What are the documents required for bike loan?

To avail of a loan, you'll have to produce the following documents-ID Proof documents – PAN Card/Driver’s License/Passport/Aadhaar Card/Voter’s ID and two passport-sized photographsAddress Proof documents – Electricity Bill/ PassportKeep these two wheeler loan documents ready in advance for a hassle-free process.

What are the documents required to buy a bike on EMI for a self-employed individual to avail of a two wheeler loan?

A self-employed individual can avail of a two wheeler loan by running a thorough bike loan eligibility check and submitting the required bike finance documents. Here is a list of the bike loan documents-ID Proof documents such as Passport/Voter’s ID/Aadhaar Card/Driver’s License along with recent passport size photographsAddress Proof documents such as Electricity Bill/ Passport

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Documents Required for Two Wheeler Loan

You must submit the required documents to prove your 2-wheeler loan eligibility. Here is the bike loan documents list-

Identity Proof documents – Passport/Driving License/PAN Card/Aadhaar Card/Voter’s ID and recent passport-sized photographs
Documents for Address Proof – Electricity bill / Passport

Documents Required for Two Wheeler Loan

You must produce these documents to avail of a loan. Here is the bike loan documents list-

ID Proof – Passport /Pan Card /Driver's License /Voter's ID/Aadhar Card Along with recent passport size photographs

Address Proof – Electricity Bill/ Passport

Keep these loan on bike documents ready in advance for a hassle-free process.

Documents Required for Bike Loan

Every loan product carried different documentation requirements. This might change depending on the factors such as the loan category, purpose, etc. The process of availing a bike loan with Tata Capital also involves specific but minimal paperwork requirements. This makes it easy for anyone to avail of a bike loan. At Tata Capital, we only have the following bike finance documents required for a two-wheeler loan.

ID proof, which includes an Aadhaar card, passport, voter ID, etc.
Address proof, which includes your electricity bill, gas bill, etc.

This is the only documentation you need to secure a two-wheeler loan with us. In many cases, a salaried professional might have different documentation compared to a self-employed individual. But Tata Capital only has these basic documents so everyone can avail of a bike loan easily.

So why do lenders have such extensive documentation requirements for different entities? Keep reading to know more.

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What is the Interest Rate for Two Wheeler Loan?

Two wheeler loan interest rate is the rate at which you'll have to pay interest on a standard or super bike loan amount over a specified tenure. Bike loan interest rate is usually expressed as a percentage.

How to Calculate EMI Using Bike Loan Calculator?

A Bike EMI calculator is a quick, easy, and safe way to calculate your potential EMIs accurately. To use the calculator, all you need to do is enter the Principal amount, Rate of Interest, and Loan tenure and the calculator will automatically show results within seconds.

To view the Specific Agreement, please click on the link below.

What is the process for approving loans?

After you first submit the application form to the lender, there's a lot that goes behind the scenes. The process varies from lender to lender, but overall, they generally engage in the following steps:

Checking your loan application

The first step in approving your loans starts with checking your loan application. Here, the lender will check for all the information you've entered or written and cross-check specific details. This can include your name, address, loan amounts, etc. Once they see everything is in order, they move on to the next step, which is collecting or reviewing your documents.

Document review

Here, lenders will once again check to see if the documents you've submitted from the bike loan documents list are in line with the loan application. Since with two-wheeler loans, there is only your ID proof and your address proof, there's not much information that the lender will check. From here, your documents and your loan application will be sent to the verification department.

Document verification process

The verification team is in charge of confirming if all the information you've submitted is true and correct. For example, they may check the residence proof you've provided by making an in-person visit. Once the verification team confirms that all the information is true, the team will prepare to sanction the loan.

It is also important to know that during the verification process, if the team finds out the information provided is incorrect, your application may get rejected.

Loan approval

You can check if everything is as per your requirements before confirming the loan to be processed. From here, the process is very fast, and you will receive your loan in a couple of hours or days.

But, even before you think about your loan being processed, there's yet another fundamental factor to consider: the eligibility criteria.

Eligibility criteria:

Every lender in the market has different eligibility criteria to qualify applicants, and two-wheeler loans are no different. However, another good thing about a two-wheeler loan with Tata Capital is its easy-to-meet eligibility criteria. Tata Capital especially has very minimal criteria for the borrowers, so it's easier for them to avail of a loan. These are the following eligibility criteria for different entities:

Have at least one year of residential stability

Have at least a minimum of one year of work experience

Eligibility criteria:

Your age must be between 21 to 60 while applying for the loan

Have at least one year of residential stability

Have at least a minimum of one year of work experience

Get a Quick Two-Wheeler Loan From Tata Capital

Now that you know that the documents required for scooty are straightforward, you can easily apply for the same. Tata Capital has some of the best interest rates, loan tenures and other benefits to make your experience of buying a two-wheeler extraordinary. Simply reach out to us through our website, or you can make a visit in person to get started on your two-wheeler loan application.

Popular FAQs

To avail of a loan, you'll have to produce the following documents-

ID Proof documents – PAN Card/Driver’s License/Passport/Aadhaar Card/Voter’s ID and two passport-sized photographs
Address Proof documents – Electricity Bill/ Passport

Keep these two wheeler loan documents ready in advance for a hassle-free process.

Your credit report contains details of your past borrowings and repayments. It reflects who you are as a borrower. Based on the credit report, you receive a score called the CIBIL or credit score on a scale from 300 to 900. A low CIBIL score will portray you as a high-risk borrower in the eyes of a lender and vice-versa. Lenders prefer that your credit score for bike loan eligibility be at least 750 or above for loan sanctioning. If you have a very low CIBIL score, lenders may altogether reject your two wheeler loan application even if you have all the required documents for bike finance.

Yes, a salaried individual can get a two wheeler loan to purchase a vehicle for personal use. However, they must check the eligibility before submitting the required bike finance documents for verification.

A self-employed individual can avail of a two wheeler loan by running a thorough bike loan eligibility check and submitting the required bike finance documents. Here is a list of the bike loan documents-

ID Proof documents such as Passport/Voter’s ID/Aadhaar Card/Driver’s License along with recent passport size photographs
Address Proof documents such as Electricity Bill/ Passport

These are the documents required for scooty/street bike or any two-wheeler vehicles:

1. Identity Proof: Passport /PAN card /driver’s licence /voters ID/Aadhar card along with recent

passport-size photographs

2. Address Proof: Electricity bill/ passport

3. Residence ownership proof: Must be in the name of the applicant, their parents, or spouse

4. For salaried individuals- bank statement, last 3-month salary slip or salary certificate, latest Form 16

5. For self-employed individuals: Bank statement, copy of latest income tax returns

Typically, it takes approximately 24 to 48 hours to approve your online loan application and disburse the amount, provided that you meet the eligibility criteria and have submitted all the bike finance documents required.

Bike loan documents consist of your ID and address proof. In addition to these, you need to submit documents that demonstrate your residential and employment stability:

1. For salaried individuals: bank statement, last 3-month salary slip or salary certificate, latest form 16

2. For self-employed individuals: bank statement, copy of latest income tax returns

3. Residence ownership proof- must be in the name of the applicant, their parents, or spouse

You can get a two-wheeler loan without income proof if you apply with a co-applicant. Since both the applicants’ incomes are taken into account, it can increase the chances of your loan getting approved.

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Documents Required for Two Wheeler Loan

Documents Required for Two Wheeler Loan

Documents Required for Two Wheeler Loan

Documents Required for Two Wheeler Loan

Documents Required for Bike Loan

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What is the Interest Rate for Two Wheeler Loan?

How to Calculate EMI Using Bike Loan Calculator?