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PERSONAL LOAN INTEREST RATES STARTING AT 10.99%
PERSONAL LOAN INTEREST RATES STARTING AT 13.50%
WEDDING LOAN FUNDING UP TO RS. 35 LAKHS
LOANS FOR MEDICAL NEEDS ON AN EMERGENCY BASIS
AVAIL TAX BENEFITS ON EDUCATION LOANS FOR HIGHER STUDIES
PERSONAL LOANS FOR ALL YOUR TRAVEL NEEDS
HOME RENOVATIONS LOANS FOR YOUR HOUSING NEEDS
HOME LOANS WITH INSTANT APPROVALS STARTING AT 8.95%
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Two Wheeler Loan Eligibility And Documents
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Eligibility and Documents Required for Two Wheeler Loan
The following are the two wheeler loan eligibility criteria for salaried and self-employed individuals –
The applicant’s age must be between 21 to 60 years.
The applicant must have a residential stability for a minimum of one year.
The applicant must have a stable employment status for at least a year.
The applicant must submit the following documents to prove their two wheeler loan eligibility –
Identity Proof documents – Passport/Driving License/PAN Card/Aadhaar Card/Voter’s ID and recent passport-sized photographs
Income Proof documents (if required) – Latest Income Tax Returns (ITR) for self-employed individuals and Last three months’ Salary Slips/Form 16/Last three months’ Bank Statements reflecting salary credits/Salary Certificate for salaried individuals
Last three months’ Bank Statements – mandatory
Residence Ownership Proof – optional
Eligibility
Salaried/ Self employed:
- Age - Minimum- 21 Years and Maximum- 60 Years at loan maturity
- Loan Amount - Minimum- ₹ 25,000 and Maximum- ₹ 3,00,000
- Tenor - Minimum- 6 months and Maximum- 60 months
- Residential Stability - Minimum 1 Year
- Employment Stability - Minimum 1 Year
- Income - Not mandatory
- Loan To Value (LTV) - Up to 95%
documents required
ID Proof
Passport /Pan Card /Driver's License /Voter's ID/Aadhar Card Along with recent passport size photographs
Address Proof
Ration Card/Electricity Bill/ Passport
Income Proof if required
Salaried - Last 3 month's salary slips/ Form 16/Last 3 month's bank statement reflecting salary credits/Salary Certificate
Self Employed - Latest Income Tax Return (ITR)
Bank Statement
Last 3 month's statement is mandatory
Residence Ownership Proof
Not mandatory
Eligibility
Salaried/ Self employed:
Age - Minimum- 21 Years and Maximum- 60 Years at loan maturity
Loan Amount - Minimum- ₹ 25,000 and Maximum- ₹ 3,00,000
Tenor - Minimum- 12months and Maximum- 36 months
Residential Stability - The residence should be self-owned (parental house is allowed)
Employment Stability - Minimum 2 years
Income - For Salaried- Rs.15,00,000 and For Self Employed- The business income should be Rs.5,00,000
Loan To Value (LTV) - Up to 65%
documents required
ID Proof
Passport/Pan Card/Driver's License/Voter's ID along with recent passport size photographs
Address Proof
Passport/Driver's License/Voter's ID/Utility Bill
Income Proof if required
Last 3 month's salary slips/Form 16/Last 3 month's bank statement reflecting salary credits/3 year's ITR
Bank Statement
Last 6 month's statement is mandatory
Residence Ownership Proof
Mandatory and should be in the name of Applicant/Applicant's Parents/Spouse
What are Factors Affecting Your Two Wheeler Loan Eligibility?
The factors affecting your two wheeler loan eligibility are as follows –
CIBIL score – The higher the CIBIL or credit score (750 and above), the higher will be an applicant’s bike loan eligibility.
Outstanding loan – Large outstanding debts will have an adverse impact on loan eligibility. Paying off previous debts is key to high eligibility.
Income – The higher an applicant’s income, the more they will be eligible for a two wheeler loan and vice-versa.
How to Improve Your Two Wheeler Loan Eligibility?
Two wheeler loan eligibility can be improved in the following ways –
Maintaining a high CIBIL score – Timely payments of credit card dues, closing of previous outstanding debts, keeping a balance between secured and unsecured loans, and checking for discrepancies in credit report are imperative to a high CIBIL score of 750 and above, something which lenders prefer.
Choosing a longer repayment tenure – Since a longer tenure gives more time to pay off the standard and super bike loan EMI, it increases loan eligibility. Plus, a longer tenure also reduces the monthly EMI value.
Opting for a joint loan – Having a co-applicant improves bike loan eligibility as incomes of both the applicants are taken into account. Make sure to choose a co-applicant with a good credit score and stable source of income.
Showing additional income sources – Having additional income sources such as mutual fund dividends, rental income from another property, etc. can also improve loan eligibility.
What is the Interest Rate for Two Wheeler Loan?
Two wheeler loan interest rate is the rate at which interest is to be charged on a standard or super bike loan principal over a specified tenure. Bike loan interest rate is usually expressed as a percentage.
How to Calculate EMI Using Bike Loan Calculator?
Calculating monthly EMI value using a bike EMI calculator is fast, easy, safe, and gives accurate results every time. To use the calculator, only three inputs are needed – Principal amount, Rate of Interest, and Loan tenure – and the calculator will automatically show results within seconds.
Detailed FAQs
What is the eligibility for two wheeler loan?
To get a standard two wheeler loan as a salaried or self-employed individual, you must meet the following two wheeler loan eligibility criteria –
Your age must be between 21 and 60 years.
You must have a residential stability of at least a year.
You must have a stable employment status for at least a year.
How does monthly income affect your two wheeler loan eligibility?
Since you will be repaying your two wheeler loan in the form of Equated Monthly Instalments or Flexi EMI option, it is important to have an adequate monthly income that can cover the EMIs as well as your other financial commitments for the month. As such, the higher your monthly income, the higher will be your two wheeler loan eligibility and vice-versa. Meaning, with a high monthly income, you will be eligible to borrow a higher loan amount and counter-wise.
What are the documents required for two wheeler loan?
The following are the documents required for a two wheeler loan –
ID Proof documents – PAN Card/Driver’s License/Passport/Aadhaar Card/Voter’s ID and two passport-sized photographs
Address Proof documents – Electricity Bill/Ration Card/Passport
Bank Statements for the last three months (mandatory)
- Residence Ownership Proof (optional)
- Income Proof documents (if required) – Latest Income Tax Returns (ITR) in case of self-employed individuals and Last three months’ Salary Slips/Salary Certificate/Form 16/Last three months’ Bank Statements showing salary credits
What are the factors that affect two wheeler loan eligibility?
The following factors affect two wheeler loan eligibility –
CIBIL or Credit Score – A high CIBIL score, preferably 750 or above, will present you as a low-risk borrower and increase your bike loan eligibility whereas lenders may charge high two wheeler loan interest rates or altogether reject your loan application if your CIBIL score is poor.
Income – The higher the income, the more you will be eligible to borrow a higher amount and your two wheeler loan eligibility steadily falls with a fall in income.<