, there are limits on the age of the applicant, the loan value and the tenure of the loan. Residential and employment stability of a predefined period is also sought by lenders.
Tata Capital, with a strong customer base of over 15 lakh, offers attractive two-wheeler loan. The loans can be for up to 95% of the value of the two-wheeler, thus transferring most of the two-wheeler’s value on to EMI. Besides, the simple documentation and processing, competitive interest rate and quality service make Tata Capital a preferred choice for two-wheeler loans.
